Capricorn Metals expands with strategic acquisition

Capricorn Metals (ASX:CMM) has announced its agreement to acquire the Sylvania Project from Latitude 66 Ltd. This acquisition, valued at $1.5 million in shares, involves tenements covering approximately 1,740 square kilometers adjacent to Capricorn's Karlawinda Gold Project in Western Australia. The deal is expected to conclude in December 2024.

Capricorn Metals' strategic expansion outlook

Capricorn Metals' acquisition of the Sylvania Project marks a significant expansion of their exploration footprint, adding 1,740 square kilometers to their Karlawinda Gold Project in the Pilbara region. The transaction, valued at $1.5 million in Capricorn shares, includes additional royalties and deferred payments contingent on future discoveries and mining operations. This strategic move positions Capricorn to intensify its exploration efforts, particularly in the historically promising gold prospect areas of Murphys and Prairie Downs. With initial exploration focusing on mapping and sampling, and drilling scheduled for early 2025, Capricorn aims to capitalize on the potential for significant gold discoveries, thereby enhancing their operational growth in the region.

Executive insights on Capricorn's acquisition

The acquisition of the Sylvania Project provides Capricorn with an exciting opportunity to expand our operations and explore additional ore sources for the Karlawinda Gold Project,' said the executive chairman.