Carawine Resources has acquired two exploration licences at the Tropicana North gold project in Western Australia.
The acquisition involves purchasing 90 per cent interest in the Hercules and Atlantis prospects from Thunderstruck Investments.
Past drilling intercepts included three metres at 12 grams per tonne gold from 49 metres and 15 metres at 21 grams per tonne gold from 50 metres.
Carawine aims to start drilling from late October to November this year, which managing director David Boyd said represented just a start of an extended program that would continue throughout 2021.
“Our new Tropicana North project gives Carawine significant exploration exposure to the active and highly prospective Tropicana gold province,” Boyd said.
“Completion of this strategic acquisition now allows the company to hit the ground running, with an initial focus on the more advanced, high-grade gold targets.”
Carawine issued a million shares to Thunderstruck in consideration for the 90 per cent stake in the tenements.
It is also seeking to acquire Phantom Resources to access four exploration licences in the Tropicana region.
When complete, the two acquisitions, combined with Carawine’s existing tenement applications in the region, will cover more than 80 kilometres strike of the Tropicana Belt, within 10 kilometres of AngloGold Ashanti and IGO’s Tropicana gold mine.