GoldArc Resources (ASX:GA8) has entered into a tenement sale and purchase agreement to fully acquire Prospecting Licence P40/1319 in the Kookynie Goldfields district of Western Australia, expanding the company’s Leonora South project footprint at Whistler and Woodpecker South.
GoldArc is currently focused on a 3,000m aircore (AC) drilling program, targeting extensions to the ‘high-grade’’ mineralised corridor identified in earlier drilling.
The purchase price for the new tenement is $50,000, payable in installments over 12 months and final transfer of the tenement is subject to consent and registration requirements under the Mining Act 1978 by the Department of Energy, Mines, and Industry.
Managing Director Paul Stephen says that the new tenement represents “exactly the kind of disciplined, low-cost ground acquisition we look for,” as GoldArc adds directly to existing targets.
“The Leonora South hub continues to build, and with active results pending from both our reverse circulation and aircore drilling programs, we expect this ground to become increasingly relevant as the Whistler system is better defined.”
GoldArc is set to release the assay results from the current AC program at Whistler and Altona in the coming weeks, in addition to the assay results from the 6,500m reverse circulation program across five Leonora South prospect areas, which is being managed together with MMS.
The company will progress the conversion of the new tenement to Mining Lease M40/351 in accordance with the Mining Act 1978 (WA) and complete the transfer and registration with the government.
Finally, GoldArc is looking to advance the maiden Mineral Resource Estimate for Eclipse in the future period.
GoldArc Resources is a gold exploration company, focused on building a foundational JORC resource while also aggressively pursuing new discoveries in Western Australia.
Write to Amy Rotman at Mining.com.au
Images: GoldArc Resources
