Drilling will begin shortly on the Benso gold concession in Ghana, West Africa.
Fairstar Explorations (ME) (60%) and its joint-venture partner, Nora Explorations (ME) (40%), share the property.
Fairstar began an exploration program last February in an effort to confirm the findings of previous owners. The work has entailed relogging drill core, re-establishing grids, soil sampling, trenching and geological mapping.
Three major zones of mineralization have been confirmed, at Chichiwelli, Amantin and Subriso, and plans call for a 5,000-metre program of reverse-circulation drilling to test the gold potential of these structures. The cost of the program is estimated at $1.5 million.
To pay for the program, Fairstar has filed a preliminary prospectus for a public offering of A units consisting of common and flow-through shares and B units consisting of common shares and common share purchase warrants. The offering is for a maximum of $5.5 million.
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