PERTH: Gateway Mining Ltd. (ASX: GML) has acquired an 80% stake in the Glenburgh South Gold Project, a 620-square-kilometer tenement in Western Australia’s Gascoyne region, adjacent to Benz Mining Corp’s high-grade Glenburgh Project.
The acquisition positions Gateway alongside one of the most active gold exploration corridors in the state, with early signs of mineralisation mirroring Benz’s 510,100-ounce Glenburgh deposit. Benz’s recent success has driven its market capitalization to nearly A$300 million, with its share price surging over 400% in ten months.
Gateway will reimburse vendors A$200,000 in cash and issue A$235,000 in shares, while committing A$1.4 million in exploration over three years. The company retains full management of the joint venture, with vendors free-carried to definitive feasibility.
“This transaction gives Gateway a large slice of one of the hottest pieces of exploration ground in WA,” said Executive Chairman Andrew Bray. “We’re seeing identical structures and geochemical anomalies to Benz’s deposit, and this could play a key role in future regional consolidation.”
While Glenburgh South is deemed a “second priority” asset, Gateway’s flagship Yandal Gold Project remains the primary focus, with a 25,000-meter aircore and 4,000-meter diamond drilling campaign set to begin within weeks. The company holds A$12.1 million in cash and liquid securities as of June 30, ensuring funding for its 2025–2026 exploration programs.
Initial exploration at Glenburgh South will include mapping, surface sampling, and airborne magnetic surveys, targeting a 13-kilometer gold anomaly identified through historical soil and stream sediment sampling.