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- Azure Minerals (AZS) has entered a binding agreement to acquire the Barton Gold Project from local company 30 Well
- Azure will pay 1.15 million fully paid ordinary shares and $20,000 once it is granted the tenement
- Beyond this, there are no additional payments or royalties
- The Barton Gold Project is located in the Eastern Goldfields region of WA and makes up 200.5 square kilometres of the prospective Kookynie Gold District
- Barton has seen limited historical exploration, however, some gold mineralisation has been discovered
- As soon as the tenement is granted, the company will commence aircore and reverse circulation drilling
- Company shares are currently trading flat at 16 cents
Azure Minerals (AZS) has entered a binding agreement to acquire the Barton Gold Project from local company 30 Well.
To acquire the project, Azure will pay 1.15 million fully paid ordinary shares and $20,000 once it is granted the tenement. Beyond this, there are no additional payments or royalties.
The Barton Gold Project is located roughly 200 kilometres north of Kalgoorlie and 40 kilometres south of Leonora in the Eastern Goldfields region of Western Australia.
It makes up 200.5 square kilometres of the Kookynie Gold District and adjoins a number of projects. These include Genesis Minerals’ 867,000-ounces Ulysses Gold Project and Saturn Minerals’ 781,000-ounce Apollo Hill Gold Project.
“This purchase adds to Azure’s growing portfolio of Western Australian projects which commenced with the recent acquisition of four gold and nickel projects from Mark Creasy and the Creasy Group,” Managing Director Tony Rovira said.
The project is mostly soil-covered and has seen very limited historical exploration and ineffective testing for bedrock-hosted gold mineralisation.
The only drilling on Barton that intersected bedrock was carried out in the southwest corner at the Daisy Corner prospect within the Kookynie-Orient Well-Ulysses shear corridor.
Best results from drilling conducted in the mid-1990s include seven metres at 1.26g/t gold from 42 metres within 18 metres at 0.77g/t gold, 40 metres at 0.2g/t gold from 20 metres and eight metres at 0.53g/t gold from 48 metres.
Azure is also interested in the northwest part of the Barton Project where the Dingo-Kelpie Shear (DKS) enters the property.
Previous drilling conducted at the DKS zone intersected anomalous gold mineralisation. Best results include five metres at 1.54g/t gold from 40 metres, five metres at 1.80g/t gold from 110 metres and 20 metres at 0.96g/t gold from 70 metres.
The DKS zone remains open to the southeast and aeromagnetic work indicate it continues for at least another five kilometres.
As soon as the tenement is granted, Azure will conduct aircore and reverse circulation drilling at the Daisy Corner and DKS targets to follow up on the historical gold mineralisation.
Company shares are trading flat at 16 cents at 10:48 am AEST.
