Wavenet International (ASX:WAL) is raising $3.1 million through the sale of 40% of its half stake in the Preston Vale Vineyard in Western Australia.
The company has also started initial research work and geological reconnaissance on its Exploration Permit EPC2265 coal permit in Queensland.
This is designed to identify areas for detailed mapping and potential drilling sites.
The western side of the tenement is occupied by Surat Basin sediments including the Evergreen Formation that are known to host coal measure sequences.
In Indonesia, Wavenet has identified an area of approximately 4 kilometres in length on the Bangun River drainage that has potential for alluvial gold mining.
A reconnaissance sampling program on this area proved gold occurrences in many of the panned concentrates.
The company has completed an initial drilling program of 20 holes with 62 samples submitted to Intertek Laboratory in Jakarta for gold analysis.
News: Wavenet International raises $3.1M from vineyard sale
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