Evergold Minerals to acquire Rabbit Warren for $200,000

• Evergold Minerals executed a binding agreement to acquire 100% of the Rabbit Warren Gold Project near Leonora.
• The transaction involves $50,000 in cash and $150,000 worth of company shares upon completion.
• The acquisition allows low-cost testing of whether the historic discovery sits on a larger mineralised structure.

Evergold Minerals (ASX:EG1) has signed a binding agreement to fully acquire the historic Rabbit Warren gold discovery tenements near Leonora for $200,000.

The purchase brings the 1980 discovery site into the company’s existing Leonora Goldfields Project footprint.

"These tenements provide a low-cost opportunity to test whether Rabbit Warren sits on a larger mineralised structure. It has not previously been subject to modern exploration and drilling," said Evergold Director Glenn Grayson.

Under the terms, the company will pay $50,000 in cash and issue $150,000 in equity to complete the deal.

The transaction secures two contiguous licences covering 192 hectares across a key regional gold structure.

Following the announcement the Evergold Minerals share price was unchanged at $0.02.

The tenements surround a historic discovery where prospectors previously recovered coarse gold surface nuggets.

Evergold stated that the target area has received minimal modern exploration or deeper drilling since the 1980s.