Strickland Metals has secured the remaining 37 per cent interest in the Horse Well gold project in Western Australia from Silver Lake Resources.
The $1.75 million sale saw Strickland take full ownership of 1000 square kilometres, an inferred mineral resource of 5.7 million tonnes and 257,000 ounces of gold.
Strickland’s chief executive officer Andrew Bray said the Goldfields project had been a major focus for the company.
“We are tremendously excited to have secured a pathway towards 100 per cent ownership in Horse Well,” Bray said.
“In our view, it represents a very substantial gold system, particularly around the major Big Daddy prospect and untested granite intrusives where we have some new concepts to apply. We are looking forward to commencing exploration as soon as possible.”
Strickland has paid a $20,000 deposit on the purchase and both parties expect the deal to be complete within the next two months.
Horse Well has already been the subject of 75,000 metres of aircore drilling and 10,000 metres of RC (reverse circulation) drilling.
Bray said the prospect would become Strickland’s main development project.
“Since the new management and board were appointed, one of our key focuses has been on evaluating Horse Well and designing exploration programs for the coming periods,” Bray said.
“Going forward, Horse Well will be the company’s flagship project, and we’re particularly excited to begin drilling.
“There are a number of, in our opinion, ‘walk up’ targets which we plan to test as soon as possible, as well as major structures and systems which will be subject to more systematic work.”
The prospect is just 30 kilometres away from Northern Star Resources’ Jundee operation, which has a total resource of 5274 ounces of gold.