Company has released results from 23 holes from its phase 2 diamond drilling program.

Recent drilling has intersected 132.5 g/t Au and 8,560 g/t Ag over 0.9 metre core length.

Implats said the transaction would "reposition its portfolio and strengthen its competitive positioning in line with its stated strategy by acquiring a palladium-rich, operating asset in an established mining jurisdiction".

The funding will allow the company to continue exploring high-priority targets within its Golden Promise property.

Total measured and indicated resources at Hardrock are 147.5 million tonnes grading 1.50 g/t gold and containing 7.1 million oz.

The company recorded Q3 2019 gold production of 138,100 ounces, surpassing the prior quarterly production record by 21%.

The company says current weak prices for cobalt don't justify expanding daily throughput to 6,000 tonnes from 4,650 tonnes at its proposed Nico project.

An updated resource estimate for Valentine is slated for the fourth quarter.