- Mining company Discovery Africa (DAF) has agreed to purchase 100 per cent interest in the Warriedar gold project
- The project is located within the Yalgoo Mineral Field, roughly 60 kilometres west of Paynes Find in Western Australia
- Discovery Africa will pay the vendor, Bruce Robert Legendre, a purchase price of $5,000 cash for the project
- The company is working to identify other opportunities for asset acquisition which will enhance its project portfolio
- Discovery Africa closed in the grey for three cents per share
Mining company Discovery Africa (DAF) has agreed to purchase 100 per cent interest in the Warriedar gold project.
The project is located within the Yalgoo Mineral Field, approximately 60 kilometres west of Paynes Find. Paynes Find is a former gold rush settlement in Western Australia, roughly 430 kilometres north-east of the state capital, Perth.
The Warriedar project tenement covers four blocks, which are part of a granite body situated within the Warriedar Greenstone Belt. The purchase also includes the project’s Exploration License 59/2405.
Discovery Africa will pay the vendor, Bruce Robert Legendre, a purchase price of $5,000 cash for the project.
The company has already formulated a short-term strategy for advancing the project once the purchase is complete. This strategy will start with a review and assessment of historical exploration works and results from the project area.
The company may also conduct a site visit to the project for reconnaissance, the results of which may be made public in future.
Discovery Africa intends to prepare a systematic exploration program for gold mineralisation within the project area. This program may involve structural interpretation of regional aeromagnetic survey data, and potential auger geochemical sampling along prospective structural corridors.
The company will also conduct a follow-up of any mapping works, in order to identify drill targets and subsequent potential drilling of selected targets.
In an effort to continue enhancing its project portfolio, the company is working to identify and review other opportunities for potential asset acquisition.
Discovery Africa closed in the grey for three cents per share.