The Capricorn Metals Ltd (ASX: CMM) share price is in focus after the company announced the acquisition of the highly prospective Piastri Project, expanding its Golden Range Project tenure in Western Australia for a consideration of $1.5 million in Capricorn shares.
Image source: Getty Images
What did Capricorn Metals report?
- Entered a binding agreement to acquire the Piastri Project from Latitude 66 Limited.
- Acquisition expands the Golden Range Project tenure by approximately 15.2km2.
- Total consideration of $1.5 million to be settled in Capricorn shares at 20-day VWAP prior to completion.
- Piastri Project is contiguous to existing Ricciardo deposit, which has a Mineral Resource of 24.5Mt @ 2.5g/t AuEq for 1.96Moz AuEq.
- Project area considered highly prospective for gold and antimony mineralisation within the Yalgoo-Singleton Greenstone Belt.
What else do investors need to know?
The Piastri Project sits just 200 metres east of current mining infrastructure at the Ricciardo deposit. While the area has seen limited historic exploration, Capricorn plans to take a focused approach that begins with geological and regolith mapping, then progresses to geochemical sampling and targeted drilling programs to further assess mineral potential.
The company is growing its footprint in a region prospective for shear-hosted gold-antimony mineralisation, targeting new opportunities within the Mougooderra shear zone. The acquisition aligns with Capricorn's commitment to expanding its resource base in Western Australia and pursuing growth through strategic exploration.
What's next for Capricorn Metals?
Capricorn intends to commence systematic geological mapping and sampling to rapidly evaluate high-priority targets within the new Piastri Project area. Follow-up drilling campaigns are expected once initial exploration work is complete.
This move supports Capricorn's long-term strategy to grow shareholder value by expanding its asset base, strengthening project synergies, and continually exploring for near-mine and regional discoveries in the Mid-West region.
Capricorn Metals share price snapshot
Over the past 12 months, Capricorn Metals shares have risen 66%, outperforming the S&P/ASX 200 Index (ASX: XJO), which has risen 4% over the same period.
