Ausgold (ASX:AUC) has acquired two new mining leases for its 3.04 million-ounce Katanning Gold Project in Western Australia.
The leases have been granted by the Department of Energy, Mines, Industry Regulation and Safety.
The newly acquired mining leases, M70/1426 and M70/1427, will encompass critical mining and infrastructure zones such as processing facilities and tailings storage facilities.
Covering a combined area of 649 hectares, the leases significantly extend the land under Ausgold's mining operations.
John Dorward, executive chairman of Ausgold, stated, "The grant of these mining leases is a significant milestone for the Katanning Gold Project. Acquisition of the freehold land underlying the mining leases was only settled in June of this year, so to have already received these mining leases highlights the favourable conditions for undertaking new mining projects in Western Australia."
The leasing marks an important step towards the development and production phases of the Katanning Gold Project, which lies approximately 275km southeast of Perth.
As Ausgold progresses towards completing its definitive feasibility study in the first half of 2025, the developments represent a significant advance in the company’s strategic goals.
Ausgold is a gold exploration and development company. The company's flagship project is the Katanning Gold Project, located approximately 275km southeast of Perth and approximately 40km northeast of the wheatbelt town of Katanning.
At the time of reporting, Ausgold's share price was $0.505.