Catalina Resouces acquires Badja Gold Project
Key points
- Catalina Resources signed a binding agreement to acquire Western Australia's Badja Gold Project, securing 90,358 ounces of gold resources.
- The transaction is supported by a $3.5 million placement, leaving the company with approximately $2.5 million in pro forma cash.
- The deal aims to advance the company's Mid-West gold footprint through a planned 15,000-metre drilling campaign over six months.
Catalina Resources (ASX:CTN) agreed to acquire the Badja Gold Project in Western Australia, adding 90,358 ounces of gold resources.
The purchase integrates 1.11 million tonnes of mineral resources grading at 2.52 grammes per tonne of gold across four regional targets.
The company stated that the acquisition materially advances its regional strategy and supports mineral resource expansion and future development.
Catalina secured $3.5 million in placement commitments from cornerstone investors and directors to fund an upcoming 15,000-metre drilling campaign.
Following the announcement, the Catalina Resources share price was unchanged at $0.060.
The project features two granted mining leases located near existing regional processing facilities in Western Australia's Mid-West gold district.
Catalina stated that it plans to advance reverse circulation, diamond, and aircore drilling programmes across the tenure over the next six months.
