Dundas Minerals (ASX:DUN) announced a milestone in its Western Australian operations with the formal granting of Mining Lease M24/1004 for the Capricorn Gold Project.
The regulatory approval serves as a vital catalyst, immediately unlocking a suite of exploration and development pathways for the company.
The lease area encompasses the Capricorn Gold deposit, which currently hosts a JORC 2012 inferred mineral resource estimated at 25,500 ounces of gold, derived from 659,300 tonnes at a grade of 1.2 g/t Au using a 0.5 g/t cut-off.
The project is bolstered by strong historical drilling results, including high-grade intercepts such as 3m at 9.1 g/t from 114m and 5m at 6.6 g/t from 43m.
Capricorn is interpreted to sit upon the same north-south mineralised structural corridor as the company’s Rockland Gold Project, situated roughly 900m to the south.
Recent drilling at Rockland has identified a 1-kilometre trend of high-grade mineralisation that remains open along strike towards Capricorn.
The Capricorn deposit remains open at depth and along strike to both the north and south.
With no systematic drilling conducted beyond 50m to the north and a 500-metre untested zone separating the two deposits, Dundas Minerals identifies substantial scale potential.
At the time of reporting, Dundas Minerals’ share price was $0.046.