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Pioneer Resources Raising Funds For Western Australia Drilling And Exploration

Pioneer Resources (ASX: PIO) is raising up to $750,000 to continue its drilling and exploration programs at the Acra Gold Project and Fairwater Gold and Nickel Project in Western Australia.

The funds will be raised through a Share Purchase Plan offering shareholders up to $15,000 worth of shares priced at $0.014 each.

This is capped at 53,571,428 shares and will supplement the deferred payments the company receives from KalNorth Gold Mines (ASX: KGM) from the sale of the Western Mt Jewell Gold Project in 2011.

Pioneer is planning to drill out the Kalpini South Prospect at Acra near Kalgoorlie after intersecting more high grade gold including 11 metres grading 3.77g/t gold and 3 metres grading 5.44g/t gold.

It will also drill at Carmina South to define the orientation of mineralisation, complete the first drill holes at Mountain Maid and test for mineralisation continuity at Jubilee East.

At the Fairwater Project in the Fraser Range, the company has identified a priority nickel-copper drill target and four other nickel prospects.

It will carry out a soil geochemistry sampling program comprising 2,500 samples through December 2013 and January 2014.

This will be followed by soil sampling of the FWN002 to FWN003 nickel targets, surface electromagnetic surveys of subsequent nickel-copper anomalies and stratigraphic drilling of ground electromagnetic conductors, including T3 and others, in 2014.

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