Hamelin Gold Secures $2.8M to Accelerate WA Exploration

 Gold Fields

Gold Fields Increases Stake as New Drilling Plans Unfold

Hamelin Gold (ASX:HMG) is set to ramp up its gold exploration in Western Australia after securing firm commitments for a $2.8 million placement. This funding includes an $815,000 investment from major gold miner Gold Fields (JSE:GFI), increasing its stake in Hamelin Gold to 17.7%.

The placement was priced at $0.07 per share, a 13.2% discount to the 10-day volume-weighted average price. Shares will be issued to sophisticated, professional, and experienced investors. Chieftain Securities (WA) and Cygnet Capital acted as joint lead managers and, subject to shareholder approval, will receive 2 million options exercisable at $0.15 each within two years. Additionally, Hamelin’s directors have committed $100,000 under the same terms as other investors.

Expanding Exploration Across West Tanami and Yilgarn

Managing Director Peter Bewick announced that Hamelin Gold will initiate drill testing on major gold targets in the West Tanami and Yilgarn projects. At West Tanami, the company will conduct reverse circulation (RC) and diamond drilling at the Jazz and Fremlins prospects, aircore and RC drilling at Camel, Far SW, Hutch’s, and Ginger targets, and extend Ultrafine geochemical sampling.

In January, Hamelin discovered a new zone of granite-hosted gold mineralization at the Jazz Prospect during first-pass drilling. This marks the first instance of such mineralization in West Tanami, introducing a new geological setting for gold in the region.

The West Tanami Project spans 2,277km² along 100km of the Trans-Tanami structural corridor, which hosts Newmont’s (ASX:NEM) 14-million-ounce Callie Gold Deposit in the Northern Territory. Hamelin believes this is one of Australia’s most underexplored gold provinces.

In the Yilgarn region, Hamelin plans to complete diamond drilling at the Anderson gold anomaly, follow-up RC drilling at Ularring, and progress the Venus Project for initial aircore drill testing. Soil sampling results at Anderson indicate the potential for a large-scale gold system.