Mineral exploration companies Explaurum and Black Rock Mining have completed capital raisings totalling $10.5 million to advance their gold and graphite projects respectively.
Brisbane-based Explaurum has raised $5.5 million at 7 cents per share through broking firm Hartleys, and will seek to raise a further $1.5 million through a share purchase plan.
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.
West Perth-based Black Rock Mining has finalised a $5 million placement at 15 cents per share through Blue Ocean Equities.
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.
