Capricorn Metals (ASX:CMM) has entered into a binding agreement to acquire the Yalgoo Project from Tempest Minerals (ASX:TEM), expanding its Mt Gibson Gold Project footprint in Western Australia’s South Murchison region.
The Yalgoo Project spans approximately 1,000km2, contiguous with Capricorn's recently acquired Golden Range and Fields Find tenements, and is considered highly prospective for gold mineralisation.
Under the $4.5 million deal, Capricorn has paid an initial $100,000 deposit, with $400,000 due on completion, and the remaining $4 million to be satisfied through the issuance of fully paid ordinary shares.
The transaction includes full transfer of the Yalgoo Tenements to Capricorn and exploration and development rights over minerals other than iron on the retained Iron Tenements.