Trek Metals (ASX:TKM) says a gold and base metals acquisition in the sizzling Pilbara region could be a” game changer” for the company.
The explorer – which was previously focussed on a big lead-zinc project in Gabon, Africa – wants to buy unlisted explorer ACME Pilbara and its suite of Pilbara-based gold and base metals assets.
The 154sqkm Pincunah gold project near Marble Bar is a stone’s throw from Venturex Resources’ (ASX:VXR) advanced Sulphur Springs VMS copper zinc project and Kairos Minerals (ASX:KAI) 873,000oz Mount York project.
The Jimblebar gold-copper project, which includes 2km strike length of the old Jimblebar goldfield, is one of the least explored mineral-rich ‘greenstone’ rock belts in the region.
Trek says this ground hasn’t been explored for over a decade.
“This acquisition is a game-changer for Trek and forms a major part of our goal of delivering value to shareholders,” Trek executive director John Young says.
“The Pilbara is currently one of Australia’s exploration hot-spots thanks to the extraordinary success of De Grey Mining (ASX:DEG) with its spectacular Hemi discovery, which represents a new style of intrusive-related gold mineralisation for the district.
“The Hemi discovery has sparked a resurgence of exploration activity across the Pilbara and, through this acquisition we have the opportunity to become an active explorer in the heart of this emerging district at a time of record gold prices.”
Trek will raise $1 million from sophisticated and institutional investors at an issue price of 3.5 per share – a 35 per cent discount to the last trading share price — to fund the deal and initial exploration efforts.
This saw the stock fall 18 per cent to 4.4c per share in early trade.
Great Boulder Resources (ASX:GBR) has taken an option to earn up to 75 per cent in a high-grade gold project near Meekatharra in WA.
The Side Well gold project neighbours Westgold Resources’ (ASX:WGX) Murchison gold operations and is south of Doray Mineral’s company making Andy Well gold mine.
The microcap stock was up 12.5 per cent in morning trade.
Great Boulder managing director Andrew Paterson said Side Well is owned by Kalgoorlie based prospector Scott Wilson, who originally pegged Andy Well in 1988 and joint ventured it with Doray Minerals.
“The parallels between Andy Well and Side Well are compelling, in terms of their history as well as their geological setting,” Paterson says.
“Side Well is a rare combination of high-grade gold intersections on a big tenement a stone’s throw from a multi-million-ounce gold field.
“We have gold hits of 10m at 3.41g/t and 14m at 5.30g/t on drill fences 400m apart, without a single hole in between them.”
The history of the Meekatharra field demonstrates this area keeps on giving, Paterson says.
“Westgold are mining underground at Paddy’s Flat, right in the historic centre of the field,” he says.
“We’re looking forward to getting a rig on the ground as soon as possible.”