Capricorn Metals announces acquisition of Kings Find Project

PERTH: Capricorn Metals Ltd. (ASX: CMM) announced Thursday that it has entered into a binding agreement to acquire the Kings Find Project, a highly prospective gold exploration tenement located in Western Australia’s Murchison region.

The project, covering approximately 54 square kilometers, is contiguous to the northern boundary of Capricorn’s existing Mt Gibson Gold Project (MGGP).

The acquisition, valued at $1.5 million, includes an initial cash payment of $100,000, with the remaining balance to be settled through the issuance of Capricorn shares. Additionally, the agreement grants a 1% net smelter royalty on the sale of any minerals extracted from the project. The deal is expected to be finalized in March 2025, pending standard procedural conditions.

Capricorn has identified four high-priority exploration targets within the Kings Find Project, with the most significant located just 35 kilometers northeast of the current MGGP resources. The project is situated near the Great Northern Highway, providing logistical advantages for future exploration and development.

The Kings Find Project lies within the Yalgoo-Singleton Greenstone Belt, a region renowned for its mineral wealth, including significant gold and base metal deposits. Historical exploration in the area has been limited, but recent assessments have highlighted the potential for near-surface gold resources and other mineral discoveries.

Capricorn Metals plans to commence geological mapping and geochemical sampling in the fourth quarter of 2025, with drilling activities expected to begin in fiscal year 2026. The company aims to build on the project’s geological similarities to the Mt Gibson deposit, which has historically yielded substantial gold resources.

“The acquisition of the Kings Find Project continues the expansion of Capricorn’s Mt Gibson exploration footprint and adds highly prospective targets very close to the Company’s current Mt Gibson resources,” said Mark Clark, Capricorn’s Executive Chairman. “We look forward to commencing active exploration on the project in 2025.”

The agreement also includes contingent deferred payments of $750,000 each, payable upon the announcement of a JORC-compliant mineral resource estimate exceeding 100,000 ounces of gold and the decision to commence a standalone mining operation on the tenement.