Capricorn Metals (ASX: CMM) is set to acquire the Ninghan gold project in Western Australia’s Murchison district from Sabre Resources (ASX: SBR) for $1.6 million. The deal includes an upfront deposit and the balance paid in Capricorn shares, plus a net smelter return royalty. Contingent milestone payments of up to $1.75 million are also part of the agreement, tied to drilling program commencement, resource estimation, and the start of commercial mining.
The Ninghan project covers approximately 77 square kilometers and is located near Capricorn’s Mt Gibson operation. Capricorn has identified seven exploration zones within the Ninghan tenure. The company plans to use geological mapping and geochemical sampling to identify targets for future drilling campaigns. Mark Clark, Capricorn’s executive chair, stated that the acquisition expands their Mt Gibson exploration footprint and offers an opportunity to add ore sources to Mt Gibson.
