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GoldArc Resources (ASX:GA8) has entered into a tenement sale and purchase agreement to acquire 100% of a new prospecting licence in the Kookynie Goldfields district of Western Australia.
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The strategic acquisition expands the company’s Leonora South project footprint directly at its Whistler and Woodpecker South prospects.
MD, Paul Stephen, noted the company is currently testing those high-profile targets with a 3,000m aircore (AC) drilling program examining extensions to the high-grade mineralised corridor identified in earlier programs.
”This is exactly the kind of disciplined, low-cost ground acquisition we look for – we are adding tenure directly at the Whistler corridor while our drills are turning.
“At $50,000 across 12 instalments, we are securing strategic ground for minimal capital outlay.
“The Leonora South hub continues to build, and with active results pending from both our RC and AC programs, we expect this ground to become increasingly relevant as the Whistler system is better defined.”
The Whistler prospect returned a standout aircore intercept of 1.0m at 25.21 grams per tonne (g/t) gold in earlier programs.
Recent drilling results from the Woodpecker South area have confirmed the presence of multiple mineralised zones in the vicinity,
Mr Stephen said the acquisition adds to GoldArc’s 313 sq. km Leonora South tenement position and adds further strike to a corridor that includes the Eclipse, Challenge, Orion and Sapphire prospects.
The value of the area is expected to be improved by the return of the remaining assay results from the active Leonora South RC and AC program in the near term, with results from multiple prospect areas anticipated to be released progressively.
GA8 is down 1.96% to 5.0¢. Mkt cap $29.19M.
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