Clara Resources Australia Ltd. has announced a pivot around its Meereba gold project in north Queensland.
Following a strategic review, the board has decided to focus solely on the Mareeba gold project, designating the project as the company’s flagship asset.
Situated in the historic Hodgkinson Province, the project covers 247 square kilometres of highly prospective ground that has a formidable track record, having produced over 1.6 million ounces of gold from high-grade mines.
Despite this track record, with historical recovered grades averaging a remarkable 37 grams per tonne of gold, the district remains largely underexplored by modern standards.
Most historical mining was restricted to shallow underground workings, and previous drilling rarely exceeded depths of 40 metres. Clara intends to apply contemporary systematic exploration techniques to test the project’s deeper potential.
“Since acquiring Mareeba, we have become genuinely excited by the scale of this opportunity,” said Clara Resources Chairman Richard Willson.
“The Hodgkinson province delivered over 1.6 million ounces of gold from exceptionally high-grade mines, many of which sit directly on our ground, yet much of the project remains underexplored.
“The board is focussed on maximising project level expenditure ensuring it is a success and realises value for our shareholders.”
The repositioning is backed by a AU$1.1 million capital raising and a significant board renewal, signalling a lean, exploration-led chapter for the company.
The strategic shift is accompanied by a leadership transition. Duncan Gordon, a corporate advisor with over 20 years of experience in the ASX gold sector, has been appointed executive director.
Gordon’s expertise in capital markets and corporate development will be central to executing the new strategy.
Outgoing Managing Director Peter Westerhuis will move into a consultancy role, where he will continue to oversee value-realisation efforts for the company’s Ashford coking coal project.
The reshuffle allows Clara to maintain a streamlined corporate structure, ensuring the majority of available funds are directed into the ground at Mareeba.
The company has secured binding commitments to raise AU$1.1 million for a placement of 250 million shares at 0.4 cents per share.
Proceeds will fund an immediate activities program at Mareeba, including LiDAR data processing, structural interpretation, surface geochemistry, and maiden drilling.
