Tambourah Metals launches drilling program at WA gold project following capital raise
Fresh off a successful capital raising, Tambourah Metals (ASX: TMB) has commenced a much-anticipated program of reverse circulation (RC) and diamond drilling (DD) at the Tambourah gold project in Western Australia.
The drilling program of approximately 1,200 metres follows the mobilisation of a multi-purpose drill rig to the site at the project located 100km south-west of Marble Bar in the Pilbara region of WA.
The new Tambourah gold project campaign is following up on the company’s previous RC drilling success, where it intersected significant high-grade gold at the World’s Fair and Tambourah King targets.
Capital raising
The commencement of the drilling program comes one day after Tambourah received binding commitments for a placement of up to $300,000.
The capital raise obtained strong support from the board and management, who invested $75,000.
As much as $650,000 is also to be raised via a proposed 1-for-5 pro-rata non-renounceable entitlements offer at an issue price of $0.035 per share.
WA government support
The company has also received backing for the Tambourah gold program from the WA government-supported Exploration Incentive Scheme.
The $75,000 in funding is targeting DD at the World’s Fair prospect, with the aim of defining the characteristics and gold mineralisation potential of the granite-greenstone contact.
The company is looking to confirm a new style of intrusion-related gold mineralisation at World’s Fair, which could significantly increase the scale of the Tambourah project in a similar way to De Grey Mining’s (ASX: DEG) company-changing Hemi gold discovery in the Pilbara.
Combination drilling
The design of the current program is for the drilling of a combination of select RC pre-collars with diamond tails and RC-only drill holes in the lead-up to undertaking the first DD at World’s Fair.
Drilling is planned at multiple sites along the 500m-long World’s Fair granite intrusion.
At Tambourah King, the company is looking to complete the first DD program through the prospect’s lode system.
This is being undertaken to assist in identifying geological controls on shallow, high-grade gold mineralisation and to target strike extensions with RC drilling.
All up, the program is expected to take up to three weeks to complete.