Alicanto set for 50 000-m drilling programme at Mt Henry
Exploration and development company Alicanto Minerals has unveiled plans for a 50 000 m drilling programme at the newly acquired Mt Henry gold project in Western Australia.
The project, which Alicanto bought from ASX- and TSX-listed Westgold, currently hosts a resource of 915 000 oz. CEO Jeff Sansom said the gold system was underexplored, with limited drilling below 100 m and known mineralisation extending beyond the current resource.
“We see significant potential to unlock further value through a well-funded 50 000 m drilling programme across the broader 16-km corridor,” he said in a statement announcing completion of the acquisition from Westgold.
Following the transaction, Westgold now holds a 19.9% shareholding in Alicanto.
In a separate statement, Westgold reported that the total consideration for Mt Henry had increased from the previously announced $64.6-million to $110-million, reflecting the rise in the value of its shareholding in Alicanto since the transaction was announced on December 17.
Westgold MD and CEO Wayne Bramwell said the transaction unlocked value for shareholders from assets not included in its three-year outlook.
“Westgold's portfolio of mineral assets remains large. The plan to simplify this portfolio continues with the divestment of our Peak Hill and Chalice gold assets advancing and the IPO of Valiant Gold targeting listing in late March 2026. Upon completion, these transactions will finalise the rationalisation of our portfolio,” Bramwell said.
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