Talga Gold has raised A$2.3m ($2.4m) to develop the company’s graphite, iron ore and gold projects in Sweden.

The funds will add further weight to its share register prior to the comprehensive drill campaign currently being undertaken on the company’s graphite and iron ore assets.

Talga Gold managing director Mark Thompson said, "The investment interest focuses on our 100% owned graphite projects, that are renowned as being amongst the highest grade and advanced graphite deposits in the world."

The proceeds will primarily be used for resource upgrade drilling undertaken on the company’s Nunasvaara and Raitajärvi graphite projects and the Masugnsbyn iron ore project.

The company said the drilling program will be leading towards preliminary economic studies, marketing/offtake studies and metallurgy analysis.

Talga plans to upgrade the categorization of the existing high grade graphite resources published for Nunasvaara and Raitajärvi.

Talga, which owns 100% of six exploration permits in the Kiruna mineral district identified as potential iron ore deposits, said considerable growth is upside based on historic drill core for more detailed graphite characterization and metallurgy.