Capricorn Metals has secured a binding agreement to acquire the Ninghan gold project from Sabre Resources.
The Ninghan project, located north of Capricorn’s Mt Gibson gold project in the Murchison region, features multiple settings conducive to hosting economic gold deposits, making it highly prospective for gold mineralisation.
Capricorn is set to explore seven target zones within the project tenure, with the highest priority target located only 20km north-northeast of Mt Gibson’s resources.
Capricorn executive chairman Mark Clark said adding Ninghan will provide a significant boost.
“The acquisition of the Ninghan gold 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,” he said. “This provides Capricorn with an outstanding exploration opportunity with a view to adding meaningful additional ore sources to the Mt Gibson operation.”
Of the $1.6 million acquisition cost, Capricorn has paid an initial cash deposit of $100,000. The remaining balance of the consideration is set to be paid by the issue of Capricorn shares.
The company is expected to kick off broad-scale geological and regolith mapping, alongside geochemical sampling in currently defined target areas. This will help identify targets ahead of drilling in the 2025–26 financial year.
Capricorn has been active in growing its portfolio, also acquiring the Mummaloo project, the Deadman Flat project and the Sylvania project in recent times.
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