Capricorn Metals Ltd (ASX:CMM) Acquires Kings Find Project
Acquisition Details
Capricorn Metals Ltd has entered a binding agreement to acquire the Kings Find Project from Serena Minerals Limited for $1.5 million. An initial cash deposit of $100,000 has been paid, with the balance to be settled through the issuance of Capricorn shares. Additionally, a 1% net smelter royalty on mineral sales is included. Completion is expected in March 2025, subject to procedural conditions.
Project Overview
The Kings Find Project spans approximately 54 square kilometres adjacent to Capricorn’s Mt Gibson Gold Project in the Murchison region of Western Australia. The project is highly prospective for gold mineralisation, featuring four identified target zones near the Great Northern Highway. The area has historical small-scale prospecting sites and is situated within the Yalgoo-Singleton Greenstone Belt, known for significant mineral deposits.
Future Exploration Plans
Capricorn plans to commence broad-scale geological and regolith mapping, along with geochemical sampling in Q4 2025. These activities aim to confirm drilling targets for the fiscal year 2026. Contingent deferred payments of $750,000 each are set upon announcing a JORC compliant Mineral Resource Estimate exceeding 100,000 ounces of gold and initiating a stand-alone commercial mining operation on the Kings Find Project.
Executive Comments
Executive Chairman Mark Clark stated, “The acquisition of the Kings Find Project continues the expansion of Capricorn’s Mt Gibson exploration footprint and adds highly prospective targets very close to the Company’s current Mt Gibson resources. This provides Capricorn with an outstanding exploration opportunity with a view to adding meaningful additional ore sources to the Mt Gibson operation. We look forward to commencing active exploration on the project in 2025.”
Motley Fool contributor Aaron Shaw has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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