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Blina Minerals invests in New Zealand-focused gold explorer

Blina Minerals NL acquired an 11% interest in New Zealand-focused gold explorer Condamine Resources Ltd. via a A$250,000 investment.

Condamine, an unlisted Australian group established in May 2017, holds the Alexander River, Big River, Reefton South and Lyell gold projects on New Zealand's South Island.

The investment funds will be used to prepare for a drilling program on the properties in the first half, according to a Jan. 16 release.

The company subscribed for 2,083,333 shares of Condamine under a placement at 12 Australian cents per share, with a 1.25-for-1 free attaching option exercisable at 25 cents apiece within three years.

Condamine's tenements surround OceanaGold Corp.'s Blackwater mine development.