Exterra Resources (ASX: EXC) chairman Peter Cunningham has increased his shareholding in the company through the on-market purchase of 415,000 shares, a move that shows confidence as the company nears a resource upgrade at its Linden Gold Project.
Cunningham acquired the shares for a total consideration of A$20,235, providing an average entry price of $0.04 per share. He now holds 3.5 million shares and 3.5 million options in Exterra.
Highlighting the progress being made at Linden, Exterra is nearing a Resource upgrade in late June/early July, ahead of the start of a Feasibility Study into the development of the Second Fortune mine.
The third and fourth holes drilled at Second Fortune returned extremely high grades of gold, including intersections of 0.3 metres at 65.1 grams per tonne (g/t) and 0.4 metres at 25.4g/t.
These results are consistent in width and the high grade of earlier reported intersections of 0.8 metres at 31.98g/t gold and 0.6 metres at 43.5g/t gold.
Importantly, the first four holes all contained visible gold, and the results confirm the continuity of the high grade Second Fortune main lode system at depth below the current resource.
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