Richmond Hill Resources PLC (LSE:RHR) has raised £285,010 through a share placing to support working capital requirements and planned exploration drilling at its Martello Gold Project in north-western Ontario, Canada.
The AIM-listed gold exploration company issued 25,910,000 new shares at a price of 1.1 pence per share. Admission of the new shares to trading on AIM is expected on or around 23 October 2026.
Net proceeds from the placing will be used to fund the company’s ongoing activities, including preparations for diamond drilling at the historic Sakoose gold mine, one of the principal exploration targets within the Martello project.
Martello Gold Project Expanded Through Additional Claims
Alongside the financing, Richmond Hill has increased its landholding at Martello by staking 41 additional mining claims at nominal cost.
The additions bring the project’s total to 202 claims covering approximately 6,750 hectares in the Western Wabigoon Subprovince, near Dryden in north-western Ontario.
The expanded claim package includes historic gold workings, with current exploration activities focused on the Sakoose mine, where previous mining and drilling have identified gold mineralisation.
Richmond Hill expects to begin drilling at Sakoose by 30 November 2026, although the timetable remains dependent on drilling rig availability and ground conditions.
The planned programme will investigate the continuity of previously identified mineralisation and examine the geological structures associated with gold occurrences at the site.
Exploration Programme Targets Historic Sakoose Gold Mine
The Sakoose mine is a central component of Richmond Hill’s exploration plans at Martello. Historical production records and drilling information indicate the presence of gold mineralisation, providing a basis for further geological investigation.
However, the project remains at an early exploration stage. Existing historical information has not established a compliant mineral resource, and the economic viability of potential future mining operations has not been demonstrated.
The forthcoming diamond drilling programme is intended to provide additional geological information about the mineralisation identified through previous work.
Richmond Hill’s immediate operational priorities include securing drilling equipment, preparing for the exploration programme and progressing activities across its expanded Martello landholding.
About Richmond Hill Resources
Richmond Hill Resources PLC is a gold exploration company listed on AIM and the Frankfurt Stock Exchange. Its principal asset is the Martello Gold Project in north-western Ontario, Canada.
The project encompasses approximately 6,750 hectares across 202 mining claims and includes the historic Sakoose gold mine. The company’s current exploration programme is focused on evaluating previously identified gold mineralisation through planned diamond drilling.
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