Calidus Resources (ASX: CAI) has secured two new tenements near its Warrawoona gold belt strike, taking the size of its continuous tenements to 60 square kilometres.
Gardner Mining Pty Ltd sold Calidus the E45/3615 and E45/4236 tenements over the East structural corridor in exchange for 1.785 million new shares.
Located near Nullagine Road, in Western Australia’s North West, the land is immediately along strike of the company’s Klondyke resource, where it will focus its exploration efforts this year.
The West Australian company revealed it had now lodged a new exploration licence application for Warrawoona, with the 60sq km area including a prospective Klondyke corridor greenstone, a granite contact zone and an interpreted magnetic ‘ring-type’ anomaly.
Calidus said its new Warrawoona tenements had no previous exploration but the company would immediately start targeting and field reconnaissance work on-site.
Managing director Dave Reeves said the acquisitions spoke to the company’s record.
“These tenement additions demonstrate that we are delivering on our stated strategy of providing a critical mass to support any potential future mining operation centred at Klondyke, he said.
“In addition, this is a first step toward building a camp-scale tenement holding that opens up the possibility of a larger, longer term operation.
“These tenements significantly bolster the gold target potential to the south-east of our current gold resource corridor on the Klondyke trend whilst providing easier and more certain access to the Marble Bar-Nullagine road that further increases the possible mix of ores that could be sourced for an operation centred on Klondyke.”
Mr Reeves said the company would continue to evaluate other opportunities in the Marble Bar and Nullagine area with the strategy in mind.
The company highlighted the improved road access the new ground would offer its operations.
“The new ground also brings the advantage of simple and easy access to the eastern parts of the Warrawoona project via the Nullagine Road – a well-maintained major access route that will also allow access to projects located adjacent to this road,” Calidus said in its statement today.
“The new tenement application and purchases have added over 100 square kilometres of greenstone-granite terrain considered highly prospective with favourable rock types and structure, along trend of historic workings and with little previous systematic exploration completed.”
Calidus securities were trading unchanged at 4.3c on volumes of more than 479,000 by lunchtime.