Working with PAC Partners, the company has secured commitments for A$5 million at 3.5c, broadly in line with recent trading over the past month.

 

Chair Matthew Driscoll described the raising as "heavily oversubscribed", coming as it was on the back of a 30m intersection grading 6.2% copper and 6.8 grams per tonne gold from 154m, including 18m at 5.2% copper and 16m at 10.5% copper and 0.44gpt gold at its greenfields Bluebird discovery.

 

The company aims to spend its cash on extending and refining Bluebird, which is open to the east and west and at depth below 400m.

 

It also plans further drilling along the 2.5km-long Bluebird-Perseverance corridor where geophysics has identified multiple regional targets for testing, including Perseverance North, Perseverance and Bluebird West.

 

"The potential for multiple discoveries is clear, and we now have the funding to find them," Driscoll said.

 

The company compared the geology at Bluebird to deposits in the region, such as the 3.7Mt at 4% copper and 3.5gpt gold Peko which is just 20km to the west.

 

The company hopes its Barkly tenements contain multiple, multi-million-tonne copper-gold deposits that can support a stand-alone mining and processing operation. 

 

Past drilling in the area, mainly RAB, failed to penetrate deep enough below the weathering and shallow cover.

 

Tennant also owns the Babbler tenement immediately to the south of Barkly, targeting similar Warramunga Formation geology.

 

Barkly is just 40km east of Tennant Creek, and is within the Tennant Creek mineral field has produced over five million ounces of gold and over 500,000t of copper since the 1930s.

 

Tennant started the year with $2 million cash.

 

Shares in the explorer have been 2.5-8.3c over the past year and were off 2.5% this morning at 3.8c.