Iceni Gold Limited (ASX: ICL) (Iceni or the Company) is pleased to advise of a binding Farm-in Agreement and share placement transaction with Gold Road Resources Limited (ASX: GOR) over tenements around and containing the Company's Guyer Gold Trend, within the 14 Mile Well Gold Project (14MWGP or Project) located between Leonora and Laverton in Western Australia.
Highlights
A$35 million exploration farm-in agreement signed with GOR over 154km2 of Iceni's 100%-owned tenements containing the Guyer Gold Trend within the 14 Mile Well Project in Western Australia, key terms of which include: ? Initial A$5 million minimum exploration expenditure, to be managed by Iceni, with the opportunity for GOR to take management upon reaching a key success milestone. ? A further A$10 million exploration expenditure within 2 years from meeting the minimum A$5 million exploration expenditure to earn a 50% Joint Venture interest (50 / 50 JV). ? Upon Joint Venture formation GOR, can earn an additional 20% to take its Joint Venture interest to 70% by free carrying Iceni to the completion of a Pre-Feasibility Study (PFS) (70 /30 JV). ? At the completion of the PFS, GOR can acquire an additional 10% Joint Venture interest (totaling 80%) by paying $20 million to Iceni (80/20 JV). In addition to the Farm-in, GOR is to acquire a 9.9% interest in Iceni by subscribing for A$3.05 million in shares at a price of 10 cents per share, representing a 59% premium to the 5-day VWAP prior to execution of the Farm-in Agreement. GOR to be issued 19,218,819 options exercisable at $0.15 on or before 31 December 2025. GOR to be issued 13,847,016 options exercisable at $0.20 on or before 31 December 2026. Should GOR exercise all options, and inclusive of the placement, Iceni will receive a total of $8.7m in cash. Exploration activity on the GOR farm-in tenements is expected to commence in January 2025 under Iceni management. Iceni retains 100% ownership of the remainder of the highly prospective 14 Mile Well Gold Project, where exploration can now be accelerated on other high priority targets within the portfolio. Following completion of the GOR share placement Iceni will have in excess of $3.8 million cash at bank and will be well-funded to continue exploration and development activities on its remaining highly prospective 100%-owned ground.
Iceni Gold Managing Director, Wade Johnson, said: 'We are very pleased to be partnering with Gold Road, a company that needs no introduction to gold exploration, discovery and mining in Western Australia. The Farm-in Agreement and share placement with Gold Road is an excellent result for Iceni Gold and its shareholders that provides the opportunity to accelerate and advance exploration along the exciting Guyer Gold Trend at our 14 Mile Well Gold Project. 'The commitment by Gold Road reaffirms our belief that the Guyer Gold Trend has potential to host a significant gold deposit and reinforces the prospectivity of the entire tenement package. The planned significant investment by GOR at Guyer will now also allow for the concurrent evaluation of multiple high prospectivity targets to be accelerated on the remainder of the Iceni ground in which we retain 100% ownership. The farm in agreement will see Gold Road potentially spending up to A$35 million to earn up to an 80% interest in the Farm-in tenements that include the Guyer trend. 'The largely unexplored 11.5km long granite-greenstone contact hosting the Guyer trend, hidden beneath transported cover, combined with recent success from aircore drilling and the proximity of the nearby gold nugget field has provided us with the initial indications of a corridor that has the potential to deliver a new large gold discovery. The Iceni and Gold Road teams are very keen to get underway with the next phase of exploration that is expected to commence in January.'
Overview
Iceni Gold Limited (ASX: ICL) (Iceni or the Company) is pleased to announce it has entered into a $35 million farmin agreement (Farm-in) with Gold Road Resources Limited (ASX:GOR) (Gold Road or GOR) in respect of 154km-2 of tenements (Farm-In Area), that form part of the Company's 100%-owned 14 Mile Well Gold Project between Leonora and Laverton in Western Australia. In addition, Iceni has entered into a subscription agreement with GOR pursuant to which GOR will immediately acquire a 9.9% shareholding in Iceni through a placement of new shares at 10 cents per share to raise A$3.05 million (Placement).Together, the Farm - in and Placement will strengthen the Company's finances to accelerate exploration on its 100% non-JV tenements covering 733km2 whilst partnering with Gold Road to advance exploration at its flagship Guyer Gold Trend.
Geological map of the Guyer Trend showing the 2024 AC drilling completed, Guyer Bedrock anomaly, historical gold workings and location of the gold nugget field. Whilst acknowledging the direction provided by the targeting appraisal in May 2024, Guyer has been a focal point for Iceni since 2021 (refer ICL prospectus), with extensive surface work, including Ultrafine Fraction (UFF) soil and rock-chip sampling, yielding high-grade gold anomalies. This work was primarily concentrated along the Guyer Ridge, a sub-cropping basalt ridge east of the contact, where prospectors have made extensive gold nugget finds. In August, September and October 2024, wide-spaced AC drilling revealed a broad, coherent bedrock gold anomaly along this granite-greenstone contact, spanning up to 950m in width and extending over 6kms in length (ICL ASX release 26 September 2024 and ICL ASX release 12 November 2024). The third aircore program completed in October 2024 identified a >0.5g/t Au 1500m long bedrock anomaly within the larger 6km >0.1g/t Au anomaly (ICL ASX release 12 November 2024). These two anomalies are hidden beneath up to 35m of transported overburden, masking any surface expression.
About Gold Road
Gold Road is a mid-tier Australian gold producer and explorer with a Tier 1 mine and exploration projects across Western Australia, South Australia and Queensland covering more than 14,000 square kilometres. Gold Road owns 50% of the world-class Gruyere gold mine, which was developed in joint venture with Gold Fields Ltd and produced its first gold in June 2019. Since then, the Gruyere JV has produced 1,240,464 ounces (100% basis) to 31 December 2023. As one of Australia's largest and most cost-efficient gold mining operations, the Gruyere JV sources all its ore from a single open pit mine, projecting a mine life extending to 2032. The Gruyere JV hosts considerable Open Pit Mineral Resources of 6.04 million ounces and Ore Reserves of 3.67 million ounces (100% basis). Gold Road discovered the world-class Gruyere deposit in 2013 as part of its pioneering exploration across Yamarna and entered into the Gruyere Gold Project Joint Venture with Gold Fields in 2016. The Gruyere JV includes 180 square kilometres of the Yamarna Belt. Gold Road has 100% owned exploration projects in the underexplored and highly prospective Yamarna Belt that hosts the Gruyere gold deposit (with a Mineral Resource of 0.51 million ounces). Gold Road manages more than 14,000 square kilometres of exploration tenure across Western Australia and northeast Queensland. Gold Road's exploration strategy is to deliver new value-adding, economic gold deposits that can be developed as standalone mining operations, creating shareholder value through organic growth.
Iceni Gold Chairman, Brian Rodan, said: 'On behalf of the Board of Directors I would like to thank all Iceni Gold Shareholders for their loyal and ongoing support since the Company was listed on 14 April 2021. The key to the Company's prospectivity started with acquiring a large, consolidated tenement package in close proximity to Tier 1 regional gold producers Sunrise Dam (Anglo Gold Ashanti), Granny Smith / Wallaby (Gold Fields) and Mount Morgans (Genesis) in the prolific gold producing belt of the Leonora-Laverton district. Given our location, we felt it would only be a matter of time, and of course money, dedicated hard work and patience before the Company would achieve a level of success whereby the Company's hard work would pay off. 'By entering into this Strategic Farm-in JV alliance with Gold Road Resources, a highly respected Tier 1 Gold Producer, I believe we have put Iceni Gold in pole position to have the opportunity to share in a potential major gold discovery at Guyer, whilst at the same time retaining the ability to accelerate further exploration across all of our remaining high priority target areas over the 14 Mile Well Project. Having discovered outcropping gold in many targets all across the length and breadth of the 14 Mile Well Tenement package, I believe that with Iceni being very well led by our managing director, Mr Wade Johnson, that further success will not be too far around the corner. 'I also take this opportunity to thank Gold Road for their foresight in investing in Iceni, and the Guyer Project area in particular, and I have no hesitation in saying that this strategic alliance brings with it many benefits to the Company and its shareholders, as well as additional benefits which I am certain could materialise in other ways down the track.'
For further information regarding Iceni Gold Limited please visit our website www.icenigold.com.au For more information contact: Wade Johnson Managing Director Iceni Gold Limited admin@icenigold.com.au +61 8 6458 4200 Brian Rodan Executive Chairman Iceni Gold Limited
About Iceni Gold
Iceni Gold Limited (Iceni or the Company) is an active gold exploration company that is exploring the 14 Mile Well Gold Project in the Laverton Greenstone Belt of Western Australia. The project is situated midway between the gold mining townships of Leonora and Laverton and within 75kms of multiple high tonnage capacity operating gold mines. Iceni is focussed on multiple high priority target areas within the 887km-2 14 Mile Well tenement package. The large contiguous tenement package is located on the west side of Lake Carey and west of the plus 1- million-ounce gold deposits at Mount Morgan, Granny Smith, Sunrise Dam and Wallaby. The 14 Mile Well Gold Project makes Iceni one of the largest land holders in the highly gold endowed Leonora Laverton district. The majority of the tenements have never been subject to systematic geological investigation. Iceni is actively exploring the project using geophysics, metal detecting, surface sampling and drilling. Since May 2021 this foundation work has identified priority gold target areas at Everleigh, Goose Well, Crossroads and the 11.5km long Guyer trend.
Competent Person Statement
The information in this announcement that relates to exploration targets and exploration results is based on information compiled by Wade Johnson a competent person who is a member of the Australian Institute of Geoscientists (AIG). Wade Johnson is employed by Iceni Gold Limited. Wade has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the JORC Code. Wade Johnson consents to the inclusion in this announcement of the matters based on his work in the form and context in which it appears.
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