Support came from institutions, and both existing and new shareholders.
The funds will be used at the company's wholly-owned Matilda/Wiluna Gold Operation to fast track its existing growth strategy.
Bryan Dixon, managing director, commented:
"The funding allows for the Wiluna expansion studies aimed at lifting plant throughput to 3.2Mtpa.
"Geological and mining studies to date demonstrate strong grades for an operation of this size.
"The initial expansion plan is expected to be completed in the near term and having a strengthened balance sheet will allow us to expedite Blackham’s sizeable growth plans."
Having a strengthened balance sheet will enable Blackham to:
- Expedite the conversion of the large resource base into reserves;
- Improve and lengthen the mine life;
- Accelerate studies to enhance the Stage 2 expansion economics; and
- Commit to Stage 2 engineering and long lead items immediately on finalisation of feasibility.
Expanded drilling program
Blackham has commenced a 60,000 metres drill program around the Wiluna Open pits, with two reverse circulation and one diamond rig double shifting.
The goal is to upgrade the confidence of the resources to measured and indicated over the next two months.