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- Binding agreement to acquire the Niagara West and North tenement package
- Tenement sits on a parallel to Orion and Sapphire
- Proven success at Orion, Sapphire and Eclipse provides a technical edge
- Historical workings across the tenements define two mineralised trend orientations
GoldArc Resources (ASX:GA8) has entered into a strategic binding agreement to acquire the Niagara West and North tenement package from Regener8 Resources (ASX:R8R)for a consideration of $1.5 million in GA8 shares.
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The package comprises seven tenements located directly adjacent to GoldArc’s existing Leonora South gold project in the Kookynie goldfields of Western Australia.
The company, in a separate transaction, has also acquired tenement application P40/1622 which is situated immediately along strike of the advanced May prospect.
MD, Paul Stephen, said the acquisitions extend GoldArc’s Leonora South landholding, placing the company on a continuous corridor of ground running north from the 48,000 ounce Orion-Sapphire mineral resource and the Eclipse, Whistler and Woodpecker high-grade discovery prospects directly into the Niagara West and North tenements.
The ground under the Regener8 Transaction comprises two distinct prospect areas, Niagara West and Niagara North.
Mr Stephen told shareholders that importantly, these areas share the same orogenic, vein-controlled gold system that controls mineralisation across GoldArc’s existing Leonora South prospects, providing the company’s technical team with a clear geological framework for exploration moving forward.
”The Regener8 transaction will, on completion, fill an important gap in our Kookynie tenure. The Niagara West tenements give us high-grade discovery results to build on, and Niagara North adds a genuinely early-stage opportunity with a compelling geochemical anomaly sitting over unexplored bedrock.
“Combined with our active programs at Eclipse, Whistler, Orion and Sapphire, this positions GoldArc as the most comprehensive explorer across Kookynie’s Niagara district.”
Mr Stephen said the package delivers two complementary opportunities with high-grade, open mineralisation ready for immediate follow-up drilling at Niagara West, and an untested bedrock target underpinned by a well-defined geochemical footprint at Niagara North.
GA8 was up 1.79% to 5.7¢ Mkt Cap $38.35M.
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