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Breaker to return for $10 capital raising

24 August 2017

The West Australian

Gold explorer Breaker Resources is expected to emerge from a trading halt tomorrow to announce a $10 million capital raising for further drilling at its prospective Lake Roe project, 100km east of Kalgoorlie.

The raising is expected to take the form of an $8.5 million placement and a $1.5 million share purchase plan.

Breaker plans to use the cash for further drilling at Lake Roe as part of plans to shore-up a maiden JORC resource.

The Tom Sanders-led explorer this month reported an intersection of 5.25m at 12.71 grams a tonne from 315.75m below Lake Roe.

The intersection provides hopes for an underground operation along the 8km-long gold system.

It has been nearly a year since Breaker shares soared from 17¢ to a high of 74¢ on excitement around its Bombora and Bombora North discoveries at Lake Roe.

Patersons Securities has said the high-grade drilling results, including grades of up to 105g/t, suggest potential for a one million-ounce deposit at Lake Roe.

Other landholders around Lake Roe include Kairos Resources, which this month reported high-grade drilling results at its Roe Hills project to the south. Yesterday its shares mysteriously soared 35 per cent to 1.9¢. The soon-to-be listed Riversgold, led by Allan Kelly, is also nearby with its Kurnalpi project.

Established gold miners Northern Star Resources and Silver Lake Resources hold ground in the area as well.

Breaker shares last changed hands for 74¢.