Duketon Mining (ASX:DKM) has signed an option agreement with Western Yilgarn (ASX:WYX) to acquire 100% of the Boodanoo Gold Project in Western Australia, as a part of the company’s strategy to expand its gold portfolio.
The company will pay $7,500 for an exclusive 12-month option period, where it will be able to commence exploration to test Boodanoo’s mineralisation and greater potential.
Furthermore, Duketon will be able to exercise its option by issuing 500,000 shares to Western Yilgarn in this period.
Managing Director Stuart Fogarty explains that buying into the Boodanoo Project offers the company further exploration opportunities across a “highly prospective region” in Western Australia.
“The Boodanoo Project further builds out our gold exploration portfolio in Western Australia and creates further optionality to our shareholders,” Fogarty says.
“This is aligned with our strategy of acquiring low entry cost projects that can be rapidly advanced through the exploration process.”
The company intends to conduct detailed surface sampling and geological mapping of the Boodanoo Project, ahead of potential drill testing in the future.
Boodanoo is located 80km south, south-east of Mount Magnet in Western Australia within the south-western margin of the Windimurra layered mafic-ultramafic intrusive complex.
The project is considered prospective for nickel, copper, and platinum group element mineralisation, with exploration dating back to the 1970s.
Across its 2017 to 2022 holding of the project, Seremin identified a 2km gold anomaly hosting a maximum of 66 parts per billion from a soil sampling of 652 samples.
Duketon Mining is a gold, nickel, and base metals focused mineral resources explorer and developer with assets in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Duketon Mining
