AUS
NZ
UK
CA
USA
IND
Highlights
- Hamelin raises $2.8M to fund exploration in West Tanami and Yilgarn
- Gold Fields increases stake to 17.8%
- Drilling targets include large-scale prospects at Jazz, Fremlins, and Anderson
Hamelin Gold (ASX:HMG) is ramping up exploration efforts across its West Tanami and Yilgarn gold projects in Western Australia following the successful completion of the first tranche of a $2.8 million equity raise. The funds will be used to support an aggressive drilling and geochemical campaign targeting several high-priority gold anomalies over the coming months.
The capital raise involved the issue of 23.02 million new shares at $0.07 per share, reflecting a 13.2% discount to the company’s 10-day volume weighted average price. This initial tranche brought in $1.61 million and sets the stage for a second tranche, which includes a $100,000 commitment from Hamelin’s directors. Shareholder approval for the second tranche will be sought in a general meeting scheduled for May 2025.
As part of the placement, Gold Fields (NYSE:GFI) strengthened its strategic position in Hamelin by contributing $815,000, receiving 11.63 million shares and increasing its overall stake to 17.8%.
The funding will fuel an extensive exploration program. At the West Tanami Project—covering 2,277 square kilometres and stretching over 100km along the Trans-Tanami structural corridor—reverse circulation (RC) and diamond drilling will be carried out at the Jazz and Fremlins prospects. Additional RC and aircore drilling is planned for the Camel, Far SW, and Ginger targets. This region is known for its potential, being adjacent to the site of the +14-million-ounce Callie Gold Deposit held by Newmont (ASX:NEM).
West Tanami remains one of Australia's most underexplored gold regions, and Hamelin aims to unlock new discoveries by testing a suite of large-scale targets.
In the Yilgarn region, the company plans to complete diamond drilling at the Anderson gold anomaly and follow up RC drilling at Ularring. At the Venus Project, preparations will be made for initial aircore drill testing, targeting high-priority zones once the project is formally granted.
With solid backing and a focused exploration strategy, Hamelin (HMG) is positioning itself to generate significant momentum across both of its key projects, aiming to advance discoveries in two of Western Australia’s highly prospective gold regions.
