Constellation Resources (ASX:CR1) started a diamond drilling program at the Center Forest prospect within its Ularring project in Western Australia, according to a Monday filing with the Australian bourse.
The program will test a chargeable dipole-dipole-induced polarization anomaly, which presents as a high-grade intrusion-related copper-gold target, the filing said.
Additionally, the company plans to raise roughly AU$2.4 million through a non-renounceable entitlement offer, where shareholders can purchase one new share for every four shares they currently own at AU$0.15 apiece, per the filing.
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