- Gateway Mining (GML) secures the right to acquire an up to 80 per cent interest in the Gidgee Gold Project in Western Australia
- GML says its strategic earn-in agreement with Golden Mile Resources (G88) will increase the project’s footprint to more than 1000 square kilometres
- The company is planning systematic exploration in the area, including field testing of identified gold targets
- Gateway Mining shares are trading in the grey at 1.9 cents each, while Golden Mile is down 2.13 per cent to 4.6 cents per share at 3:26 pm AEST
Gateway Mining (GML) has secured the right to acquire an up to 80 per cent interest in the Gidgee Gold Project in Western Australia.
The company previously entered a strategic earn-in agreement with ASX-lister Golden Mile Resources (G88), which it said would significantly increase the project’s footprint to more than 1000 square kilometres.
This agreement was conditional on G88 obtaining appropriate exemptions under WA’s Mining Act 1978 in relation to expenditure conditions on tenements comprising the deal.
In a statement today Gateway confirmed the condition precedent had been met, thereby granting the company the right to acquire the above interest in Gidgee.
Meanwhile, GML has accelerated its exploration efforts — collecting a series of core geophysical datasets, undertaking heritage and environmental studies and program-of-work applications for future drilling.
The company has also compiled a thorough ground gravity survey and airborne magnetic data, which will provide context for existing anomalies and form a basis from which to generate a new series of exploration targets.
Gateway said it planned to follow a disciplined and systematic approach to exploration, similar to that pursued over its core Eastern Montague Domain tenements, with continued development and field testing of identified gold targets.
Gateway Mining shares were trading in the grey at 1.9 cents each, while Golden Mile was down 2.13 per cent to 4.6 cents per share at 3:26 pm AEST.