IRIS Metals has tightened its grip around the promising Kookynie gold project in WA’s Goldfields region after picking up more ground including the historical Standard Mine.

The acquisition of P40/1563, P40/1559, P40/1345, P40/1502 and P40/1503 increases the company’s land holdings in the central corridor of Kookynie by a further 3.99km2.

Besides securing ground near the Treasure-Whale prospect where IRIS Metals’ (ASX:IR1) first drilling returned results such as 1m at 8.2g/t from 29m and 3m at 3.1g/t from 27m, the acquisition also drops the high-grade Standard Mine in P40/1563 into the company’s lap.

According to historical records, the Standard Mine produced 1,783t of ore at an average grade of 15.27g/t gold, demonstrating high-grade tenor which is in line with the historical Kookynie gold field.

While no guarantee of a success, the high success rate of companies using modern exploration techniques in and around historical mines makes its acquisition an intriguing one indeed.

“Consistent with our ongoing strategy of consolidation at the Kookynie Gold Camp, we are excited to have been able to secure this package of strategic and highly prospective tenure, contiguous to our existing project portfolio,” director Tal Paneth said.

“We have recently seen an abundance of corporate activity within the Leonora/Kookynie goldfields – most recently the merger between Genesis Minerals (GMD:ASX) and Dacian Gold (DCN:ASX).

“We believe this is a highly encouraging sign and vote of confidence for the broader mineral field.”

The company will pay the vendors $10,000 in cash upfront with a further $16,000 cash each for the grants of P40/1563 and P40/1559. It will also pay a further $60,000 worth of IR1 shares at a deemed price of 30c upon the successful granting of P40/1563 and P40/1559.

Appetite for acquisition

IRIS’ move to pick up more ground in the Goldfields follows on its acquisition of the 4389ha South Dakota lithium project, which comprises the Dewy and Custer sub-projects, in the Black Hills region of South Dakota.

Both areas cover large areas of fertile lithium-caesium-tantalum (LCT) pegmatites over several historical lithium mines and numerous historical industrial mineral pegmatite mines.

During the June quarter, it also appointed experienced South Dakota-based consultant, RLL Consulting to assist with ongoing business activities and Chris Connell to his new role as the executive technical director in charge of exploration.

Besides taking the lead role in developing the company’s exploration plans for South Dakota, Connell is also currently formulating an exploration plan for its WA assets.

This article was developed in collaboration with IRIS Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.