Ore Resources (ASX:OR3) has expanded its Coolgardie Gold and Lithium Project in Western Australia through the acquisition of four contiguous prospecting licenses across 6.7km2.
The new licenses are fully granted and with existing heritage agreements in place, meaning that the company can commence non-ground-disturbing exploration immediately.
The new tenure has expanded Ore’s combined footprint at the Coolgardie project to more than 80km2 along the Kunanalling Shear Zone, a structural corridor that hosts mafic, ultramafic, and sedimentary rock units.
Historical exploration data has revealed mineralised gold trends, including a thick, ‘high-grade’ intercept of 4m @ 14.04 grams per tonne gold within 44m @ 1.84g/t gold from 16m.
Other significant historical intercepts include 4m @ 1.49 g/t gold from 41m, 3m @ 1.68g/t gold from 30m, 4m @ 1.47g/t gold from 28m, and 3m @ 2.13g/t from 35m.
Most significantly is the identification of the Avoca Prospect, a mineralised trend approximately 300m long in the south of the tenure.
Managing Director Nick Rathjen says that the acquisition of these licences has grown the company’s portfolio.
“Avoca ticks all the boxes of our rigorous investment criteria, offering exceptional new gold prospectivity within the same favourable geological setting as our broader Goldfields portfolio and similarly benefiting from close proximity to multiple operating gold processing plants and key regional infrastructure,” Rathjen says.
“True to form, we plan to quickly and effectively execute our proven, systematic exploration strategy at this new tenure.
“This will include the compilation of all surficial geochemical data with targeted resampling using the UFF process, together with the integration and interpretation of all available geophysical datasets.”
The acquisition of these new licences aligns with Ore’s strategy of acquiring prospective ground close to existing infrastructure and gold processing facilities.
Ore is focused on advancing its understanding of this gold system through the acquisition of detailed magnetic and gravity dataset as well as regional target generation.
The terms of the acquisition include $275,000 cash and 3.8 million shares (priced at $0.071 per share), subject to shareholder approval.
Ore has also agreed to complete no less than 3,000 metres of drilling within 12 months of settlement as part of the agreement.
If a Competent Person estimates and reports a mineral resource estimate (MRE) in one or more of the tenements using a cut-off grade of no less than 0.5g/t gold, with an aggregate equal to or greater than 20,000 ounces of gold, Ore must pay the vendors $10 per ounce of contained gold in the MRE, with total payments capped at $500,000.
Ore Resources is an exploration and development company focused on advancing its Coolgardie and Kal East Gold and Lithium Projects in the Eastern Goldfields of Western Australia.
Write to Amy Rotman at Mining.com.au
Images: Ore Resources
