Gold miner St Barbara has taken a 10 per cent share in ASX-listed junior ABM Resources, which is raising funds to execute an exploration program in the Tanami district.
St Barbara’s $4.4 million investment, at 10 cents a share, is an integral part of a $6 million placement launched by ABM.
The junior company will to use the funds to drill multiple gold targets at its Bluebush and Suplejack projects in 2018.
ABM’s joint venture partners — Independence Group and Thunderbird Metals — also have extensive exploration activities planned for their Tanami projects this year.
Matt Briggs, ABM managing director, said having two successful exploration and mining companies, such as St Barbara and Independence, support the company was clear confirmation of the quality of its exploration team, strategy and portfolio of gold and base metals projects.
“The Tanami is becoming the exploration destination of choice for major Australian gold producers,” Briggs said.
“ABM remains focused on making Australia’s next major gold discovery in the Tanami. A 9500m aircore program is planned to commence this quarter infilling the 8km long bedrock gold anomaly recognised at Capstan, and other targets along trend from the world-class Callie gold mine.”
ABM’s exploration alliance with Independence at the Lake Mackay copper-gold project was formed in August 2013. Its JV with Thunderbird is focused on the North Arunta copper-gold prospect.