Gateway Mining Limited (ASX: GML) has completed a process to significantly expand the area around the company’s flagship Gidgee Gold Project in Western Australia.
Managing Director, Peter Langworthy, said the move is part of the company’s ongoing commitment to unlocking the region’s Tier-1 gold exploration and development potential.
Gateway has virtually doubled the size of its interests in the Gidgee Gold Project area to 480 sq. km via new acquisitions, a strategic joint venture and new Exploration Licence Applications.
“The company has taken the opportunity to consolidate key areas immediately contiguous with our flagship Gidgee Gold Project,” Mr Langworthy said.
“We have been building our belief that the Gidgee Gold Project is located within a major mineralised corridor that really hasn’t been viewed in this way previously.
“There has been a lack of a systematic exploration and the fact that the majority of the trend is covered by transported cover means historically the Prospector’s have not identified any mineralisation.
“We have now invested in collecting and re-processing key geophysical, geochemical and drilling datasets, which has resulted in identifying areas we think have a lot of potential in the medium to long term.
“The transactions we have completed to consolidate this new ground has been done at low cost, but at the same time provides upside to our new project partners in the event of a significant discovery.”
Mr Langworthy said the decision to undertake the project expansion stems from recent exploration breakthroughs at Gidgee following results of a detailed gravity survey, re-processing of airborne magnetic data and drilling success.
The new ground includes a range of prospective targets ranging from prospects with distinct similarities to the Montague Granodiorite, to Kanowna Belle and Wallaby-type targets.
Gateway is now planning systematic exploration programmes across the new tenement areas as part of an expanded, multi-pronged exploration push.
The areas to be added to Gateway’s portfolio are being acquired by:
- Granted Prospecting Licences P57/1455 and P57/1456: attained via open ground pegging – 100% owned by Gateway.
- Granted Exploration Licence E57/1113: attained via Open ground pegging – 100% owned by Gateway.
- Exploration Licence Application E57/1145: being acquired from Mining Equities Pty Ltd.
- Exploration Licence Applications E57/1144 and E52/2108: being acquired from Thunder Metals Pty Ltd.
- An 80% interest in granted Exploration Licence E57/1060: Acquired from ASX listed E25 Limited.