Capricorn Metals to acquire Ninghan gold project for $1.6m
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The news: Gold miner Capricorn Metals has agreed to buy the Ninghan gold project in Western Australia from ASX small cap Sabre Resources for $1.6 million.
The numbers: Capricorn has paid an initial cash deposit of $100,000 for the project, with the balance of the acquisition to be paid by the issue of company shares.
The context: Completion of the acquisition is expected in May, subject to procedural diligence and conditions.
Ninghan is located to the north of Capricorn's Mount Gibson gold project in the Murchison region. The company said it has already identified seven target zones for exploration within the project tenure.
Capricorn will begin work in the fourth quarter to confirm targets for drilling in fiscal 2026.
Capricorn shares plummeted on Wednesday after the gold miner's chief executive Paul Criddle was charged with aggravated assault.
What they said: "The acquisition of the Ninghan gold project continues the expansion of Capricorn's Mt Gibson exploration footprint and adds highly prospective targets very close to the company's current Mt Gibson resources," said Capricorn's executive chairman Mark Clark.
"This provides Capricorn with an outstanding exploration opportunity with a view to adding meaningful additional ore sources to the Mt Gibson operation."
The source: ASX
