Capricorn Metals (ASX:CMM) Expands Exploration Footprint with $3.5M Mummaloo Acquisition

January 31, 2025 11:27 AM AEDT | By Team Kalkine Media

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Capricorn Metals (ASX:CMM) Expands Exploration Footprint with $3.5M Mummaloo Acquisition — Image source: shutterstock

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Highlights:

Strategic Expansion: Capricorn Metals (ASX:CMM) acquires the Mummaloo project for $3.5 million, adding to its Mount Gibson gold portfolio.

Exploration Focus: Four key target zones identified, with one high-priority site located six kilometres northeast of Mount Gibson.

Ongoing Growth: Acquisition follows recent $1.5M purchase of Deadman Flat and a $200M capital raise in late 2024.

Capricorn Metals (ASX:CMM) has expanded its Western Australian gold exploration footprint with the acquisition of the Mummaloo project for $3.5 million. This latest addition, covering 219 square kilometres in the Murchison region, is positioned near Capricorn’s existing Mount Gibson gold project.

Mummaloo is regarded as a highly prospective site for gold mineralisation, with initial exploration efforts focusing on four target zones. One of these targets, situated just six kilometres northeast of Mount Gibson, has been designated as the top priority for further assessment. The remaining three targets, along with any future discoveries, will follow in Capricorn’s exploration pipeline.

Early geological data suggests that Mummaloo contains favourable settings for shear-hosted and intrusion-related gold mineralisation. The project also features identified gold occurrences near magnetic corridors, reinforcing the potential for significant resource expansion.

Capricorn’s chairman, Mark Clark, underscored the strategic importance of this acquisition, highlighting its role in extending the Mount Gibson project’s exploration potential. The company aims to leverage Mummaloo’s prospective geology to enhance future ore supply for the Mount Gibson operation.

The transaction includes an upfront payment of $100,000, with the remaining $3.4 million due for settlement. This deal follows Capricorn’s recent $1.5 million acquisition of the Deadman Flat prospect from Peregrine Gold (ASX:PGD), which is set to finalize in February.

In November 2024, Capricorn paused trading to facilitate a $200 million capital raise through a $6-per-share placement, reflecting strong market interest in its growth strategy. The latest acquisitions align with Capricorn’s broader objective of securing additional high-quality gold assets to support ongoing expansion efforts.

With exploration activities set to commence swiftly at Mummaloo, Capricorn continues to reinforce its position as a key player in Western Australia’s gold sector.

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