Capricorn Metals is expanding its Mt Gibson gold project landholding by acquiring the Kings Find gold project in the Murchison region of Western Australia.
Owned by Serena Minerals, Kings Find covers approximately 54km² of land situated north of Mt Gibson and is considered highly prospective for gold mineralisation.
Capricorn will acquire Kings Find from Serena Minerals for $1.5 million, with the company having already paid $100,000 in cash.
The balance will be paid by the issue of Capricorn shares, which will be valued at the 20-day volume-weighted average price prior to completion. Further consideration will be paid through a one per cent net smelter royalty on the sale of any minerals.
Capricorn has also agreed to pay $750,000 once a JORC-compliant mineral resource estimate in excess of 100,000 gold ounces is announced for Kings Find, as well as another $750,000 once it has commenced a stand-alone commercial mining operation at the project.
“The acquisition of the Kings Find project continues the expansion of Capricorn’s Mt Gibson exploration footprint and adds highly prospective targets very close to the company’s current Mt Gibson resources,” Capricorn executive chairman Mark Clark said.
“This provides Capricorn with an outstanding exploration opportunity with a view to adding meaningful additional ore sources to the Mt Gibson operation.”
The transaction is expected to be completed in March, joining Capricorn’s portfolio of recently acquired projects, including the Mummaloo project, the Deadman Flat project, and the Sylvania project.
Capricorn has already identified four target zones for exploration within Kings Find, with the highest priority target located only 35km north-northeast of Mt Gibson’s resources.
Capricorn is expected to commence broad scale geological and regolith mapping and geochemical sampling in currently defined target areas in the fourth quarter of 2025, and drilling in the 2025–26 financial year.
“We look forward to commencing active exploration on the project in 2025,” Clark said.
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