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Forrestania Resources (ASX:FRS) has this week obtained a key milestone in its acquisition of a new gold project in Western Australia with the receipt of a significant updated resource totalling as much as 103,500 ounces of gold.
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The company signed an agreement in February to acquire 100% of the shares in Aurumin Johnson Range and Aurumin Mt Dimer from Newcam Minerals.
Under that February agreement, a key condition precedent required Newcam Minerals to share a JORC-compliant report that would confirm the tenements involved contained not less than 88,000 ounces of gold.
Newcam has now provided Forrestania with an updated indicated and inferred mineral resource estimate (MRE) for the Johnson Range project of 1.43 million tonnes (Mt) at 2.26 grams per tonne (g/t) for 103,500 ounces of gold.
Forrestania chairman, David Geraghty, said the MRE for Johnson Range simultaneously adds to Forrestania’s total mineral resource inventory whilst fulfilling a key precedent requirement for it to acquire the project.
“This work continues to underscore the value we can add by sensible and deliberate M&A to expand our West Australian gold footprint,” he said.
“With work continuing to establish our own dedicated gold production infrastructure at Lake Johnston over the course of 2026, Forrestania is on a pathway to become a meaningful gold production business.”
Forrestania noted that Newcam is also awaiting assays from a 30-hole reverse circulation (RC) program for 3,012 metres that will come in soon.
Johnson Range is located approximately 170 kilometres north of Southern Cross and six kilometres northwest of the Ramelius Resources (ASX:RMS)-owned historical Evanston mine. The project covers six square kilometres of granted tenements and contains the shallowly mined Gwendolyn deposit.
FRS is steady at 40¢. Mkt cap $409.7M.
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