Clara Resources Australia (ASX:C7A) has entered a binding agreement to acquire 100% of the Hodgkinson Basin Gold Project, a 265km2 tenement package in Far North Queensland, historically renowned for high-grade gold production.
The project, located approximately 90km west of Cairns, encompasses three granted exploration permits for minerals covering over 13km of a major regional shear zone, an area that remains largely underexplored despite proximity to historic mining operations.
Historical exploration, including more than 130 drill holes and rock chip sampling programs conducted as recently as 2025, has identified a continuous mineralised corridor along the Eastern Bounding Fault Zone, while multiple vein systems and structural targets remain untested.
Under the acquisition, Clara will issue 533 million shares and staged cash payments totaling $1.25 million, subject to shareholder approval and customary conditions.
The company plans a two-phased 2026 exploration program, starting with geophysical surveys, LiDAR mapping, and systematic rock chip sampling to refine structural models, followed by confirmatory and depth-extension drilling to test primary lode-gold mineralisation and advance the project toward a maiden JORC mineral resource estimate.
Managing Director Peter Westerhuis described the acquisition as transformational, highlighting the Hodgkinson Basin as a world-class yet overlooked gold province with strong potential for value creation.
Advisors Cerberus Advisory and HopgoodGanim Lawyers are assisting with the transaction, which is expected to completed following shareholder approval in early February 2026.
At the time of reporting, Clara Resources Australia's share price was $0.0030.