Australia's Mamba Exploration climbs on securing new rig after drilling delay

Mamba Exploration

17/01/2022 02:54

** Shares of Mamba Exploration  M24.AX  rise as much as
26.3% to A$0.24, marking their best day since Oct. 28
    ** The metal explorer says it has secured a second drill rig
to complete drilling at its Calyerup Creek gold project in the
Great Southern region of Western Australia  urn:newsml:reuters.com:*:nASX8WXNTX
    ** Stock hits highest since Nov. 24
    ** Co's maiden drilling program was expected to be completed
prior to Christmas, however co says mechanical issues with the
drill rig slowed drilling and only eight of the 50 holes were
completed prior to the end of the year
    ** Co has secured a small RC rig to complete the drilling,
with the rig mobilising to site on Jan. 20 and is expected to
commence drilling on Jan. 21
    ** 923,970 shares have changed hands, compared with the
30-day average of 133,678 shares 
    ** M24 has fallen 5% this year as of last close 
    


 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))