Industrial Minerals Ltd (ASX: IND) today announced it has entered into a binding agreement to acquire the Laverton Gold Portfolio from Galleon Metals Limited, a strategic move enhancing its mineral exploration assets. Industrial Minerals Ltd is an Australian exploration company focused on advancing a drill-ready gold portfolio within its high-value mineral exploration assets in Western Australia. This acquisition bolsters IND’s presence in the highly prospective Laverton Tectonic Zone, a premier orogenic gold district renowned for over 28 million ounces of historic gold production.
The Laverton Gold Portfolio encompasses 15 exploration licences covering approximately 205 square kilometres in Western Australia. It features four drill-ready, Banded Iron Formation (BIF)-hosted gold targets along a 45-kilometre structural corridor, immediately adjacent to multi-million-ounce deposits controlled by Genesis Minerals (ASX:GMD). Historical drilling at the Gladiator prospect includes 43 metres at 2.24 grams per tonne gold from 42 metres. The North Pool prospect, 1.5 kilometres along strike from Genesis’ Beasley Creek Project, yielded high-grade intercepts such as 4 metres at 19.17 g/t gold from surface.
The acquisition involves an all-share consideration of A$4,666,667, coupled with a 2.0% net smelter return royalty. To finance the Laverton Gold Project’s exploration program and provide working capital, IND is concurrently launching a two-tranche placement to raise up to $3 million. This strategic expansion is accompanied by a board restructure, appointing Warrick Clent, with direct project knowledge and extensive gold exploration experience, as Managing Director. Jeffrey Sweet transitions to a Non-Executive Director, while Mike Dunbar joins the board as a Non-Executive Director.
