Capricorn Metals Ltd. has agreed to acquire the prospective Piastri Project in Western Australia’s Mid-West region from Latitude 66 Ltd.
The AU$1.5 million transaction will see Capricorn acquire a granted exploration licence covering roughly 15.2 square kilometres of prospective ground.
Under the terms of the agreement, Capricorn will settle the acquisition consideration by issuing fully paid ordinary shares to Latitude 66 upon completion.
The issue price will be calculated using Capricorn’s 20-day volume-weighted average price (VWAP) leading up to completion.
Located in the highly prospective Yalgoo-Singleton Greenstone Belt, the Piastri tenure lies immediately contiguous to Capricorn’s existing Golden Range project footprint.
The project is situated just 200 metres east of infrastructure associated with the Ricciardo deposit, which holds a mineral resource of 24.5 million tonnes at 2.5 grams per tonne gold equivalent, for 1.96 million ounces of gold equivalent.
The newly acquired ground covers largely untested strike prospective for shear-hosted gold and antimony mineralisation along the regional Mougooderra shear zone. Historical exploration across the licence remains sparse, consisting primarily of limited shallow drilling.
Capricorn plans to deploy a systematic exploration approach to evaluate and unlock the property’s potential. Initial work programmes will commence with detailed geological and regolith mapping, followed by comprehensive geochemical sampling and targeted exploration drilling across high-priority targets.
The land addition allows Capricorn to consolidate its tenure surrounding the core Ricciardo deposit while expanding its exploration pipeline for both gold and critical minerals.
The completion of the acquisition is subject to standard closing conditions.
