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Duketon Mining (ASX:DKM) has today penned an option to acquire a 100% interest in the Boodanoo Gold Project, which lies 80 kilometres south-southeast of Mount Magnet in Western Australia and is “highly prospective.”
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The agreement gives Duketon access to the WA exploration site, where previous soil sampling has already identified a significant gold anomaly.
Under the agreement, Duketon will pay Western Yilgarn (ASX:WYX) a non-refundable $7,500 for a 12-month exclusive option. During that period, Duketon will run geochemical sampling, rock chipping, and geomapping.
Should the microcap explorer like what it finds in the tenement, it can then issue 500,000 fully paid ordinary shares to Western Yilgarn and take full ownership.
Historic work on the 47.31 square kilometre locale (originally run in 2021) involved 652 soil samples, which outlined a gold anomaly extending as much as two kilometres in length with a peak recorded value of 66.1 parts per billion.
Notably, no drilling has been run in the anomaly area yet; Boodanoo’s “untested” status was one of the standout reasons Duketon went after the Yilgarn site.
“We’re excited to acquire Boodanoo,” said Duketon’s MD, Stuart Fogarty, especially when it came to the “sizable anomaly that’s never been drill tested.”
“[This Boondanoo agreement] further builds out our gold exploration portfolio in Western Australia,” Mr Fogarty continued, “and creates further optionality for our shareholders. This is aligned with our strategy of acquiring low-entry cost projects that can be rapidly advanced through the exploration process.”
Duketon will now start an initial exploration strategy, which will focus on “validating the historical results” as well as extending the anomaly definition. Success there could then lead to maiden drilling to test potential.
DKM has defied a red day for the ASX to sell +3% higher this arvo.
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