THE BOURSE WHISPERER: Gateway Mining (ASX: GML) announced it has doubled the size of the company’s Gidgee gold project in Western Australia.
Gateway Mining has secured additional prospective tenements covering total area of 262 square kilometres to the north of the Gidgee gold project, taking it to 480sqkm.
The company explained the new tenements were acquired via low-cost acquisition agreements, a strategic Joint Venture and new Exploration Licence Applications.
The expansion follows recent exploration breakthroughs Gateway has made at Gidgee that include a detailed gravity survey, re-processing of airborne magnetic data and drilling.
The new ground includes a range of prospective targets ranging from prospects with similarities to the Montague Granodiorite, to Kanowna Belle and Wallaby-type targets.
Gateway signalled its intentions are to plan systematic exploration programs across the new tenement areas as part of an expanded, multi-pronged exploration push, subject to grant of tenure.
“We have been building our belief that the Gidgee gold project is located within a major mineralised corridor that really hasn’t been viewed in this way previously,” Gateway Mining managing director Peter Langworthy said in the company’s announcement to the Australian Securities Exchange.
“There has been a lack of a systematic exploration and the fact that the majority of the trend is covered by transported cover means historically the prospectors have not identified any mineralisation.
“We have now invested in collecting and re-processing key geophysical, geochemical and drilling datasets, which has resulted in identifying areas we think have a lot of potential in the medium to long term.
“The transactions we have completed to consolidate this new ground has been done at low cost, but at the same time provides upside to our new project partners in the event of a significant discovery.”