Great Divide Mining's acquisition of additional tenements at Devils Mountain

Great Divide Mining Ltd (ASX: $GDM) has announced the acquisition of two additional tenements at Devils Mountain, extending the strike of gold mine workings and adding significant historical gold and copper mines to its portfolio. The acquisition involves binding Asset Sale Agreements with VGE Pty Ltd and Alluvial Gold Mining Pty Ltd, with completion subject to satisfactory due diligence. The acquisitions are viewed as a regional consolidation in the Devils Mountain - Kilkivan area, historically underexplored with limited sampling and drilling, presenting a significant upside.

Executive commentary on the acquisitions

The acquisition of these tenements at our Devils Mountain project represents a substantial potential enhancement to our current tenement package at Devils Mountain. The tenements will provide the Company access to the extensions to the known Devils Mountain historic gold mining area plus the Kilkivan gold and copper fields including the historic Clara Copper Mines. Importantly, exploration works planned for Devils Mountain will be extended to the new acquisitions with little budgetary impact subject to satisfactory due diligence outcomes.

Summary of the acquisitions and outlook

Great Divide Mining's acquisition of two additional tenements at Devils Mountain marks a significant regional consolidation, adding to its existing portfolio and extending the strike of gold mine workings. The acquisitions present an opportunity for the Company to explore and develop the historical gold and copper mines, with the potential for significant upside due to the historically underexplored nature of the area. The Company plans to commence exploration work at Devils Mountain during Q3 of 2024, focusing on ground geophysical surveys, drilling, and metallurgical test work. The acquisitions align with GDM's focus on mineral exploration and development, particularly for gold, copper, and technology minerals, and are expected to be within the expected expenditure of the existing Devils Mountain Project. The Company's ambitions include generating cash flow from its initial projects to support further exploration across its highly prospective tenements.