Doray Minerals Limited (ASX:DRM)
says it has earned a 60 per cent interest in the Horse Field project in Western Australia.
Doray has spent $2 million in a farm-in agreement with Alloy Resources to gain its 60 per cent interest in the site.
Horse Field is earmarked as having significant gold mineralization and a greenfields gold discovery has been made at the nearby Dusk till Dawn prospect.
Alloy has the option of contributing pro-rata to exploration expenditure for a bigger slice of the pie.
Doray Minerals made a net profit of $19 million in the 2015 financial year.