ASX-listed Zuleika Gold has consummated a mineral rights acquisition deal with Wingstar Investments that will allow the junior explorer to gain the gold rights of two highly prospective mining leases in the revered Menzies district of Western Australia. The company says the acquisition is consistent with its objective of consolidating its landholding at Menzies along the highly prospective granite/greenstone contact and proximal to the extensive gold deposit of the Menzies Green Stone belt.
The agreement will see Zuleika gain the exclusive rights to conduct gold exploration and mining on the acquired leases located in the North Coolgardie gold field in the Menzies district. The company will pay Wingstar a consideration of 500,000 fully paid ordinary shares for the acquisition of the gold rights.
According to Zuleika, the deal will run for an initial two years from the date of settlement and includes an option to extend for up to an additional four year period.
Zuleika Gold Managing Director, Annie Guo said:“This agreement with Wingstar is consistent with our objective to consolidate Zuleika’s tenements in prospective areas. Our tenements now cover more of the gold prospective granite / greenstone contact adjacent to the Menzies Gold Fields. We have undertaken detailed auger soil programs, which has defined anomalous gold targets which will be tested with aircore drilling in the December quarter and can be expanded into the new areas under the Wingstar agreement.
With many in the industry looking to draw the curtains on their 2021 programs, Zuleika appears to be picking up the pace. It recently fired up the rig at its flagship Zuleika and Credo projects near Kalgoorlie where the company is attempting to zero-in on a suite of priority prospects. The plan is to sink in 8,000 metres of aircore and RC drilling following up on solid hits from previous drilling where results included an 11m intersection going 1.3 grams per tonne gold from 40m including a 1m strike going 7.16 g/t gold at 40m from 1m re-splits.
Zuleika has a steely-eye gaze about its exploration efforts and seems thoroughly determined to fully test its ground. It has already plunged about 20,000m across its projects this year and it has another 10,000m on the cards. Zuleika says its work to date has confirmed the prospectively of its projects and that it intends to methodically test its targets for extensions to mineralisation.
With two new mining leases adding to the company’s highly prospective ground in the mineral-rich Menzies district of Western Australia, Zuleika’s recent acquisition could turn out to be a very handy pick up.
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