Riedel Resources (ASX:RIE) announced the "transformational" acquisition of two belt-scale gold projects in the premier mining heartland of Western Australia.
The transaction secures the Cosmo and Mt Venn Projects, positioning Riedel within the prolific Laverton Gold District.
The region is home to world-class assets such as Gruyere and Duketon, and Riedel’s new tenements encompass a massive strike length exceeding 100km of greenstone belt, much of which remains untouched by modern systematic exploration.
Experienced mining executives Andrew Dinning and Paul Schmiede, alongside veteran geologist Jack Hamilton, will join the team.
Their collective track record includes the discovery and development of major global deposits like Kibali.
The expertise is expected to be pivotal as drilling at the Cosmo Project—which already hosts several untested kilometre-scale gold-in-soil anomalies—is slated to begin in July 2026.
The deal is supported by a $2.5 million equity placement to sophisticated investors, boosting the company’s pro forma cash position to approximately $4 million.
Sarama is expected to emerge as a cornerstone shareholder with a circa 32% equity interest.
Pending shareholder approval and the satisfaction of standard conditions, the transaction is anticipated to close in June.
At the time of reporting, Riedel Resources’ share price was $0.029.