(MENAFN- ProactiveInvestors - Australia) Bligh Resources (ASX: BGH) has secured a A$500,000 convertible note facility with Aura Capital Advisors which will enable the company to fast track its existing exploration programs as well as investigate new acquisitions.
Importantly, the funding adds to existing cash reserves of around $3.6 million.
Bligh has been actively exploring for manganese at its Manilla Project in New South Wales, and for gold at its Leonora Project in Western Australia.
At the start of last month, the company announced it had identified 15 anomalies at its Manilla Project through a maiden Versatile Time Domain Electromagnetics program.
Two of the anomalies were identified as offering the best potential for manganese mineralisation and hydrothermal alteration zones, which will be followed up on in upcoming field work.
Meanwhile, in May Bligh began gold exploration at its Leonora Project, which is considered highly prospective for gold and other precious metals.
The company has undertaken nearly 1,000 soil samples and 200 rock chip samples and is awaiting assays.
The Leonora Project, which covers about 49 square kilometres, is divided into two prospective areas â€" the Diorite King and the Mt Davis prospect.
Bligh's tenements are located 6 kilometres southeast of the Tarmoola Gold Mine, which has produced over 3 million ounces of gold.
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