Abyan Gold Company (Anti-ballistic missiles-TSXV, Abnaf(OTCQB) announced on Friday that it has raised $1.3 million in non-brokered private placement financing and will use the proceeds for upcoming exploration and drilling at the Justin Gold tungsten project in the Yukon Territory.
The company said it allocated and issued 6.67 million units at a price of 20 cents per unit. Each unit consists of one flow-through common share and one-half of one convertible warrant, each of which gives the holder the right to purchase one non-flow-through common share for two years at a price of 30 cents per share.
However, the Company reserves the right to accelerate the expiration date if the stock price is equal to or greater than 50 cents for 10 consecutive trading days after the statutory holding period.
Abyan shares were unchanged Friday at 19 cents and traded in a 52-week range of 30 cents and $0.06.
Abyan recently scoped the 2026 exploration program at its 100%-owned Justin Gold Tungsten Project, located in the Tombstone gold belt, southeastern Yukon. The program is scheduled to begin in mid-July and continue until mid-September.
The 2026 program is designed to enhance the multi-metal potential (gold plus tungsten) in the POW-Relevant Area (IRGS), the lost high-grade native gold area and other regional targets identified through the 2024 Airborne Geophysical Survey.
The Justin Gold Tungsten Project covers approximately 7,400 hectares. Field activities are scheduled to begin in mid-July and are expected to be completed by mid-September 2026. The program will be rolled out Seabridge Gold Company (sea-TSX, on-NYSE) 3 Aces Camp, which is located directly adjacent to the property and provides logistical support and infrastructure for the camp.
The company said the 2026 diamond drilling program will consist of approximately 1,500 meters of drilling across three drilling rigs designed to test two of the project’s highest priority targets. Approximately 1,000 meters of gold and tungsten potential will be evaluated in the POW zone, with an additional 500 meters planned in the high-grade Ace zone.
The POW Zone hosts intrusion-related gold system (IRGS) mineralization with synchronous tungsten (scheelite) identified in historic core reassays in 2014. Historical gold cuts include 60 meters of gold grading 1.25 g/t, including 21 meters of gold grading 2.47 g/t. Another hole returned 8.50m at grade 0.39% W03.
Lost Ace, discovered in 2017 and located 2.0 kilometers west of POW, features mountain-style golden quartz veins. Channel sampling yielded 20.8 g/t gold at a depth of 4.4 meters (including 88.2 g/t gold at a depth of 1.0 metres).
Meanwhile, restrictions on Chinese exports, coupled with rising military spending, have sent tungsten prices soaring, a move that has sparked a race to develop new supplies of the important metal.
