Capricorn Metals extends Mt Gibson exploration footprint

Core Viewpoint - Capricorn Metals has entered a strategic agreement to acquire the Extension Hill and Mungada tenement package, enhancing its exploration footprint in Western Australia [1][3]. Group 1: Acquisition Details - The Extension Hill and Mungada tenement package is contiguous to Capricorn's existing Mt Gibson and Golden Range projects, covering approximately 60 square kilometers [2][3]. - The company will pay a total of $1.5 million for the acquisition, which includes an initial cash deposit of $100,000 and $1.4 million upon completion through the issuance of fully paid ordinary shares [3]. - Contingent deferred payments of $750,000 will be made upon the announcement of a mineral resource estimate exceeding 75,000 ounces of gold, and another $750,000 upon a decision to commence commercial mining [4]. Group 2: Exploration Potential - The tenement package is located within the Yalgoo-Singleton Greenstone Belt, known for significant mineral discoveries, and includes 15 kilometers of largely untested strike [5]. - Capricorn has identified several target zones for exploration and aims to capitalize on the resource potential of the area [3][5]. - The acquisition is viewed as an outstanding exploration opportunity to add meaningful additional ore sources to the Mt Gibson Gold Project (MGGP) and the surrounding region [3]. Group 3: Market Reaction - Following the announcement, Capricorn Metals' stock increased by 1.90%, reaching a price of $13.67, with a market capitalization of $6.121 billion [5].