Hamelin Gold (ASX:HMG) is set to ramp up drilling and geochemical exploration activities at its West Tanami and Yilgarn gold projects in Western Australia, following the completion of the first tranche of a $2.8 million capital raising. Chieftain Securities and Cygnet Capital managed the placement, with the initial tranche involving the issue of 23.02 million shares at $0.07 each, reflecting a 13.2% discount to the 10-day volume-weighted average price.
Gold Fields (NYSE:GFI) increased its stake in Hamelin Gold to 17.8% with an $815,000 investment, acquiring 11.63 million shares. The second tranche, pending shareholder approval at a May 2025 general meeting, includes a $100,000 subscription commitment from Hamelin directors at the same issue price. Hamelin intends to use the funds to drill test large-scale gold targets. These include reverse circulation and diamond drilling at the Jazz and Fremlins prospects in West Tanami, as well as aircore and RC drilling at the Camel, Far SW, and Ginger targets. In the Yilgarn, diamond drilling will target the Anderson gold anomaly, with follow-up RC drilling planned at Ularring, and advancement of the Venus Project.
The West Tanami Project, spanning 2,277km2 along the Trans-Tanami structural corridor, is considered one of Australia’s most underexplored gold provinces. The company’s exploration seeks to replicate discoveries similar to Newmont’s (ASX:NEM) Callie Gold Deposit, located across the border in the Northern Territory.
