Capricorn Metals is eyeing a major gold opportunity in Western Australia after snapping up the Extension Hill and Mungada project tenure, adjacent to its Mt Gibson holdings.

The acquisition adds roughly 60 square kilometres of highly prospective land in the historic Yalgoo‑Singleton Greenstone Belt, a region known for significant gold discoveries.

The project tenure features multiple geological settings conducive to economic deposits, with several priority exploration targets already identified by Capricorn.

“The acquisition of the Extension Hill and Mungada project tenure continues the expansion of Capricorn’s Mt Gibson [MGGP] exploration footprint and adds highly prospective targets contiguous with existing tenure,” Capricorn Metals executive chair Mark Clark said.

“This provides Capricorn with an outstanding exploration opportunity with a view to adding meaningful additional ore sources to MGGP and the region. We look forward to commencing active exploration on the project later this year.”

The deal is valued at $1.5 million, including a $100,000 upfront cash payment and $1.4 million in Capricorn shares upon completion. Additional contingent payments include $750,000 following a JORC-compliant mineral resource estimate exceeding 75,000 ounces, and a further $750,000 upon board approval to commence commercial mining.

Situated about 380km north-northeast of Perth, between Wubin and Paynes Find, the tenure lies within a historically rich mineral corridor, hosting gold deposits at Mt Gibson, Deflector and Karara, as well as volcanogenic massive sulphide systems.

Capricorn will begin geological and regolith mapping, followed by geochemical sampling to firm up drill-ready targets for the first half of the 2026-27 financial year (FY27).

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