Recharge Metals (ASX:REC) announced a move into the Eastern Goldfields with the strategic acquisition of the Sunset Well Gold Project.
Located in the highly prospective Leonora district of Western Australia, the project centers on the Prospero deposit, which currently hosts an inferred mineral resource of 2.87 Mt @ 1.0 g/t Au, totaling approximately 94,500 ounces of gold.
The acquisition is particularly significant given that the site has remained largely untouched by modern exploration; it hasn’t seen a drill rig since the 1990s.
Historical data reveals high-grade, near-surface intercepts, including a standout 16m @ 5.39g/t Au from 36m.
Recharge Metals has secured $3.8 million through a firm placement and launched a $2.0 million rights issue for existing shareholders.
The funds are earmarked for immediate drilling operations following the receipt of final approvals.
The company is also bolstering its leadership, adding experienced directors Samuel Ekins and Ben Jones, alongside Technical Advisor Brett Keillor, to oversee the project.
At the time of reporting, Recharge Metals' share price was $0.046.