Gold and base metals explorer Carawine Resources Limited (ASX: CWX) acquired a major new gold exploration project in the world-class Tropicana region of Western Australia’s north-eastern goldfields.
Managing Director David Boyd said the acquisitions will create a dominant landholding in the northern Tropicana region, marking the start of a new and exciting stage in the company’s history.
On completion of these two acquisitions and assuming all Phantom and Carawine tenement applications are granted, Carawine will have secured a large, highly prospective ground position in one of Australia’s premier gold exploration addresses and further strengthened its position in the emerging Fraser Range nickel province,” Mr Boyd said.
“We are always looking for opportunities that can deliver value to our shareholders. Following completion of the acquisitions, Carawine will have an active exploration presence in the Tropicana gold province, the Paterson gold-copper province, the east Victorian Goldfields and the Fraser Range nickel province – four of the most exciting exploration districts in Australia.
“We look forward to commencing work on the tenements, with the granted Thunderstruck tenements expected to be first in line.”
Mr Boyd said the Tropicana North project tenements contain strike extensions of the same or similar rock units and structures to those hosting the large Tropicana gold mine operated by AngloGold Ashanti Australia Ltd in joint venture with IGO Ltd.
Historic exploration comprising geophysical surveys, project-wide auger soil sampling and regional to prospect-scale drilling has identified several early-stage to advanced gold prospects, providing a high-quality pipeline of exploration targets.
Carawine has also substantially added to its 100% interest tenement holdings in the region by recently applying for six new exploration licences over areas interpreted to contain gold-prospective structures and rock types, which will be complemented by the Phantom and Thunderstruck acquisitions.
These include a tenement at the southern end of the Yamarna Greenstone belt near the Blue Bell gold discovery. The Yamarna belt is host to the large Gruyere gold mine, discovered by Gold Road Resources Ltd in 2013 and currently in production through a 50% joint venture between Gold Road Resources Ltd and operator Gold Fields Ltd.
Carawine also holds significant tenure throughout the neighbouring Fraser Range, including two new applications, both as 100% interest and in joint venture with IGO in the Fraser Range JV, where IGO hold 51% and can earn to 70% by spending $5 million by the end of 2021.
Mr Boyd said that upon settlement of each acquisition, Carawine will move quickly to define and prioritise areas to focus its near-term work programme, and progress tenements under application to granted exploration licences.
Early work is likely to include a significant component of drilling to test the down-plunge extents of high- grade gold intervals at the Hercules and Atlantis prospects, and shallow, open gold mineralisation at the Don King and Cerberus prospects.