Full Ownership of Comet Vale Raises Stakes for Gorilla Gold’s Next Moves

Gorilla Gold Completes Full Acquisition

Gorilla Gold Mines Ltd has officially completed the acquisition of the remaining 49% interest in the Comet Vale Project, a move that elevates its ownership to 100%. This strategic consolidation follows the satisfaction of all precedent conditions, including a $3 million cash payment to Sand Queen Gold Mines Pty Ltd, the previous minority stakeholder.

Historical Significance and Resource Potential

The Comet Vale Project is no stranger to gold production, having historically yielded over 200,000 ounces of gold at an impressive grade exceeding 20 grams per tonne. Underground mining operations were active as recently as 2018, underscoring the project's viability. Currently, the project holds a mineral resource estimate of approximately 96,000 ounces at 4.8 grams per tonne, situated within granted mining leases strategically located adjacent to the Goldfields Highway in Western Australia.

Strategic Location and Growth Prospects

One of the project's key advantages is its proximity to multiple operational gold mills within a 100-kilometer radius, which could facilitate efficient processing and reduce operational costs. Previous operators prioritized rapid production starts, which Gorilla Gold believes has left considerable upside potential for resource growth. The company is now focused on expanding the high-grade gold resource base, leveraging both historical data and ongoing exploration efforts.

Looking Ahead

With full ownership secured, Gorilla Gold is well-positioned to implement its growth strategy at Comet Vale. The company’s CEO, Charles Hughes, a seasoned geoscientist, has reviewed and approved the exploration data underpinning the project’s resource estimates. Investors will be watching closely for upcoming exploration results and development plans that could unlock further value from this historically productive asset.