Caprice Resources is adding gold to its portfolio of projects after announcing plans to buy private company Goldview Metals, which owns the high-grade Island project in Western Australia.
The 21 square kilometre project is located in the Cue goldfields, a region Caprice says has received high levels of corporate interest.
The company said targets across the project have received limited drilling, with Goldview undertaking only one “meaningful” program in the last two decades, between 2010 to 2016.
Significant intercepts include 11 metres at 14.9 grams per tonne of gold, and 24 metres at 6.8g/t.
Caprice said it would begin a 3,000 metre drill program immediately after the acquisition is completed.
The company has already paid $100,000 cash and will issue 16.7 million shares to Goldview, as well as repay unpaid invoices and accrued expenses, capped at $80,000.
Caprice will also spend a minimum $1 million on exploration within the first 12 months, post-acquisition.
Goldview’s major shareholder, Michael Caruso, will retain a 1.5 per cent royalty over material processed from the Island project, which Caprice can purchase for $1.5 million at any time before production begins.
Caprice will issue a further 5 million shares to Goldview upon reporting a minimum 250,000 ounce mineral resource for the project, at a minimum grade of 2g/t of gold.
Mr Caruso will join the Caprice board of directors as a non-executive director.
Meanwhile, fellow explorer Surefire Resources says it has acquired high-grade Yidby and Perenjori projects in WA from Beau Resources.
Surefire says the projects contain well-mineralised sheer zones, banded iron formations and many untested areas.
The West Perth-based company will pay a $25,000 deposit upon signing the agreement, with a further $25,000 payment upon purchase completion.
Surefire will also issue $100,000 worth of company shares to Beau Resources, as well as pay a 2 per cent royalty on all minerals.
