Unearthing Gold: Clara Resources' Vision for Hodgkinson Basin
Strategic Acquisition in a Historic Gold Region
Clara Resources Australia has successfully entered into a binding contract for the complete acquisition of the Hodgkinson Basin gold project. This significant mining asset is situated in Far North Queensland, Australia, approximately 90 kilometers west of Cairns. The project encompasses three mineral exploration permits, collectively covering a substantial area of 265 square kilometers within a region historically renowned for its gold production.
A Legacy of Gold and Untapped Potential
The newly acquired permits are located within the Hodgkinson geological province. This area boasts a rich history, having produced more than 1.6 million ounces of gold from the Palmer River and Hodgkinson goldfields during the late 19th and early 20th centuries. The tenement package extends over 13 kilometers along a major regional shear zone and includes data from more than 130 historical exploration drill holes, offering a robust foundation for subsequent geological assessments.
Promising Prospects in an Under-Explored Territory
Despite its proximity to previous mining operations, the Hodgkinson Basin project remains relatively unexplored. This characteristic presents considerable opportunities for the discovery of new gold deposits, making the acquisition a high-potential venture for Clara Resources. The company anticipates unlocking significant value through systematic exploration efforts.
Financials of the Acquisition
To finalize this acquisition, Clara Resources will issue 533,333,333 shares and make a series of cash payments amounting to A$1.25 million (approximately $820,000 USD). The completion of this transaction is contingent upon obtaining shareholder approval and satisfying other standard conditions typically associated with such agreements.
Ambitious Exploration Plans for 2026
Clara Resources is set to initiate a two-stage exploration program in 2026. The primary objective of this program is to rapidly advance the project toward an initial Joint Ore Reserves Committee (JORC)-compliant mineral resource estimate. Concurrently, the company will focus on evaluating zones that exhibit strong potential for significant exploration upside, aiming to maximize the project's long-term value.
Leadership's Vision and Confidence
Peter Westerhuis, the managing director of Clara Resources, expressed strong confidence in the acquisition, describing it as a "transformational" event for the company. He highlighted the Hodgkinson Basin as a world-class gold province that has been historically undervalued. Westerhuis emphasized that the combination of high-grade historical drill results and the extensive strike length of the mineralized system provides immense confidence in the project's potential. He also noted the company's clear strategy for aggressive and systematic exploration in 2026, which is expected to be a pivotal year for Clara Resources as it simultaneously progresses its Ashford Coking Coal Project to a pre-feasibility study stage.
Expert Advisory for the Transaction
For the intricate acquisition process, Clara Resources has engaged Cerberus Advisory and HopgoodGanim Lawyers as its financial and legal advisors, respectively. Their expertise will be crucial in guiding the company through the complexities of the transaction and ensuring a smooth completion. This acquisition follows Clara's recent purchase of Renison Coal, which owns the Ashford coking coal project in New South Wales, Australia, completed in July 2024.