Stratum Metals (ASX: SXT) has welcomed a new substantial shareholder as the company prepares to follow up on high grade gold intercepts at the Gidgee Gold Project.
DS Capital has picked up 2.1 million Stratum shares for a total interest of 5.12%.
This stake was acquired for total consideration of $422,100, or about $0.20 per share.
DS Capital has picked an interesting time to invest in Stratum, with the company preparing to begin the second stage of drilling at the Gidgee Gold Project this month to follow up on high grade intercepts.
This drilling program is intended to lead to the delineation of a JORC Resource for the German Well South prospect.
Results from the first stage of drilling, released at the end of 2011, included a bonanza grade intersection of 1 metre at 60.9 grams per tonne (g/t) gold, within a broader intersection of 8 metres at 8.89g/t gold from 41 metres.
In addition, Stratum is progressing exploration at two thermal coal tenements in Western Australia's Kimberley Region.
Earlier this year the company secured Heritage Protection Agreements for the tenments, allowing it to proceed with a desktop study.
The coal tenements, which are held in an 80/20 joint venture with State Resources at the Canning Basin Coal Project, are located less than 20 kilometres from Rey Resources (ASX: REY) Duchess Paradise Project which hosts an Inferred Resource of 535 million tonnes of coal.