Caprice Resources (ASX:CRS) has completed the acquisition of the Comet Exploration Project from Accelerate Resources (ASX:AX8), located in the Murchison Goldfields in Western Australia.
The company paid the vendor an initial consideration of $50,000 and $200,000 in shares. Shares were valued at $0.132, equalling the five-day volume weight average price prior to the execution of this sale.
Accelerate retains a 25% stake in the asset and will be free-carried through until the completion of a Prefeasibility Study.
If either party dilutes its holding to below 10%, interest will be converted to a 1% net smelter return royalty. Caprice will be eligible to buy back that royalty for $1 million.
Caprice Managing Director Luke Cox says the completion of this acquisition represents a “highly strategic consolidation move” that will expand the company’s footprint across a corridor with multiple gold deposits.
“Comet shares the same mineralisation style and host stratigraphy as Island Gold, yet remains significantly underexplored by modern standards,” Cox says.
“Westgold’s recent spin out of the Comet Mine into the proposed Valiant Gold initial public offering plays testament to the prospectivity of the area and potential for expansion of known mineralisation to exist along strike into Caprice’s tenements.
“This transaction positions Caprice with a commanding landholding of underlying fertile Mt Magnet greenstone tenure across a highly prospective part of the Murchison, providing multiple targets and a clear pathway to near term exploration success.”
The acquisition of Comet expands the company’s footprint at the Island Gold Project, bringing the Caprice’s contiguous landholding to more than 50km along strike.
Write to Maddison Elliott at Mining.com.au
Images: Caprice Resources
