As per the agreement, Superior Mining will provide A$200,000 ($203,520) towards exploration expenditures for the project within 24 months from the date of execution.
The Redcastle project includes 13 prospecting licences spanning an area of 24km² in the prospective Yilgarn Craton region, which comprises many multi-million ounce gold deposits.
Despite non-systematic exploration by previous operators at the prospecting licences, significant alluvial gold has been extracted from the site over a 20-year period.
Weathered sulphide-bearing quartz veins, which are discontinuously developed in distinct shear or fault zones, are associated with gold mineralisation in the region.
Minara Resources, Barrick’s Granny Smith gold mine, and Murrin Murrin nickel and cobalt mine are the major mines within the project site.
