Gateway Mining Limited (ASX:GML) announced that they’ve entered a binding tenement sale agreement with Strickland Metals (ASX:STK) to acquire their interest in the Yandal Gold Project in Western Australia. Through this deal, Strickland Metals will receive $45M in Gateway shares, 80% of which are to be distributed to existing Strickland shareholders. The agreement is subject to shareholder approval by both parties, and is expected to be complete later in August 2025.
The Yandal Gold Project contains a JORC 2012 inferred resource of 8.17Mt @ 1.52g/t Au for 400,400Au, and has excellent potential for expansion. Initial work by Gateway Mining will focus on progressing the mining licence application for the Horse Well resource (291,500 oz Au), which was started earlier by Strickland. There is also drilling planned for late 2025 and early 2026 at the Dusk ‘til Dawn prospect.
Even with this acquisition, Gateway Mining remains well capitalized for their 2025 and 2026 exploration programmes, with cash and liquid ASX-listed securities totalling around $13.6M.
To read more about this, please visit https://www.gatewaymining.com.au/site/content/
For more articles like this, please visit https://www.theassay.com/
