Azure Minerals Limited (ASX:AZS) has signed an agreement to acquire the Barton Gold Project in Western Australia from 30 Well Pty Ltd.
The Barton Gold Project is spread over 200 square kilometres and is within the Kookynie Gold District adjoining several growing gold deposits.
Consideration for the acquisition is 1,150,000 Azure shares and $20,000, payable upon grant of the tenement, with no additional payments or royalties.
Reduces risk profile
Azure managing director Tony Rovira said: “The Barton project is ideally situated within the Kookynie Gold District which is fast developing a reputation as a very exciting exploration and mine development area.
“This purchase adds to Azure’s growing portfolio of Western Australian projects which commenced with the recent acquisition of four gold and nickel projects from Mark Creasy and the Creasy Group.
“Building a portfolio of Western Australian projects has reduced Azure’s risk profile by diversifying across commodities and jurisdictions.
“This strategy has now given shareholders exposure to two of WA’s most exciting gold exploration areas – the Mallina district in the Pilbara and the reborn Kookynie district – as well as taking on Creasy’s nickel-copper discovery in the Andover layered mafic-ultramafic complex.”
The Barton Gold Project lies adjacent to the historical gold mining town of Kookynie around 200 kilometres north of Kalgoorlie and 40 kilometres south of Leonora.
Interestingly, the project is mostly soil-covered and has seen very limited historical exploration.
The only drilling on Barton that penetrated into bedrock was carried out in the southwest corner at the Daisy Corner prospect with best results including 7 metres at 1.26 g/t gold.
Azure plans to start exploration at Barton as soon as the tenement is granted.
Initially, Azure will focus on aircore and reverse circulation (RC) drilling of the Daisy Corner and DKS targets to follow-up the historical gold mineralised drill intersections.
Rovira added: “Given recent exploration successes in the Kookynie district by other companies, Azure is confident that comprehensive and targeted exploration on the largely unexplored 200 square kilometres Barton landholding has good potential for the discovery of significant gold mineralisation.
“Meanwhile, we’re not neglecting our Mexican assets with target identification and drill planning finalised for the Alacrán silver-gold-copper project and drilling is expected in Q4 2020.”
Published at Sat, 05 Sep 2020 04:40:00 +0000-Azure Minerals acquires Barton Gold Project in Western Australia