Black Dragon Gold Corp. has announced its entry into gold exploration in Western Australia through the acquisition of both the Padbury Gold and Ivan Well projects, in the highly prospective Yilgarn Craton area.
The acquisition will be completed by purchasing 100% of the private company, Marlee Gold Pty Ltd. It forms a key part of the company’s strategic growth plans, providing Black Dragon with a quality exploration portfolio to complement its flagship Salave gold project in northern Spain.
The acquisition delivers 100% interests in three highly prospective exploration permits in the Yilgarn Craton region of Western Australia to Black Dragon, covering an area of 481 km2.
Perth-based Black Dragon Managing Director, Gabriel Chiappini, says the most compelling reason for completing the deal was the existing discovery of surface gold:
“The deal presents our shareholders with exciting early-stage exploration opportunities in a proven gold region of Western Australia.
“We have completed a thorough review and due diligence process of several precious metal new venture opportunities in Australia. The standout performer from this process was Marlee Gold, offering a low cost – high reward entry into the Western Australian gold exploration sector.
“The projects compiled by Marlee Gold show extensive, yet untested gold anomalism and present a significant opportunity for a new discovery.
“The addition of Marlee Gold complements the ongoing development work we’re undertaking at our 1.5 million + oz Salave Gold Project in Spain. Our main focus for value accretive returns for our shareholders is to progress and develop the Salave Gold Project in Spain. ”
The material terms of the acquisition and further details regarding the Marlee Gold projects are disclosed in appendices to this announcement.
Read the article online at: https://www.globalminingreview.com/finance-business/08072022/black-dragon-acquires-western-australia-gold-projects/