The funds will primarily be spent on a drilling program at its 90 per cent-owned Tampia gold project in Western Australia’s eastern Wheatbelt, near the town of Narembeen.
Managing director John Lawton said the company’s board had resolved to accelerate the drilling program to test the true potential of the project, which has a 310,000-ounce resource.
This came one week after completion of a scoping study, which the company said had positive results and provided confidence to advance the project.
Mr Lawton said the game changer for realising the exploration potential of the project was the gravity program, which provided drill targets in previously unexplored extensions of the 15-kilometre mineralised trend.
The company plans to drill 40,000 metres over the next six months, a big increase from the 10,000 metres drilled to date.
Managing director Steven Tambanis said he was looking forward to progressing the development of the Mahenge graphite project in Tanzania.
The development pathway includes upgrading and increasing the company’s JORC resource, which the company said was one of the largest globally.
Shares in both companies dipped today, with Explaurum stock dropping 0.5 cents to 7.5 cents and Black Rock falling 2.5 cents to 15.5 cents.