Capricorn Metals (ASX: CMM) has entered into an agreement with BPM Minerals (ASX: BPM) to acquire the Claw gold project tenement package, located in the Murchison region of Western Australia. Capricorn Metals is an Australian gold producer focused on its flagship Mt Gibson Gold Project. BPM Minerals is a mineral exploration company actively exploring its portfolio of high-value projects. The deal will see Capricorn expand its exploration footprint adjacent to its Mt Gibson project. The Claw tenements cover approximately 398 square kilometres.
Capricorn has identified seven target zones within the Claw project tenure that it believes are highly prospective for gold mineralisation. The company plans to commence broad-scale geological and regolith mapping, along with geochemical sampling. Drilling is expected to begin in the second half of FY26. According to Capricorn executive chair Mark Clark, the acquisition will provide an outstanding exploration opportunity, potentially adding meaningful ore sources to the Mt Gibson operation.
The agreed outlay is $1.5 million, including an initial $100,000 cash deposit. Upon completion, a further $500,000 will be paid in cash, with the remaining $900,000 balance settled in Capricorn shares. Contingent deferred payments of $750,000 in cash will be made upon the announcement of a JORC-compliant mineral resource estimate at Claw exceeding 75,000 ounces of gold. A further $750,000 will be paid if Capricorn decides to commence commercial mining at the site.
BPM Minerals intends to use the funds from the sale to further explore its recently acquired Forelands gold project. BPM chief executive officer Oliver Judd noted that the sale provides additional available funds to explore the company’s high-grade Forelands gold project. BPM also retains upside through contingent milestone payments tied to Capricorn’s exploration success at Claw. BPM is now well-positioned with approximately $3.5 million of available funds.
