Windward Resources expands Fraser Range holding

THE BOURSE WHISPERER: Windward Resources (ASX: WIN) announced the expansion of the company’s strategic land holding in the Fraser Range region of Western Australia.

Windward has entered an agreement to acquire a tenement sitting adjacent to its existing Zanthus project.

The company said the new tenement covers 325 square kilometres, taking Windward’s total land holding in the Fraser Range to 2,282sqkm, which it claims to make it the third-biggest land holder in the region.

Windward is to pay $30,000 for the purchase of the tenement to a private individual, with Windward responsible for stamp duty and other related costs.

The tenement is divided into two discrete areas and is currently under application.

Windward explained that when the Licence is granted, it will remain registered to the current owner for either 12 months or until such time within that initial 12 months for sufficient expenditure to be undertaken in order to provide grounds for the Minister to consent to the transfer of title.

“The latest acquisition further strengthens the company’s immense gold, nickel and copper exploration potential in the Fraser Range,” Windward Resources executive chair Bronwyn Barnes said in the company’s announcement to the Australian Securities Exchange.

“Windward has built one of the biggest and most strategic land holdings in one of the hottest exploration regions in Australia.

“This additional tenement gives us an outstanding opportunity to expand our ground position in the highly prospective northern zone of the Fraser Range.

“Importantly, the new tenement is located on the interpreted position of the Fraser Fault with metagabbroic rocks of the Fraser Zone and the metasediments of the Arid Basin, which are regarded as key ingredients in the formation of the Nova nickel-copper sulphide mineralization located 110 kilometres to the south-west.

“As a result, it is considered highly prospective for both gold and magmatic nickel-copper sulphides.”

The announcement of the acquisition follows the company’s recent announcement that Michael Fotios-led Eastern Goldfields (ASX: EGS) is to become a cornerstone shareholder in Windward via a $2.2 million share placement.

The deal, which is subject to shareholder approval, will see Eastern Goldfields emerge with a 14.3 per cent stake in Windward.

Eastern Goldfields will also underwrite an entitlement offer to raise a further $3.8 million.

Windward boasted the combined $6 million raising added to its existing cash of circa $5 million will result in the company being well-resourced to pursue an expansive exploration program across its Fraser Range prospects.

Windward expects to outline further details of its planned exploration activity shortly.