Business
Aranjin Resources Announces Corporate Update: Exploration Update, Debenture Conversions, Debt Settlement and Board Changes
Ulaanbaatar, Mongolia--(Newsfile Corp. - August 16, 2023) - Aranjin Resources Ltd. (TSXV: ARJN) (...
About this update from Trinity One Metals Ltd.
[{"type":"text","content":"Aranjin Resources Announces Corporate Update: Exploration Update, Debenture Conversions, Debt Settlement and Board ChangesUlaanbaatar, Mongolia--(Newsfile Corp. - August 16, 2023) - Aranjin Resources Ltd. (TSXV: ARJN) (the \"Company\" or \"Aranjin\") is pleased to provide an update on recent and upcoming developments at the Company.With the successful completion of the upsized recent private placement, the Company is pleased to announce the conversion of outstanding debentures and settlement of outstanding debt to simplify the balance sheet. This will reduce the debt burden and allow investment capital to be directed to our exciting exploration projects.The Company is also pleased to announce that it has restarted its exploration program at the Victory Nickel Project and plans for drilling at the Bayan Undur project. Further, it is actively negotiating for new licence acquisitions that will fit well with the battery metal focus of Aranjin Resources. The Company expects to announce more details shortly.Exploration update At the Victory Nickel Project, the Company completed a ground electromagnetic geophysical survey in June 2023, with the aim of potentially highlighting zones of increased nickel and copper sulphides. TEM survey was carried out through a total of 15 lines ~ 60kmAustralian consulting firm NEWEXCO, who have considerable experience in TEM and nickel sulphides, has been contracted to complete a review of the existing Victory Project data set, including the recently collected TEM data. Recommendations and future work programs will be planned following this review.The Company intends to drill an approximately 500m deep diamond core drill hole on the Bayan Under Porphyry Copper target. The Drilling program is set to commence in mid to late September and will target a zone of intense alteration and strong IP chargeability.Board Changes and ASX dual listing plansIn conjunction with the Company's recently announced plans to pursue a dual listing on the Australian Securities Exchange (\"ASX\"), it is pleased to announce the appointment of Peter Trow to the Board as non-executive director.Mr. Trow is an entrepreneur and highly experienced businessman, responsible for founding and operating a number of successful commercial agricultural businesses in Australia. He previously served for 22 years in the New South Wales (\"NSW\")...