Mount Burgess Mining NL (ASX: MTB), a company focused on mineral exploration, has announced it has entered into binding agreements to acquire 100% of the Viking Gold Project and 100% of the Blair North Project, both located in Western Australia. Mount Burgess Mining is actively engaged in the identification, evaluation and development of resource projects. The acquisition marks a significant expansion of the company’s portfolio in the gold sector and aligns with their strategic plan to grow the project pipeline.
The Viking Gold Project, situated 30km east of Norseman, presents a high-grade gold opportunity, with historical drillhole intersections including 6m @ 64 g/t Au from 50m, 4m @ 15.4 g/t Au from 40m, 3m @ 8.2 g/t Au from 43m, and 6m @ 5.1 g/t from 141m. The Blair North Project, located just 25km east of Kalgoorlie, is surrounded by established mining operations and gold deposits, with recent drilling results including 5.9m @ 6.7 g/t Au from 244.4m and 2.5m @ 7.4 g/t Au from 255.4m.
In consideration for the acquisitions, Mount Burgess will issue a total of 216,666,667 fully paid ordinary shares and 108,333,334 unquoted options to Metal Hawk Limited (ASX: MHK) and Falcon Metals Limited (ASX: FAL), who will become major shareholders of Mount Burgess. Metal Hawk will also appoint a nominee to the Mount Burgess board.
To support the acquisitions and planned exploration activities, Mount Burgess has secured firm commitments to raise A$900,000 via an oversubscribed placement to sophisticated investors at an issue price of A$0.007 per share, representing an 18.5% premium to the 10-day VWAP. Approvals and permitting are underway, with drilling scheduled to commence in Q4 2025.
