Gorilla Gold Mines (ASX:GG8) has acquired the remaining 49% interest in the Comet Vale Project in the Eastern Goldfields of Western Australia from Sand Queen Gold Mines for a cash payment of $3 million.
Now with a 100% interest in the mine, the company will focus on growing the resource base of the project, following recent discoveries at the Lakeview and Sovereign prospects.
The project has historical production of more than 200,000 ounces @ more than 20 grams per tonne gold and holds a mineral resource estimate of 96,000 ounces @ 4.8g/t gold.
The Comet Vale Project is located on the Goongarrie-Mt Pleasant anticline, running north to south. Rocks tested in the area follow the same sequence that hosts the Grants Patch, Ora Banda, and Mt Pleasant camps.
Gorilla Gold Mines, which has a market capitalisation of $319.85 million, is an exploration company focused on the development of gold mines in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Gorilla Gold Mines
