Australian Securities Exchange (ASX)-listed gold company Spartan Resources has finalised binding purchase agreements to acquire the remaining 20% interest in four exploration tenements at its Dalgaranga gold project in Western Australia (WA).
The tenements, E59/1904, E59/1906, E21/195, and E59/1709, were previously held under two unincorporated joint ventures (JVs), with Spartan holding 80% and private parties holding 20%.
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With the acquisition, Spartan will own 100% of the tenements, and both JVs will be dissolved.
The company will pay an aggregate cash consideration of A$2.5m, utilising its current cash balance. The completion of the purchase is anticipated in the coming days.
The Dalgaranga gold project is located 65km north-west of Mt Magnet in the Murchison Region of WA.
Following an operational reset in November 2022, Spartan shifted focus from low-grade open-pit mining to high-grade gold exploration and development.
The turnaround of the Dalgaranga project has been marked by the discovery of the high-grade Never Never and Pepper Gold deposits, which have a combined mineral resource estimate of 2.32 million ounces at 9.32 grams per tonne.
The deposits are situated less than 1km from the existing 2.5 million tonnes per annum carbon-in-leach processing plant.
Additionally, the recent discovery of the Freak Prospect, located 110m south of Pepper, is in close proximity to the underground infrastructure currently under development. This prospect further enhances the project’s potential.
Spartan executive chairman Simon Lawson said: “We are pleased to be able to consolidate the tenure immediately adjacent to our flagship Dalgaranga gold project. Moving to 100% ownership provides us with operational flexibility as we progress forward with making a re-start decision at Dalgaranga underpinned by the high-grade Never Never and Pepper underground deposits.
“A number of prospects on these tenements have been identified as being prospective for mineralisation similar to Never Never and Pepper and will be the subject of future exploration programmes.”
Spartan Resources will be acquired by Ramelius Resources in a deal valuing the company at approximately A$2.4bn, as per an announcement last month.
“Outright ownership of the Dalgaranga exploration tenements assists in simplifying aspects of our business model as we continue to progress the steps required to implement the transaction with Ramelius that we announced on 17 March 2025,” Lawson added.
