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Bubalus Resources Ltd (ASX:BUS) – which has until now largely focused on seeking critical minerals in Western Australia and the Northern Territory – is getting set to take on a suite of exploration licences in Victoria which are in the vicinity of two gold mines and one high value gold-antimony project.
The company has been granted an option to acquire a portfolio of licences stretching across around 1,000 square kilometres within the state, proximal to the Fosterville and Costerfield gold mines – both high-grade and in operation – plus the Sunday Creek gold-antimony project.
These two mines are owned by Canadian companies Agnico Eagle and Mandalay Resources respectively, while Sunday Creek is an asset of Southern Cross Gold.
High-grade rock chips picked up at two licences – Crosbie and Murrindindi – have indicated the territory’s prospectivity for both gold and antimony, while IP surveys at Crosbie have identified priority targets for drill testing in the future.
A permit for low impact exploration at this licence has also been completed, and Bubalus intends to drill form existing tracks there.
To boost exploration projects going forward, the company has also added experienced geologist and executive Brendan Borgo to its board.
At 16:52 AEDT, Bubalus shares were trading at 14 cents – a rise of 27.27% since the market opened.
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