The three directors of West Perth-based Trafford Resources Ltd have injected a total of $1.8 million into the company's exploration efforts after each exercised 4.5 million options at 25 cents a share and over 2 million options at 35 cents today.
The $1.8 million increases Trafford's available funds to almost $4 million, for exploration of iron ore, gold, manganese, lead-zinc-silver and uranium at its Wilcherry Hill Project in South Australia and for gold at Lynas Find in Western Australia.
Trafford's directors are Ian Finch, managing director and non-executive directors Shane Sadleir and Neil McKay, who is also the company secretary.
Trafford said its shareholders would also benefit from expenditure of up to another $18.5 million on exploration at Wilcherry Hill through two separate joint venture arrangements with IronClad Mining and Ziinifex Australia Ltd.
A joint venture with Trafford's 50 per cent owned subsidiary IronClad Mining Ltd enables IronClad to earn an 80 per cent interest in the Wilcherry Hill Iron Ore Project by the expenditure of $10 million on exploration and resource definition.
Trafford will retain a direct 20 per cent free carried interest in this project.
Trafford has also concluded a joint venture with Zinifex Australia Ltd for exploration for Lead-Zinc-Silver at Wilcherry Hill in which Zinifex may contribute up to $8.5 million to earn a 75 per cent interest, with Trafford as operator for the first three years and $4.5 million of expenditure.
The directors of Trafford believe that the abundance of mineralisation evident throughout the 976 square kilometre Wilcherry Hill Project is related to its geological location - at the southern limit of the Gawler Range Volcanics.
Last September the company extended its exploration interests in the area by a further 2,492sq km through a joint venture with Minotaur Exploration Ltd.
