15/03/2018 - 14:01

St Barbara invests in ABM

15/03/2018 - 14:01

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Gold miner St Barbara has taken a 10 per cent stake in local explorer ABM Resources as part of its recently announced $6 million capital raising.

St Barbara invests in ABM
ABM holds a large tenement package in the Tanami gold district in the Northern Territory.

Gold miner St Barbara has taken a 10 per cent stake in local explorer ABM Resources as part of its recently announced $6 million capital raising.

St Barbara purchased about 44 million ABM shares at 10 cents each, representing a $4.4 million investment.

ABM holds a large tenement package in the Tanami gold district in the Northern Territory.

In a statement to the ASX, St Barbara said the investment was aligned with its strategy of targeted investments in early to advanced-stage exploration through earn-in arrangements, joint ventures or direct equity investments.

St Barbara took a 9.5 per cent stake in junior explorer Peel Mining last year.

ABM said the funds from the capital raising would be used for its exploration program.

“ABM remains focused on making Australia’s next major gold discovery in the Tanami,” managing director Matt Briggs said.

“A 9,500-metre air core program is planned to commence this quarter, infilling the eight-kilometre long bedrock gold anomaly recognised at Capstan, and other targets along trend from the world class Callie gold mine.

“Additionally, exploration activities to be conducted by our joint venture partners, IGO at Lake Mackay, and Thunderbird Metals and Gladiator Resources at North Arunta, give our shareholders enviable exposure to both gold and base metal discoveries.”

Shares in ABM were up 9 per cent at 11.5 cents each today, while St Barbara shares were off 2.8 per cents at $4.06.  

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