The Tempus Resources Ltd (ASX: TMR) share price has jumped 4% higher on Thursday following a drilling and funding update.
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Why is the Tempus Resources share price climbing?
The Aussie miner has received firm commitments for a $6.28 million placement to issue 24.99 million shares at an average price of $0.251 per share.
That price is a 1.6% premium to the 15-day volume-weighted average Tempus Resources share price. The share placement was oversubscribed and attracted strong demand from international and Australian institutional investors.
Funds raised from the placement will be used to complete the ongoing 12,000-metre drilling program at the Elizabeth Gold Project in Canada. Drilling is continuing at the site with 15 drill holes completed in 2021 so far.
All 15 holes have intersected quartz vein mineralisation between 0.5 to over 6 metres in thickness. The drilling so far has covered approximately 4,300 on the SW Vein.
Assays have been received for the first four holes of 2021. Those results have reportedly demonstrated high-grade and continuity of the SW Vein structure.
The Tempus Resources share price shot higher last Tuesday following its last strong drilling update. That included some "bonanza" grade intersections at Elizabeth.
That included hole EZ-21-04 where the intersection returned 4 metres at 31.2 grams per tonne of gold from 122 metres. This included 1.5 metres at 52.1 grams per tonne of gold (g/t Au) from 123 metres and 0.50 metres at 72 g/t Au from 124 metres.
Foolish takeaway
Today's funding and drilling update has been well-received by the market. The Aussie small cap's shares are up 4% in the early afternoon to 26.5 cents after a strong start to the day.
The Tempus Resources share price has been on a bullish run in August. Shares in the Aussie miner have rocketed 48.57% higher in the past month following a series of updates.
