Capricorn Metals has agreed to acquire Extension Hill and Mungada project tenure from AMMM Resources, expanding its Mt Gibson project tenure and setting the company for future gold opportunities.
The acquisition adds 60 square kilometres of highly prospective land in the South Murchison region of Western Australia and expands Capricorn’s Mt Gibson & Golden Range tenure.
The transaction is valued at AU$1.5 million, comprised of an initial AU$100,000 cash payment and AU$1.4 million upon completion.
Capricorn also agreed on additional contingent payments including AU$750,000 following a JORC-compliant mineral resource estimate exceeding 75,000 ounces, and another payment of AU$750,000 upon board approval to commence commercial mining.
Capricorn Executive Chairman Mark Clark said: “The acquisition of the Extension Hill and Mungada project tenure continues the expansion of Capricorn’s Mt Gibson exploration footprint and adds highly prospective targets contiguous with existing tenure.
“This provides Capricorn with an outstanding exploration opportunity with a view to adding meaningful additional ore sources to MGGP and the region. We look forward to commencing active exploration on the project later this year.”
The Extension Hill and Mungada projects are located within the Yalgoo-Singleton Greenstone Belt, a region noted for its significant mineral discoveries.
Capricorn has identified several drill ready target zones for exploration within the Extension Hill and Mungada. The company will use a focused approach to fully understand and capitalise on the resource potential of the area.
Capricorn has commenced on broad scale geological and regolith mapping of the region and will follow up with local geochemical sampling to confirm drilling targets in the first half of 2027.
