Stockhead
The West Australian
Star Minerals is fast-tracking plans to mine its promising 45,000-ounce Tumblegum South gold project, 40 kilometres south of Meekatharra in Western Australia, after issuing 64 million new shares to raise $1.6 million in fresh cash.
The decision to press the go button on Tumblegum South was prompted in large part by the strong recent interest from exploration companies and mining contractors wishing to partner with the company to monetise the asset at a time of all-time high gold prices.
As part of the capital raising, Star attracted BGR Mining and Infra Limited - one of India’s largest mining contractors - to its register. Management says that as a strategic investor BGR has been lured by the economics of the project against a backdrop of a buoyant metal price.
Tip Ranks
Sharecafe
Strategic investment to accelerate Tumblegum South gold project development and exploration.
Star Minerals Limited (ASX: SMS) announced it has secured $1.6 million through a placement of 64,000,000 new shares at $0.025 per share. The funding will primarily be directed toward advancing the Tumblegum South Gold Project toward a decision-to-mine. Key activities include infill and extension drilling, resource upgrades, approvals, environmental studies, and a feasibility study.
The Age
Sydney Morning Herald
Market Screener
Riding the wave of soaring gold prices, Star Minerals has revealed plans to fast-track the development of its Tumblegum South gold project, 40 kilometres south of Meekatharra in Western Australia.
Backed by a granted mining license, the company is pushing forward with environmental approvals at the site while exploring third-party mining and toll treatment options.
The Sydney Morning Herald
