Australian gold exploration and production company St Barbara has paid $4 million for 14.5 million shares of Duketon Mining at a price of 27.5 cents per share, representing a 12.3 per cent investment in the company.
The primary interest for St Barbara is Duketon’s flagship greenstone belt nickel-gold-platinum group project, which is located in the Eastern Yilgarn mineral province in Western Australia and has secured 32,000t of nickel and eight million ounces (Moz) of gold over the last decade.
Duketon’s smaller projects include its 100 per cent-owned Pilgangoora project, mineral rights at the Western Shaw project and a 20 per cent interest in the Cardabia project, managed by Strata Minerals.
The flagship project (just called the Duketon project) also hosts the Rosie nickel resource, which contains inferred and indicated resources of 1.940Mt at 1.7 per cent nickel, 0.4 per cent copper and 1.9 per cent PGM (platinum group metals), which translates as over 32,000t of nickel, 8,000t of copper and 118, 000oz of platinum-palladium respectively.
The Duketon acquisition is the latest in a line of high-profile investments for St Barbara, following on from similar investments into ABM Resources, Catalyst Metals and Peel Mining. St Barbara’s investment will give Duketon a financial boost to accelerate targeted exploration at its various sites.