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UXA Resources Launches SPP To Progress IOCG And Base Metals Exploration In Australia

UXA Resources (ASX: UXA) is set to ramp up news flow from exploration at several projects later this year, and to help fund the exploration the company has launched a share purchase plan.

Shareholders will be able to purchase a parcel of up to $15,000 shares, which will be priced at 0.73 cents per share.

Importantly, UXA Resources has already identified where new funds raised by the SPP will be allocated, which includes;

- the Dome-5 base metal projects;
- the Stuart Shelf IOCG joint venture;
- drill programs at Polygonum in New South Wales; and
- the Narbarlek uranium project in the Northern Territory.

At Dome 5 zinc-lead-silver drilling is ongoing targeted at defining the extent of mineralisation and assist in defining a maiden JORC Resource, with the prospect strategically located 50 kilometres northwest of Broken Hill.

Over at the Stuart Shelf joint venture project, partner Straits Resources is drilling the first of three holes targeting iron oxide-copper-gold deposits.

The Stuart Shelf project comprises nine tenements which cover 3,300 square kilometres south of BHP Billiton's (ASX: BHP) Olympic Dam mine and OZ Minerals' (ASX: OZL) Prominent Hill mine.

Straits' 3,600 metre drilling program at Stuart Shelf is targeting a number of geophysical anomalies, and will follow up on a previous intercept by UXA Resources of 42 metres at 0.35% copper at the Winjabbie prospect.

Meanwhile, exploration is being planned for the Polygonum copper gold prospect and the Mammoth lead-zinc-silver prospect within Mundi Plains - Junction Dam, with a review of historical data underway.