Mount Burgess Mining NL has inked binding agreements to acquire two promising high-grade gold projects in Western Australia, setting the stage for exploration drilling in late 2025 backed by a $900,000 capital raise.
- Acquisition of Viking and Blair North gold projects from Metal Hawk and Falcon Metals
- Notable historical drill results with high-grade gold intersections
- Drilling approvals underway for Q4 2025 commencement
- Oversubscribed $900,000 placement at 18.5% premium to 10-day VWAP
- Metal Hawk and Falcon Metals to become major shareholders with board representation
Strategic Acquisition in Western Australia’s Gold Belt
Mount Burgess Mining NL (ASX – MTB) has taken a significant step forward in its gold exploration ambitions by signing binding agreements to acquire 100% interests in two advanced gold projects, the Viking Gold Project and the Blair North Project, both located in Western Australia. These acquisitions from Metal Hawk Limited and Falcon Metals Limited provide Mount Burgess with substantial exposure to highly prospective gold tenements in regions known for their rich mineral endowment.
The Viking Gold Project, situated approximately 30 kilometres east of Norseman within the Albany–Fraser Province, boasts a history of high-grade gold intersections. Previous drilling has returned impressive results such as 6 metres at 64 grams per tonne gold from 50 metres depth, highlighting the potential for a significant mineralised system. The Blair North Project, located just 25 kilometres east of Kalgoorlie, is surrounded by established mining operations and has demonstrated promising gold mineralisation alongside nickel sulphide occurrences, with drill results including 5.9 metres at 6.7 grams per tonne gold from 244 metres.
Exploration Plans and Capital Raising
Mount Burgess is advancing approvals and permitting processes with the aim of commencing reverse circulation drilling programs at both projects in the fourth quarter of 2025. The company is prioritising evaluation of the shallow high-grade oxide gold zone at Viking’s Beaker 2 prospect, an area that has not been the focus of recent exploration but offers near-term value potential. At Blair North, drilling will follow up on gold mineralisation trends at the Commodore and Commodore North prospects, with additional targets under review.
To support these activities, Mount Burgess has secured firm commitments for a $900,000 placement to sophisticated investors at an issue price of 0.7 cents per share, representing an 18.5% premium to the 10-day volume weighted average price. The placement was oversubscribed, reflecting strong investor interest. Metal Hawk and Falcon Metals will become significant shareholders post-acquisition, holding approximately 17.5% and 7.8% respectively, with Metal Hawk also nominating a director to the Mount Burgess board.
Alignment with Strategic Growth Pillars
These acquisitions align with Mount Burgess’s recently articulated three-pillar strategic plan, specifically advancing the third pillar focused on project pipeline growth. Executive Chairman Steve Lennon emphasised the company’s excitement about the potential of these underexplored tenements and the immediate focus on unlocking value through targeted exploration.
Both projects benefit from a strong exploration pedigree, with previous work by major players such as AngloGold Ashanti and Genesis Minerals at Viking, and Metal Hawk’s recent drilling at Blair North. The tenements are in good standing with no known impediments, and environmental and access approvals are in place or being progressed, particularly at Viking which lies within the Dundas Nature Reserve.
Looking Ahead
Mount Burgess’s acquisition and planned exploration programs come at a time when the gold sector remains robust, and the company’s strengthened balance sheet following recent debt forgiveness positions it well for growth. The combination of high-grade historical results, strategic location, and committed capital sets a promising foundation for Mount Burgess to advance its exploration objectives and potentially delineate new gold resources in Western Australia’s prolific goldfields.
Bottom Line?
Mount Burgess’s bold acquisitions and capital raise set the stage for a pivotal exploration phase that could redefine its growth trajectory.
Questions in the middle?
- Will upcoming drilling confirm and expand the high-grade gold zones at Viking and Blair North?
- How will Metal Hawk’s board representation influence Mount Burgess’s strategic decisions?
- What are the timelines and potential hurdles for securing all necessary approvals before drilling?