Capricorn Metals Ltd (ASX: CMM) has secured a key expansion to its Mt Gibson Gold Project (MGGP), acquiring the highly prospective Kings Find Project from Serena Minerals Limited. The deal strengthens Capricorn’s foothold in the Murchison region of Western Australia, adding 54 square kilometres of tenure just north of MGGP.
Why Kings Find?
The Kings Find Project sits within the Yalgoo-Singleton Greenstone Belt, an area renowned for significant gold and base metal discoveries. Capricorn has already identified four priority targets for exploration, with the most promising just 35km from current MGGP resources and near key infrastructure. Historical prospecting and recent data suggest the potential for both shear-hosted gold deposits and volcanogenic sulphide mineralisation, similar to the Golden Grove mine.
Deal Terms
The total acquisition cost is $1.5 million, with an initial $100,000 cash deposit and the balance to be settled in Capricorn shares. Additional contingent payments of up to $1.5 million are tied to future resource definition and mining decisions:
- $750,000 payable if a JORC-compliant resource of at least 100,000 ounces is defined.
- $750,000 payable upon a Capricorn board decision to commence standalone mining at Kings Find.
- Serena Minerals will also retain a 1% net smelter royalty on any mineral sales.
Exploration Plans
Capricorn plans to launch exploration activities in 2025, starting with geological mapping and geochemical sampling in Q4. The goal is to refine drilling targets for FY26, with the potential to add near-surface satellite resources to Mt Gibson’s gold production pipeline.
Executive Chairman’s Vision
Capricorn Executive Chairman Mark Clark emphasized the strategic importance of the acquisition, stating:
“The Kings Find acquisition expands our Mt Gibson footprint and delivers highly prospective targets near existing resources. This presents a fantastic opportunity to add meaningful additional ore sources to the Mt Gibson operation. We’re excited to start exploration later this year.”
With Kings Find now in the fold, Capricorn is well-positioned to unlock new gold discoveries and enhance the long-term potential of the Mt Gibson Gold Project.
