Recharge has expanded its footprint in Western Australia, agreeing to acquire the Ironstone Well Project from Golden Mile Resources for AU$100,000 in cash.
The acquisition of the new 6.6-square-kilometre tenure directly borders Recharge’s existing Sunset Well Gold Project. The transaction bolsters the strike length of the highly prospective Prospero Gold Trend by 50 per cent, taking it to more than 15 kilometres. It also secures four kilometres of the newly identified Portia Gold Trend.
The Ironstone Well tenure surrounds the prospective Prospero and Flanders shear zones, sitting directly along strike from Recharge’s existing 95,000-ounce Prospero gold deposit.
Despite its proximity to known mineralisation, the project has seen minimal modern exploration over the past two decades.
Historical rotary air blast (RAB) and reverse circulation (RC) drilling from the 1990s yielded impressive shallow gold intercepts.
Standout results from the Portia prospect include six metres at 3.35 grams per tonne (g/t) gold from 76 metres, including a higher-grade zone of two metres at 7.58g/t gold, and two metres at 4.11g/t gold from just four metres.
Recharge CEO Luke Timmermans said: “The acquisition of the Ironstone Well Project is both strategic and highly synergistic for Recharge, as it is contiguous with the Sunset Well Gold Project.
“Recharge now controls 15km of the Prospero Trend and gains multiple drill-ready gold targets immediately along strike of our existing 94,500oz Prospero Resource.”
Backed by a robust cash balance of approximately AU$6 million, Recharge is currently planning a 30,000-metre maiden drilling program to test the expanded project area.
As an immediate priority, the company plans to integrate the new tenements into its recently executed Heritage Protection Agreement with the Darlot People. This step will clear the way for the formal granting of two pending mining tenement applications included in the deal.
In parallel with the acquisition, Recharge announced that Non-Executive Director Ben Vallerine has resigned from the board to pursue other interests.
