Mount Burgess Mining NL (ASX: MTB), a company focused on resource exploration and development, has announced the acquisition of 100% of the Viking Gold Project and the Blair North Project in Western Australia. The company, which is also advancing its Kihabe-Nxuu project, has entered into binding sale agreements with Metal Hawk Limited (ASX: MHK) and Falcon Metals Limited (ASX: FAL) to secure the advanced gold projects. The acquisitions mark a significant expansion of Mount Burgess’s gold exploration portfolio.
The Viking Gold Project, located 30km east of Norseman, presents a high-grade gold opportunity. Historical drilling at Viking has yielded impressive intersections, including 6m @ 64 g/t Au from 50m, 4m @ 15.4 g/t Au from 40m, and 3m @ 8.2 g/t Au from 43m. Meanwhile, the Blair North Project, situated just 25km east of Kalgoorlie, is surrounded by established mining operations and gold deposits. Recent drilling results at Blair North include 5.9m @ 6.7 g/t Au from 244.4m and 2.5m @ 7.4 g/t Au from 255.4m.
As part of the acquisition agreements, MHK and FAL are set to become major shareholders in Mount Burgess. Metal Hawk will also have the right to appoint a nominee to the Mount Burgess board. To support the acquisitions and planned exploration activities, Mount Burgess has successfully secured firm commitments to raise A$900,000 through an oversubscribed placement to sophisticated investors at A$0.007 per share, representing an 18.5% premium to the 10-day VWAP.
The company is currently progressing approvals and permitting for drilling, with plans to commence exploration activities in Q4 2025. Mount Burgess’s Executive Chairman, Steve Lennon, expressed enthusiasm about the acquisitions, highlighting their potential to deliver significant value to shareholders. The company’s immediate focus will be to commence gold exploration on these projects as soon as possible.
