Gibb River Diamonds announced the acquisition of granted mining lease M31/481, completing a crucial piece in its Edjudina Gold Project in Western Australia.
The newly acquired lease is contiguous with Gibb River's existing mining licence application MLA31/495, which hosts the Neta JORC gold resource of 24,000 ounces at 1.9 g/t indicated and inferred.
The acquisition was secured from ASX-listed Hawthorn Resources (ASX:HAW) in exchange for 3 million Gibb River shares, which will be escrowed for 12 months.
This purchase also includes an extensive historical mining database.
M31/481 is located just 60m on-strike from the Neta deposit, opening up highly prospective areas for further exploration.
"There are extensive old gold workings on M31/481 which date back to 1897, significantly enriching our exploration potential," said Jim Richards, executive chairman of Gibb River Diamonds.
"Historic mines such as Neta Junction, Geneve, Robertson, and Senate provide promising targets for future discoveries," Richards added.
The company is currently evaluating historical exploration data to generate new drilling targets.
The addition connects the historic Neta and Gawler mines, presenting a cohesive area for Neta-style gold discovery.
Further updates on drilling plans and target evaluation will be provided as new information becomes available.
Gibb River Diamonds is involved in mineral exploration and development. The company's projects include the Ellendale Diamond Project, Edjudina Gold Project and Highland Plains Phosphate Project.