(MENAFN - ProactiveInvestors - Australia) Auroch Minerals (ASX: AOU), formerly Terranova Minerals, has raised A3 million in a recent capital raising ahead of the company's planned relisting on the ASX.
The company is now required to re-comply with the admission requirements of Chapters 1 and 2 of the ASX Listing Rules, with re-listing slated for 10 December 2012.
At the company's general meeting earlier this month all shareholders voted in favour of the acquisition of the 3 million ounce Manica Gold Project in Mozambique, as well as a change of company name.
Auroch is acquiring 100% of the Manica Project from Pan African Resources (AIM: PAF, JSE: PAN), which will become a cornerstone investor in the company.
The project is situated in central Mozambique, 270 kilometres by sealed highway from the port city of Beira.
It is positioned in the Beira Corridor which contains all major road and rail links from Zimbabwe to Beira.
Manica is located in a well-known gold area hosting the Penhalonga, Rezende, Monarch and Old West mines that produced over 2.5 million ounces of gold.
The project covers 42 square kilometres, with 27 kilometres of prime, potential gold-bearing strike, of which just 2 kilometres, or 8%, has been drilled so far.
Providing exploration upside, the resource remains open at depth.
Terranova has begun exploration at the Manica Project to exploit the oxide potential of the Northern Shear Zone.
The company has identified a number of drill ready targets with the potential to significantly increase the oxide resource.
A diamond drilling program will focus on the previously identified drill ready target near the Guy Fawkes area.
Preliminary review of the extensive database has highlighted the potential continuity of the geological structure between Guy Fawkes and Boa Esperana.
Previous notable intercepts at Guy Fawkes include 4 metres at 7.08 grams per tonne (g/t) gold from 69 metres, 5 metres at 2.66 g/t gold from 51 metres, 10 metres at 2.27g/t gold from 109 metres, and 3 metres at 6.68g/t gold from 24 metres.
Previous metallurgical testing has confirmed the oxide mineralisation to a depth of 60 metres.