Energizer Resources (TSX:EGZ,OTCBB:ENZR,FWB:YE5) announced assay results from the remaining 23 drill holes and 8 trenches from its National Instrument 43-101 graphite resource drill program on the Molo deposit, outlining an average grade of between 5 and 8% carbon (C), with a higher grade zone between 8 and 10% C flanking the deposit on its western edge. The Company also announced the initiation of a brokered private placement for up to US$6.5 million dollars.
As quoted in the press release:
The Company has received assay results from its remaining 23 diamond drill holes and 8 trenches. With these results, the Company believes it has validated a potential deposit size of 80 to 120 million tonnes. As well, the assays have outlined an average grade of between 5 and 8% carbon(C), with a higher grade zone between 8 and 10% C flanking the deposit on its western edge. This zone is between 20 and 60 metres in true thickness, extends for a strike length of at least 1200 metres, and is open at depth. Assay results are from core and trench samples submitted to Genalysis Laboratory Services Pty Ltd, an accredited mineral analysis laboratory in Perth, Australia.
The Company announces the initiation of a brokered private placement offering (the “Offering”) for up to 18,571,429 units of the Company at a price of US$0.35 cents per unit for gross proceeds of up to US$6.5 million dollars, plus a 20% over-allotment option. Each unit consists of one common share plus one-half of one common share purchase warrant, with each whole purchase warrant exercisable into a common share at a price of $0.50 cents for a period of 24 months from closing.