Breakthrough Minerals Limited (ASX: BTM) has announced a transformational acquisition of the Errolls Gold Project, located in Western Australia’s East Murchison Mineral Field.
This strategic move positions the company for rapid value creation in one of the world’s premier gold exploration regions.
The Errolls Gold Project, situated within the Barrambie Greenstone Belt, boasts a history of shallow, high-grade gold intercepts.
Historical production totals approximately 5,000 ounces at an impressive grade of 17.6g/t gold.
Key historical drill results include:
- 22m @ 7.46g/t Au from surface, including 5m @ 31.76g/t Au and 3m @ 51.85g/t Au
- 20m @ 2.74g/t Au from 14m, including 6m @ 7.24g/t Au
- 11m @ 6.88g/t Au from 14m, including 6m @ 12.3g/t Au
With historical drilling averaging just 34 metres in depth, Breakthrough Minerals sees significant potential for extensions both at depth and along strike.
The project is adjacent to Neometals’ Barrambie Gold Project (ASX: NMT), which hosts an Exploration Target of up to 775,000 ounces of gold.
Both projects lie along the Barrambie Greenstone Belt, a Tier-1 jurisdiction known for its prolific gold deposits.
The company has secured firm commitments to raise $1.2 million through a placement to sophisticated investors at $0.074 per share.
This funding boosts the company’s pro forma cash position to approximately $2.6 million, enabling immediate commencement of exploration activities upon acquisition completion.
Breakthrough Minerals Executive Director Peretz Schapiro described the acquisition as “company-making,” highlighting the project’s shallow high-grade gold and walk-up drill targets in a world-class jurisdiction.
The company has already submitted a Program of Work, ensuring drilling can begin immediately after finalising the acquisition.
Breakthrough Minerals will acquire the Errolls Gold Project from Kyarra Minerals Pty Ltd under the following terms:
- $150,000 in cash ($50,000 deposit already paid)
- 3.5 million Breakthrough Minerals shares
- 2 million performance rights tied to exploration milestones
Completion is subject to shareholder approval at a General Meeting scheduled for May 2025, with finalisation expected by early June.
Breakthrough Minerals plans to launch a maiden drill program targeting shallow extensions of known high-grade mineralisation immediately post-completion.
With multiple prospects open along strike and at depth, the company aims to unlock substantial value through systematic exploration.
This acquisition reinforces Breakthrough Minerals’s commitment to delivering high-grade gold discoveries in Western Australia’s thriving mining sector — a move that promises a significant upside for investors and stakeholders alike.
