Clara Resources Australia (ASX:C7A) has entered a binding agreement to acquire 100% of the Hodgkinson Basin Gold Project, a 265km2 tenement package in Far North Queensland, historically renowned for high-grade gold production.
The project, located approximately 90km west of Cairns, encompasses three granted exploration permits for minerals covering over 13km of a major regional shear zone, an area that remains largely underexplored despite proximity to historic mining operations.
Historical exploration, including more than 130 drill holes and rock chip sampling programs conducted as recently as 2025, has identified a continuous mineralised corridor along the Eastern Bounding Fault Zone, while multiple vein systems and structural targets remain untested.
Under the acquisition, Clara will issue 533 million shares and staged cash payments totaling $1.25 million, subject to shareholder approval and customary conditions.