Capricorn Metals Bolsters Mt Gibson with Acquisition of Ninghan Gold Project


Strategic $1.6M deal adds 77km² of highly prospective ground north of MGGP

Capricorn Metals (ASX: CMM) is expanding its footprint in Western Australia’s Murchison goldfields, announcing the acquisition of the Ninghan Gold Project from Sabre Resources. The 77-square-kilometre package sits directly north of Capricorn’s Mt Gibson Gold Project (MGGP), making it a natural bolt-on to their existing exploration ground.

The deal, worth $1.6 million, includes an initial $100,000 deposit, with the balance to be settled in Capricorn shares. There’s also a net smelter return (NSR) royalty of 1% on most tenements, and 1.5% on one specific tenement (E59/2402). Completion is expected in May, subject to procedural steps.

Capricorn has already mapped out seven exploration targets across Ninghan, with the highest-priority zones just 20km from current MGGP resources and conveniently close to the Great Northern Highway. These targets are described as geologically analogous to Mt Gibson’s existing mineralisation, suggesting potential for meaningful satellite resources.

The company has also structured contingent payments tied to future development milestones:

  • $250,000 upon the start of a maiden drill program or within 12 months.
  • $750,000 if a resource over 50,000 ounces is defined.
  • Another $750,000 if Capricorn decides to mine.

Ninghan lies within the Yalgoo-Singleton Greenstone Belt, a proven gold and base metals region that hosts deposits like Golden Grove, Deflector, and Karara. While past exploration has been limited, early indicators suggest solid potential for shear-hosted and VMS-style mineralisation.

Capricorn plans to hit the ground running, with mapping and sampling scheduled for Q4, aiming to line up drill targets for FY26.

Executive Chairman Mark Clark said the deal enhances Capricorn’s exploration strategy and complements Mt Gibson nicely. “We’re excited to unlock value from this underexplored region and add potential new ore sources to the MGGP,” he said.

With Capricorn already advancing its flagship gold operations, this acquisition could pave the way for a more substantial long-term development pipeline in WA’s gold-rich Murchison.