ACM to Acquire 25,000 Hectares of High-Grade Gold and Copper Projects in Peru
Australian Critical Minerals has agreed to acquire Circuit Resources, gaining a substantial portfolio of gold, copper, silver, zinc, lead, and lithium projects in Peru, unlocking immediate drill-ready targets with significant exploration upside.
- Binding agreement to acquire 100% of Circuit Resources Pty Ltd
- Portfolio spans six projects over 25,000 hectares in Peru
- Historic high-grade gold drill results at Blanca Gold Project
- Significant copper-silver mineralisation at Riqueza Project
- Oversubscribed $1 million placement to fund exploration
Strategic Acquisition in Peru’s Mineral-Rich Heartland
Australian Critical Minerals Limited (ASX – ACM) has taken a decisive step to expand its footprint into one of the world’s most mineral-endowed jurisdictions by entering into a binding Share Purchase Agreement to acquire Circuit Resources Pty Ltd. This acquisition brings to ACM a portfolio of six highly prospective projects covering over 25,000 hectares across Peru, a Tier 1 mining jurisdiction renowned for its gold and copper endowment.
The Circuit portfolio includes the Blanca Gold Project, Riqueza Copper-Silver Project, Flint Gold Project, Cerro Rayas Zinc-Lead-Silver Project, and lithium brine projects Liro and Kamika. These assets offer a diverse mix of precious and base metals, positioning ACM to capitalize on the accelerating global demand for critical minerals essential to the energy transition.
Blanca Gold Project – Historic High-Grade Gold with Untapped Potential
The Blanca Gold Project stands out with its low-sulphidation epithermal quartz vein system known as the Cruz Vein. Historic drilling, conducted in the late 1990s, revealed bonanza-grade gold intercepts including 52.8 grams per tonne over 1.5 metres within a broader 9.5-metre interval averaging 11.27 grams per tonne gold. Despite this, only about one-third of the 3-kilometre strike length has been drilled, leaving a substantial 2-kilometre strike length untested and ripe for exploration.
ACM plans to rapidly advance drilling at Blanca, aiming to convert historic data into a JORC-compliant resource. The company is initiating permitting processes immediately, with infill and extension drilling expected to commence within six months post-acquisition.
Riqueza Copper-Silver Project – District-Scale Mineralisation Adjacent to Majors
Riqueza offers a district-scale intermediate-sulphidation vein system extending over 10 kilometres, with historic surface rock chip samples showing copper grades up to 8.7% and silver assays reaching 2,238 grams per tonne. The project’s proximity to Anglo American’s tenements underscores its potential as a Tier 1 asset. ACM intends to focus initial drilling on high-priority targets such as Enclave and Colina Roja, with permitting expected to take 6 to 9 months due to community engagement requirements.
Flint and Cerro Rayas – Complementary Gold and Base Metals Opportunities
The Flint Gold Project hosts a 6 square kilometre high-sulphidation system with strong geophysical and geochemical signatures, adjacent to Peñoles’ San Juan copper deposit. This project offers shallow gold potential and will see expanded surface sampling and geophysics ahead of drilling planned for early 2026.
Cerro Rayas is a zinc-lead-silver project featuring multiple historic workings with rock chip samples grading over 40% combined lead and zinc. ACM plans to undertake mapping and structural studies to confirm lateral continuity before commencing scout drilling.
Lithium Brine Projects – Early-Stage Exposure to Battery Metals
The acquisition also includes the Liro and Kamika lithium brine projects in southern Peru. These greenfield projects are located in salar basins analogous to some of the world’s most productive lithium districts. While early-stage, they position ACM to benefit from any resurgence in lithium demand. Permitting challenges exist, particularly for Kamika due to foreign ownership restrictions near the Bolivia border, but initial sampling and basin modelling are planned for 2026.
Funding and Conditions – Oversubscribed Placement and Shareholder Approval
To support exploration, ACM has completed an oversubscribed $1 million placement priced at 5.5 cents per share, with attaching options subject to shareholder approval. The acquisition consideration includes 45 million fully paid shares issued to Circuit shareholders, plus options and performance rights to key stakeholders, including ACM’s Managing Director Dean de Largie.
The transaction is subject to customary conditions including due diligence, shareholder approval, regulatory consents, and an independent expert’s report. The company has also agreed to provide a $50,000 loan to Circuit to support working capital prior to completion.
ACM’s Managing Director, Dean de Largie, highlighted the strategic value of the acquisition, emphasizing the immediate drill-ready targets and the potential to unlock significant shareholder value through aggressive exploration in Peru.
Bottom Line?
With a strong foothold in Peru’s mineral provinces, ACM’s next challenge will be translating historic data into JORC-compliant resources and navigating regulatory hurdles to deliver on its exploration ambitions.
Questions in the middle?
- How quickly can ACM convert historic exploration data into JORC-compliant resources?
- What are the key regulatory and permitting risks, especially for lithium projects near the Bolivia border?
- How will ACM prioritize drilling across multiple projects with diverse mineral targets?