Calidus Resources has acquired the remaining share in the tenements that are located at the Warrawoona gold project in the Pilbara region of Western Australia from Novo Resources.
The remaining 30 per cent interest was acquired for a 1 per cent smelter return royalty across the tenements.
These tenements are key to Warrawoona’s infrastructure and exploration, according to Calidus.
They included E45/3381, E45/4622 and E45/4666, along with several tenements in application.
Calidus managing director Dave Reeves said the acquisition not only consolidated ownership in these key exploration and infrastructure tenements but also assisted greatly in funding and operational administration by reducing cross ownership and guarantee structures.
He added: “We are well on track to start main construction at Warrawoona this quarter, with final operating approvals expected shortly.”
Calidus also reached an agreement with Novo to acquire the Blue Spec gold-antimony project in the Pilbara last September.
The Blue Spec acquisition is intended to increase production and mine life at Warrawoona, underpinned by Warrawoona’s infrastructure.
Blue Spec is within 70 kilometres of trucking distance with Warrawoona.
“… The work we are completing on the high grade Blue Spec scoping study has given us the confidence to secure 25 per cent of the project via a $5 million payment, we look forward to announcing the results of the scoping study this quarter,” Reeves said.
Reeves declared Blue Spec as one of Australia’s highest grade gold deposits in September.