Firetail Secures Options for 80% of Nevada and 100% of South Dakota Gold Assets

Strategic Expansion into US Gold Districts

Firetail Resources Limited (ASX, FTL) has announced exclusive options to acquire two high-grade gold projects in the United States, marking a significant step in its North American expansion strategy. The projects, Excelsior Springs in Nevada and Bella in South Dakota, are situated in some of the most prolific gold-producing regions in the country.

The Excelsior Springs Project lies within the Walker Lane Tectonic Zone, a renowned gold belt with over 40 million ounces of historic production. Firetail has secured an option to acquire up to 80% of this project, which boasts historical production of approximately 19,200 ounces of gold at an exceptional grade of 41 grams per tonne from shallow underground workings. Recent drilling has delineated a mineralized zone extending over 3 kilometers with multiple significant intercepts, including intervals exceeding 50 meters at grades above 4 grams per tonne.

Bella Project, In the Shadow of a Giant

The Bella Project is located within the Homestake Gold Belt in South Dakota, a district famed for the Homestake Mine which produced around 42 million ounces of gold. Firetail has secured an option to acquire 100% of Bella, which covers over 110 kilometers of banded iron formation known to host high-grade gold mineralization. Surface sampling has returned rock chip assays exceeding 100 grams per tonne, and historical drilling at the Standby Mine has revealed impressive intercepts, including a 12.2-meter interval grading 46.62 grams per tonne.

Commercial Terms and Considerations

For Excelsior Springs, Firetail will pay A$200,000 in cash from existing reserves, issue 32 million shares, and commit to US$5 million in exploration expenditure over five years to earn its 80% interest. Athena Gold Corporation retains a 20% free-carried interest until completion of a definitive feasibility study. The Bella Project acquisition involves A$700,000 in cash and 17 million shares, with no vendor work commitments. Badlands Resources Inc. retains a 1% net smelter royalty, which Firetail may repurchase within five years post-commercial production.

Complementing Firetail’s Portfolio

Firetail’s Managing Director, Glenn Poole, highlighted the strategic fit of these acquisitions, noting their potential to diversify exposure amid strong gold and copper prices. The projects complement Firetail’s existing Skyline Copper Project in Canada and its generative exploration in Peru. The company plans to undertake extensive exploration programs, including drilling and geological modeling, to unlock the full potential of these assets.

Non-Executive Chair Rob Jewson emphasized the quality and exploration upside of both projects, citing their location in world-class jurisdictions and the application of modern exploration techniques. Non-Executive Director Simon Lawson underscored the value of acquiring high-grade ounces near established infrastructure, a key driver for junior resource companies.

Looking Ahead

Both acquisitions are subject to shareholder and regulatory approvals, with completion expected by early August 2025. Firetail anticipates future capital raises to support exploration commitments, signaling an active period ahead for the company as it advances these promising gold projects.