ASX-listed Australasian Gold has entered into a binding tenement sale and purchase agreement (SPA) to acquire a 100% interest in the Capella gold project, which is strategically located about 10 km south from the company’s Mt Clermont polymetallic project.
The consideration for the acquisition of the project is $100 000 of Australasian ordinary shares at a deemed issue price of $0.20 each.
Through the acquisition, the company’s land holding will increase by 50% in the highly prospective Clermont goldfield.
The Capella gold project is situated on 100% exclusive land with no native title.
Australasian Gold MD Qingtao Zeng said the SPA represented a great opportunity for the miner to “better understand the gold mineralisation system in this region and to unlock the full potential of the Mt Clermont polymetallic project”.
Retro and Retro Extended, at Mt Clermont, is characterised by high-grade polymetallic massive sulphide lenses, whereas the Capella gold project shows high-grade veining within thick mineralisation zones, which Zeng said indicates a larger scale mineralised system.
The entire 10 km strike length of the Retro Fault is a key focus for exploration by the company, which is now working on defining more drilling targets with systematic geochemical and geophysical works.