SYDNEY: NewPeak Metals Limited (ASX: NPM) has announced the acquisition of Goldstrike Mining Pty Ltd, the sole owner of the Tansey Gold Project in Queensland, for A$200,000 in shares and A$50,000 in cash.
The project, located approximately 190 kilometers northwest of Brisbane, includes the historic South Burnett underground gold mine and adjoins two new tenement applications by NewPeak, creating a district-scale exploration opportunity.
The South Burnett mine historically produced 3,203 metric tons of ore at 12.7 grams per tonne (g/t) gold and 11.5 g/t silver, with drilling in the 1960s intersecting promising mineralization, including 17.8 meters at 1.38 g/t gold. NewPeak plans to conduct induced polarization (IP) surveys, drilling, and regional exploration to assess the project’s potential for Gympie-style gold deposits.
Managing Director Mark Purcell described the acquisition as a “low-cost, high-potential” opportunity, citing the project’s proximity to infrastructure and under-explored status. The company will also focus on advancing its gold projects in Argentina while awaiting assay results from its Treuer Range uranium/vanadium project.
The deal is contingent on a A$250,000 capital raise, though NewPeak reserves the right to waive this condition.