Dart Mining NL (ASX:DTM, OTC:DRTMF, FRA:IQR) has agreed to acquire an 865km² exploration package in Western Australia’s Yamarna district and secured firm commitments for a $2 million placement to fund exploration across the new project and its existing portfolio.
The acquisition covers one granted exploration licence and seven exploration licence applications, split between the 320km² Yamarna South project and the 545km² Yamarna North project. The tenure lies around 25km west of the 8-million-ounce Gruyere Gold Mine.
Main highlights
Dart has entered into a binding agreement to acquire 100% of EE II Pty Ltd and EE IV Pty Ltd, which collectively hold the Yamarna tenure. Completion remains subject to conditions including satisfactory due diligence and shareholder approval for securities associated with the transaction. The company will pay a $25,000 exclusivity fee and $50,000 cash consideration, along with about 37.65 million Dart shares valued at $320,000. The vendors will also receive options and a 1% net smelter return royalty over the project.
Dart’s $2 million placement will comprise 235.29 million shares issued at $0.0085 each in 2 tranches, with directors committing a combined $60,000, subject to shareholder approval. Placement participants will also receive 1 free-attaching option for every 2 shares, exercisable at $0.011 and expiring on September 30, 2029.
Yamarna project
Yamarna South covers about 65km of strike along the Yamarna Shear Zone. Historical broad-spaced auger sampling identified a gold-in-soil trend extending for more than 20km, while the same datasets returned elevated lithium-pathfinder geochemistry. Dart plans infill auger work and geophysics to refine targets ahead of drilling.
Yamarna North contains several structural, intrusive and vein-hosted gold targets that have seen limited historical drilling. At Sail & Anchor, a historical quartz rock-chip sample returned an initial assay of 19.86 g/t gold and a reported repeat/final result of 36.80 g/t gold, although the company cautions the result is from a selective surface sample and does not represent mineralised width.
Dart plans systematic aircore drilling at Yamarna North and further geochemical and geophysical work at Yamarna South, subject to tenure, access, heritage and statutory approvals.
Chairman James Chirnside said the acquisition gives Dart exposure to a district-scale position in the Yamarna Greenstone Belt and Yamarna Shear Zone, which the company considers substantially underexplored.
Dart Mining intends to apply placement proceeds across the Yamarna projects and its existing exploration portfolio. Planned expenditure includes data compilation, target generation, mapping, geochemical and geophysical surveys and first-pass and follow-up drilling, alongside working capital and potential project acquisitions.