Capricorn Metals expands Karlawinda tenure with project acquisition
Perth-based gold miner Capricorn Metals is expanding its Karlawinda project tenure in the Pilbara with the acquisition of the prospective Sylvania project from fellow ASX-listed Latitude 66.
Capricorn will acquire the project, which Latitude 66 deems non-core, for A$1.5-million in shares, as well as a 1% net smelter return (NSR) royalty on the sale of all precious metals and a 1.5% NSR royalty for nonprecious minerals. In addition, Capricorn has agreed to a contingent deferred payment of up to A$1.5-million.
The Sylvania project is located on exploration licences contiguous to Capricorn’s existing Karlawinda tenure and increases the company’s holding of prospective Pilbara Craton greenstones and, importantly two major fault structures known to host significant gold deposits. The Sylvania project covers 1 740 km2 and increases Capricorn’s Karlawinda tenement holding to about 3 800 km2.
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