Clara streamlines structures to focus exclusively on Mareeba exploration
Gold producer Clara Resources Australia has undertaken a strategic repositioning around its wholly-owned Mareeba gold project, including board and executive renewal.
Following a strategic review, the board has resolved to focus solely on the Mareeba gold project in North Queensland’s Hodgkinson Province – a district that has produced more than 1.6-million ounces of high-grade gold without having undergone modern exploration.
Mareeba is being positioned as the company’s flagship asset, with Clara focusing on undertaking contemporary exploration techniques to test under-tested prospects.
Clara will also maintain a leaner corporate cost structure with the majority of funds due to be directed straight into in-ground exploration and value-accretive initiatives at Mareeba.
The company has appointed experienced corporate adviser Duncan Gordon as executive director, while Peter Westerhuis has stepped down as MD to move into a consultancy role.
Gordan is also nonexecutive chairperson of ASX-listed Orbminco and nonexecutive director of ASX-listed FortifAI.
“His expertise in capital raisings, restructurings and corporate development will be instrumental in executing Clara’s new strategy,” the company states.
The Mareeba tenement package comprises four exploration permits covering about 247 km2.
Meanwhile, Clara has received binding commitments to raise A$1.1-million through a placement of 250-million ordinary shares to sophisticated and professional investors, and a further 25-million ordinary shares to directors and management.
The proceeds will fund immediate activities at Mareeba, including LiDAR data processing, structural interpretation, surface geochemistry and maiden drilling.
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