Ballard Mining Ltd. has raised AU$20.6 million in a private placement of shares to ramp up growth at its Mt Ida gold project in Western Australia.
The company will issue 37.4 million fully-paid ordinary shares at an issue price of 55 cents per share. New investor Aurene Group Holdings Pty. Ltd. will become a new substantial shareholder following the share placement, holding 9.6 per cent stake in Ballard.
Simon Lill, chairman of Ballard, will participate in the placement for AU$200,000 of new shares, subject to shareholder approval. Ballard Managing Director Paul Brennan said: “The investment comes at a significant point in the development of the company.
“The announcement of the October 2025 Exploration Target represents another important milestone for Ballard, demonstrating the potential of the Mt Ida Gold Project and the untapped exploration value within the project’s tenements.”
Ballard also announced a new exploration target for the Mt Ida gold project to increase output at the project. The company will explore 26 km prospective shear zones, estimated at 11.8 million tonnes to 14.6 million tonnes graded at 2.6 grams to 3.9 grams per tonne of gold.
Meanwhile, the company has planned a substantial drilling program to test the Baldock deposit from 350 metres depth to 750 metres depth.
Ballard has also planned a second phase of deeper drilling to test the deposit between 750 metres and 1000 metres depth.
The Timoni deposit was mined in the 1960s and 265,000 ounces of gold were extracted. Recent drilling identified high grade mineralisation below and to the southern end of the deposit. Ballard has planned a substantial drilling program to test the Timoni deposit down to a depth of 500 metres as part of the Baldock drilling program.
To inform deeper drilling targets, an electromagnetic survey is planned for completion in November.
