WIN Metals expands Butchers Creek gold tenure package
Key points
- WIN Metals secured new exploration licences and option agreements to expand its Butchers Creek Project footprint.
- The total upfront consideration for the transaction is $115,000.
- The acquisition expands the Butchers Creek tenure package by 62% to 343km2.
WIN Metals (ASX:WIN) executed agreements to expand its Butchers Creek Project footprint by acquiring two granted exploration licences and an exclusive five-year option over another application for $115,000.
The expansion secures the planned footprint for the project's tailings storage facility while adding prospective land containing historical gold workings.
The new tenure package grows the company's total footprint to 343km2, representing a 62% increase in land holding.
The acquired exploration licences were purchased from IGO (ASX:IGO), while the exclusive five-year option on an additional application was secured from Metal Bank (ASX:MBK).
The additional ground hosts approximately 3.4 kilometres of historical gold workings at Darcys, which the company stated offers potential to grow the project's existing mineral resource estimate of 5.6 million tonnes at 1.98 grammes per tonne of gold for 359,000 ounces.
Following the announcement, the WIN Metals share price was unchanged at $0.018.
The expansion creates contiguous landholdings that directly adjoin the Brockman Rare Earths and Niobium Project owned by Hastings Technology Metals (ASX:HAS).
Completion of the licence acquisition from IGO is expected to occur by Dec. 31.
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