Ballymore Resources has announced a ‘transformational’ partnership with Taurus Mining Royalty Fund, which is tipping about $9 million into its bid to mine gold at Dittmer.

Ballymore chairman Andrew Greville said the investment from Taurus was a strong endorsement of Dittmer’s potential, and of the exploration and development work conducted by the Ballymore team.

Taurus is investing about $7.58 million ($US5 million) into the Dittmer project near Proserpine via a variable gross revenue royalty deal. It is also backing an equity raise with a $1.5 million ($US1 million) purchase of Ballymore shares.

An additional $2 million will be raised through a placement of $1 million to sophisticated and institutional investors and through a $1 million entitlement offer.

Mine restart scoping studies are underway at Dittmer, which is centred on the historical Dittmer gold mine – one of the highest-grade gold mines in Australia when operating. 

Ballymore drilling has confirmed that the main lode at Dittmer has been displaced and continues less than 30m away from the old workings.

Ballymore said the Taurus funding would accelerate drilling and other exploration work at Dittmer. It would also allow detailed follow-up of recent soil results which indicated that the high-grade gold intersected by its drilling so far may represent a small part of a significant mineralised system.

Related: Ballymore hails ‘outstanding’ Dittmer soil results

“The high-grade Dittmer deposit remains open in all directions, and the Taurus funding will allow us to fully evaluate the project and our development options,” Mr Greville said.

“To date Dittmer has only been drill tested at the old mine workings over a strike length of 250m, and this funding will allow us to test whether mineralisation continues as part of a far larger structure that extends for at least 2km.

“The best news for Ballymore shareholders is that Dittmer is just one of our four exciting projects, and our exploration programs are now well funded.”

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