Estrella Resources (ASX:ESR) secures underwriting for $11.3m of existing listed options to support current exploration activities at the Carr Boyd Ni/Cu project.

Estrella Resources Limited (ASX:ESR) is a Western Australian focused nickel exploration and development company in a Tier 1 mining jurisdiction. Estrella aims to become a significant Australian nickel producer. The Company is currently focused on their Carr Boyd Nickel Project, of which they own 100%, applying modern systematic exploration to better understand the magmatic geology.

Henslow is pleased to have acted as Lead Manager and Underwriter to the exercise of existing listed options for total of $11.3m for Estrella. The underwriting was strongly supported by domestic institutions and High Net Wealth clients.

Estrella recently discovered a large nickel-copper-iron sulphide intersection of approximately 6.75m at their Carr Boyd project, in the T5 section. The Carr Boyd project currently spans 259 square kilometers and includes 3 mining licenses and 6 exploration licenses. The funds raised from the exercise of options will be sufficient to cover the next 12 months of activities undertaken by the company; including but not limited to mineralization testing, exploration extensions to the T5 basal contact to determine northern prospectivity and increased drilling.

This is the beginning of a new partnership between Henslow and Estrella and we hope to support Estrella as they strive to become a significant nickel producer in Australia.