Capricorn Metals has entered into a binding agreement with Top Iron to acquire the prospective Mummaloo Project tenements and physical assets in Western Australia (WA).
The acquisition, valued at A$3.5m, marks a strategic move to expand Capricorn’s footprint in the Murchison region of WA, particularly adjacent to its existing Mt Gibson Gold Project (MGGP).
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As part of the transaction, Capricorn has made an initial cash deposit of $100,000.
The remaining amount will be paid with fully paid ordinary shares in Capricorn, based on the average share price over the five days leading up to the completion date.
The acquisition is set to be completed in February 2025, pending procedural conditions.
Capricorn executive chairman Mark Clark said: “The acquisition of the Mummaloo Project significantly expands Capricorn’s Mt Gibson exploration footprint and adds highly prospective targets analogous and proximal to the company’s current Mt Gibson resources.
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By GlobalData“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.”
The Mummaloo Project is situated approximately 295km north-north-east of Perth, nestled between the townships of Wubin and Paynes Find within the Yalgoo-Singleton Greenstone Belt.
Covering around 219km², the project is contiguous to the north of Capricorn’s MGGP, positioning it strategically for exploration and development.
Capricorn has identified the Mummaloo Project as highly prospective for gold mineralisation, with multiple geological settings that could host economic gold deposits.
Four target zones have been pinpointed for exploration, with the highest priority target located just 6km north-east of the current MGGP resources.
In addition to the tenements, the acquisition includes camp and office facilities currently utilised by Capricorn’s exploration and development team.
These will complement the company’s new 400-room camp at MGGP, which is under construction.
The Mummaloo camp will serve as overflow and exploration accommodation as needed.
The acquisition also encompasses small-scale crushing and screening equipment from Top Iron’s previous magnetite iron ore mining operations, along with various ancillary equipment and light vehicles.
Capricorn will assess the utility of these assets for future operations.
