Xpedra Resources Limited (ASX:XPD), an Australian mineral exploration company focused on high-grade gold and antimony projects in New South Wales, has announced the acquisition of the Neeld Gold Project. The binding agreement secures a 100% interest in a significant portion of one of Australia’s highest-grade historical goldfields, located near West Wyalong, NSW. The project has a rich history, with recorded production between 1894 and 1915 totalling approximately 439,000 ounces of gold at an exceptional average grade of 41 grams per tonne (g/t) Au. Notably, peak annual production in 1899 achieved 44,675 ounces at an astonishing 101 g/t Au.
Xpedra highlighted the project’s limited modern exploration since mining ceased in 1916. Only four holes have been drilled deeper than 200 metres, all intersecting gold mineralisation, indicating significant untapped potential. Mineralisation remains open at depth and along strike, with high-grade veins largely untested. Xpedra’s Managing Director, Scott Funston, expressed satisfaction with adding a second high-grade gold project to their portfolio, noting the opportunity to target depth extensions, parallel lodes, and undiscovered mineralised zones. The acquisition expands Xpedra’s existing exploration footprint in the Lachlan Fold Belt, complementing its 100%-owned Springfield Gold Deposit, where maiden drilling is progressing well.
The Neeld Gold Project was acquired from WA-focused gold developer Saturn Metals Limited (ASX:STN), which deemed the asset non-core. Commercial terms for the two tenements involved a cash payment of $250,000 and 44,000,000 Xpedra shares across two vendors, with various escrow periods. This includes 4,000,000 shares for the acquisition and cancellation of a 0.75% contingent vendor royalty interest. Xpedra plans to commence a systematic exploration program and will also evaluate opportunities for potential near-term cash flow from reprocessing historical tailings.
