Australian-based resource company White Energy Company has acquired a 51% majority interest in the Specimen Hill Project near Biloela in central Queensland.
This acquisition is part of a farm-in agreement (FIA) with Signature Gold, a subsidiary of Tectonic Gold.
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The agreement, announced on 7 February 2024, allows White Energy’s subsidiary, Amerod Resources, to acquire an ongoing interest in the Specimen Hill project’s four tenements in stages.
The first stage, which involved an expenditure of A$1m ($628,527) within three years to secure the 51% interest, was completed in just 12 months in March 2025.
Amerod is now proceeding to the second stage, which requires an additional A$1m expenditure by the fourth anniversary of the agreement to acquire another 25% of the project.
The third stage offers an option to acquire the remaining 24% for A$2m within one year of completing stage two.
Tectonic will retain a 3% net smelter royalty, with White Energy having the right of first refusal on any potential royalty sale.
White Energy CEO Greg Sheahan said: “The Specimen Hill Project area has already revealed its potential as a copper and gold rich province through numerous mineralisation occurrences at surface and at shallow depths. The aerial magnetic survey undertaken in 2024 has revealed significant magnetic anomalies across the tenements.
“We are seeing lithologies consistent with copper porphyry style mineralisation. The next phases of our exploration programme will allow us to further correlate the geological, geophysical and geochemical results obtained to date. We look forward to progressing our efforts to be drill-ready this year and achieve the next acquisition milestone for the Specimen Hill Project.”
The Specimen Hill Project has undergone exploration by Signature Gold for gold mineralisation. Since the FIA’s signing, the exploration has expanded to include copper mineralisation.
A detailed aerial magnetic survey performed in April 2024, followed by ionic sampling and field mapping, has revealed several copper-rich systems. Current efforts are focused on defining the geology to evaluate potential drill targets.
The region’s geology, part of the New England Orogen, is known for its complex history of crustal movements, making it conducive to various mineralisation systems.
The area has yielded more than 50 million ounces of gold, with the nearby Briggs copper project having an inferred resource of 415 million tonnes at 0.25% copper and 31 parts per million of molybdenum.
