Loyal Metals prepares to fire up next-gen exploration tech at Highway Reward after $2m placement
LLM secures firm commitments for $2m share placement
Management says funding round strong endorsement of Highway Reward acquisition
Fresh capital for drilling at Highway Reward supported by AI-driven targeting and drone-based geophysics
Special Report: Firm commitments to raise $2m through a targeted share placement have furnished Loyal Metals with plenty of capital to pursue exploration at the newly acquired Highway Reward copper-gold mine.
With $5.8m in hand, Loyal Metals (ASX:LLM) intends to channel the funds into modern exploration techniques and drilling at Highway Reward, including AI-driven targeting and drone-based geophysics.
Very little work has been done at Highway Reward since it was last mined in 2005, having produced 3.65Mt at 5.6% copper and 260k tonnes of gold at 4.5 g/t and until 2005.
Loyal Metals managing director Adam Ritchie said the overwhelming demand for the placement reflects the strong support for the company's innovative approach in embracing next-gen exploration technologies.
'We are committed to thoroughly revisiting the unique opportunity presented by Highway Reward,' he emphasised.
'Our strategic move into copper-gold is further strengthened by the potential that Highway Reward offers investors.
'The mine has remained dormant for over 20 years and was last evaluated using 1997 commodity prices.
'Given the significant increase in commodity values since then, the mining leases warrant a fresh assessment for their remnant mining potential and significant exploration upside.' Modern exploration, long-term strategy
Loyal Metals intends to explore Highway Reward with a focus on copper mineralisation, although the company will also be taking advantage of any gold potential.
A 680% increase in copper prices and a 1256% increase in gold prices since the project was last formally evaluated in a feasibility study offers LLM a lucrative opportunity to take advantage of 28 years of commodity growth.
Loyal sees potential for both remnant mining opportunities targeting left over sulphide gold mineralisation and new targets along strike and at depth, below previous mining boundaries of just 220m for the open pit and 390m for underground operations.
'We plan to integrate high-resolution MobileMTd drone survey data with existing exploration and mining datasets, leveraging AI-powered mining software to generate drill targets at depth and along strike,' Ritchie said.
'This integrated approach positions Loyal Metals at the forefront of modern mineral exploration.'
LLM expects to begin drilling at the Highway Reward Mine within the coming months.
This article was developed in collaboration with Loyal Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Originally published as Loyal Metals prepares to fire up next-gen exploration tech at Highway Reward after $2m placement
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