Capricorn Metals has signed a binding agreement to acquire the Kings Find project, a highly prospective gold tenement in Western Australia (WA), from Serena Minerals.
The transaction, valued at A$1.5m, includes an initial cash deposit of A$100,000 with the balance to be settled through Capricorn shares.
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Additionally, a 1% net smelter royalty on mineral sales is granted to Serena Minerals.
The share issue will be valued at the 20-day volume-weighted average price before completion, which is anticipated in March 2025, subject to procedural conditions.
As part of the agreement, Capricorn has committed to contingent deferred payments of $750,000 each upon announcing a Joint Ore Reserves Committee (JORC)-compliant mineral resource estimate exceeding 100,000oz of gold and upon deciding to commence a stand-alone commercial mining operation at the Kings Find project.
Capricorn executive chairman Mark Clark said: “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.”
The Kings Find project spans approximately 54km² of tenure in the Murchison region, around 325km north-north-east of Perth within the Yalgoo-Singleton Greenstone Belt.
The project is located contiguous to the north of Capricorn’s existing Mt Gibson Gold Project (MGGP) tenure.
The site shows promise for hosting economic gold deposits, evidenced by historic prospecting sites and geological settings favourable for significant gold discoveries, according to Capricorn.
Capricorn has outlined four drill-ready exploration zones within the project, with the highest priority target located merely 35km north-north-east of the current MGGP resources, near the Great Northern Highway.
The geological characteristics of this zone are similar to the main mineralisation found at the Mt Gibson deposit, with the potential for volcanogenic copper-lead-zinc sulphide mineralisation akin to that of Golden Grove.
Capricorn plans to initiate broad-scale geological and regolith mapping, along with geochemical sampling in the fourth quarter to confirm drilling targets for fiscal year 2026.
Earlier this year, Capricorn Metals signed a binding agreement to acquire the prospective Mummaloo Project tenements and physical assets in WA from Top Iron.
The acquisition, valued at A$3.5m, expands Capricorn’s footprint in the Murchison region of WA, particularly adjacent to its existing MGGP.
