Exploration and development company Spartan Resources on Friday announced a A$25-million institutional placement to accelerate its growth strategy at Dalgaranga, in Western Australia’s Murchison region.

The ASX-listed gold junior received firm commitments from domestic and international resource investors to raise A$25-million through a targeted institutional placement priced at A$0.40 a share.

The proceeds will be used to underpin an expanded exploration campaign at Dalgaranga next year, including drilling Never Never Deeps and growing this high-grade resource beyond the mineral resource estimate that is scheduled for December.

“The Spartan team is committed to ensuring a thorough and detailed approach is taken to the delineation of the Never Never orebody and the surrounding targets. Spartan is focused on expanding the Never Never footprint with the most recent results hitting broad mineralisation more than 500 m from the surface,” said CEO Simon Lawson.

Spartan will work towards completing a feasibility study on a fully integrated restart of Dalgaranga, based on its new high-grade strategy.

On completion of the placement, Spartan will have a proforma cash position of A$53.2-million.