Capricorn Metals (ASX:CMM) has entered into a binding agreement with privately held Serena Minerals to acquire the Kings Find Project in Western Australia.
Kings Find, located contiguous to the north of Capricorn’s Mt Gibson Gold Project, covers 54km2 in the Murchison region of Western Australia. The project is considered prospective for gold mineralisation, featuring multiple settings conducive to hosting economic gold deposits.
Under the agreement, Capricorn will issue $1.4 million worth of shares valued at the 20-day volume weighted average price prior to completion of the deal.
The transaction is expected to be completed this month, subject to completing procedural conditions.
Capricorn, which has a market capitalisation of $3 billion, has already paid Serena Minerals a $100,000 cash deposit as part of the deal.
In addition, the company will also pay $750,000 in two installments upon achieving certain milestones.
Executive Chairman Mark Clark says the acquisition of the project continues to expand Mt Gibson’s exploration footprint, as well as adds targets very close to its existing resource.
“This provides Capricorn with an outstanding exploration opportunity with a view to adding meaningful additional ore sources to the Mt Gibson operation,” Clark says.
Meanwhile, Capricorn has also uncovered four drill-ready target areas for exploration within Kings Find. The company intends to begin broad-scale geological and regolith mapping, as well as geochemical sampling of the defined target areas in Q4 2025.
This work is designed to confirm targets for drilling in the 2026 financial year.
Capricorn Metals is an Australia-based gold producer focused on its Karlawinda and Mt Gibson projects in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Capricorn Metals
