Mayo Lake Minerals Inc. is pleased to report that it has closed another tranche of its ongoing $1.4M private placement for a total of 1,868,333 common share Units at $0.06 per CS Unit grossing $112,100. This brings the cumulative amount raised under the Ongoing Placement to $827,084.
Dr. Rampton is also of the opinion that the nature and geometry of the gold-bearing rock at Terra bodes well for increasing the gold and silver resources, potentially to 5 or 7 million ounces of gold, plus silver credits with a well-structured drill program. A significant portion of any proceeds raised in the Merger Placement would be used to enhance and upgrade the drilled-out resources at Terra.