Gateway Mining (ASX: GML) has agreed to acquire the Yandal gold project from Strickland Metals (ASX: STK) for $45 million in shares, a move expected to accelerate the development of the large Yandal asset. Gateway Mining is focused on discovering and developing gold resources in Western Australia. Strickland Metals is an Australian resources company exploring and developing mineral projects.
The Yandal gold project covers 1,780 square kilometres on the eastern flank of the Yandal greenstone belt in Western Australia’s north-eastern Yilgarn region. The transaction, subject to shareholder approval from both companies, is anticipated to be completed by the second half of August. Gateway Mining intends to focus initially on progressing the mining licence application for the Horse Well resource at Yandal, which contains 291,500 ounces of gold. Strickland Metals has already started this process and has identified potential toll treating options in the region.
Technical work by both companies has pinpointed areas that merit drill testing, notably intrusive-related gold targets at the Dusk ‘til Dawn prospect. Gateway Mining plans to drill these targets later this year or in early 2026. According to executive chair Peter Langworthy, the Yandal asset is in a “highly strategic” region of the WA goldfields. He also noted that Strickland’s work has defined a 400,400oz resource, providing an excellent foundation for further resource development.
Gateway Mining will advance the Yandal project alongside its existing Montague and Barrelmaker projects at Sandstone. The company has approximately $13.6 million in cash and liquid securities as of the end of the March quarter, ensuring they are well-funded for planned exploration in 2025 and 2026. Gateway believes the eastern extent of Yandal is underexplored, with limited modern exploration coverage of the 75km greenstone belt.
