Carawine Resources has expanded its landholding at the Tropicana North gold project in Western Australia with the acquisition of Phantom Resources.
This gives the gold and base metals explorer a 100 per cent ownership of four exploration licence applications in the Tropicana region.
The Phantom tenement runs adjacent to Carawine’s Thunderstruck joint venture (JV) tenements and includes a seven-kilometre long geochemical anomaly and a 60-kilometre strike of the Tropicana belt, within 45 kilometres of AngloGold Ashanti and IGO’s Tropicana gold mine.
The combination of these tenements gives Carawine more than 80 kilometres of strike of the Tropicana belt in total.
“Our Tropicana North project gives Carawine a significant position in the active and highly prospective Tropicana gold province,” company managing director David Boyd said.
“The addition of the Phantom tenement applications is a big part of this, with an immediate high-potential gold target at the Pleiades prospect and strike extensions of the same and similar rock units and structures to those hosting the Tier 1 Tropicana gold mine.”
Carawine is now set to progress the Phantom tenements by preparing and designing exploration programs that will commence in mid-2021.
“In the meantime, the company is about to begin drilling at a number of gold targets on the Thunderstruck JV tenements, marking the start of an extended exploration program which is planned to continue throughout 2021,” Boyd said.
The company completed the Phantom acquisition with the issue of 600,000 fully paid ordinary shares to Phantom’s shareholders.
Back in September, Carawine purchased a 90 per cent interest in the Hercules and Atlantis prospects from Thunderstruck Investments to gain two exploration licences at Tropicana North.
With the Phantom acquisition, Carawine is now positioned with prospective gold tenements within 10 kilometres of the Tropicana gold mine.