BRISBANE – Clara Resources Australia Limited (ASX: C7A) announced Friday it has entered a binding agreement to acquire 100% of the Hodgkinson Basin Gold Project, a 265-square-kilometer tenement package in Far North Queensland.
The project is located in the historically productive Hodgkinson Province, an area that has yielded over 1.6 million ounces of gold. The tenure covers more than 13 kilometers of a major regional shear zone and includes over 130 historical exploration drill holes, though it remains largely underexplored.
Under the deal, Clara will issue 533,333,333 shares and pay a total of $1.25 million in staged cash payments. The transaction is subject to shareholder approval, expected at a general meeting in early February 2026.
“This is a transformational acquisition for Clara Resources,” said Managing Director Peter Westerhuis. “The historical high-grade drill results, combined with the extensive strike length of the mineralized system, give us great confidence in the potential of this project.”
The company plans a two-phase exploration program for 2026, starting with geophysical surveys and geological mapping, followed by confirmatory and extensional drilling. The goal is to advance the project toward an initial JORC Mineral Resource estimate.
Clara’s existing portfolio includes the Ashford Coking Coal Project, which is being advanced to pre-feasibility study status.