Capricorn Metals (ASX:CMM) has solidified its position in the Mt. Gibson region by acquiring the Ninghan Gold Project from Sabre Resources (ASX:SBR) for $1.6 million. The Ninghan Project, spanning 77km2 in Western Australia’s Murchison region, is deemed to hold significant potential for economic gold deposits. Capricorn will pay Sabre with a combination of cash and shares, with an initial deposit of $100,000 already paid. The transaction is expected to close next month, pending due diligence.
According to Capricorn Metals’ Executive Chairman Mark Clark, the acquisition presents an “outstanding exploration opportunity” that could augment ore sources for the Mt. Gibson operation. Exploration is slated to commence in 2025, focusing on seven identified target zones, with the highest priority targets located near the Great Northern Highway. The initial phase will involve broad-scale geological mapping and geochemical sampling to pinpoint drilling targets for FY2026.
Sabre Resources CEO Jon Dugdale noted that the deal provides Sabre with additional funding to advance other exploration activities. This acquisition follows Capricorn’s earlier agreement to acquire the Kings Find Project, further consolidating its tenure north of Mt. Gibson. The Mt. Gibson Project is strategically located near the Great Northern Highway, approximately 280km northeast of Perth.
