Clancy Exploration acquires Pilbara gold project from Red Field

Clancy Exploration, a junior copper, gold and base metal explorer based in Western Australia, has agreed to the purchase of the Hong Kong project in the Pilbara for $1.35 million in shares.

In a statement released on the ASX this morning, Clancy cited Novo Resources’ identification of key conglomerate gold discoveries in the Pilbara region as a potential catalyst for the purchase, which grants tenure over a 40 square kilometre region with a five kilometre prospective strike length that includes the Mt Roe basalt and Hardey formation.

Initially formed in 2003, the acquisition represents a significant expansion for Clancy, having grown from several New South Wales-based projects (seven 100 per cent owned project and a single joint project at present).

Clancy will pay Red Field $1.35 million in ordinary shares at a cost of five cents each, representing a total of 270 million shares.

The acquisition continues the current discussion around a new Pilbara gold rush, which has seen several prospectors descend upon the region in recent years.