Strata Minerals Eyes Near-Term Gold Potential with Zelica Project Option

Strategic Acquisition in a Proven Gold Belt

Strata Minerals Limited (ASX – SMX) has taken a significant step to expand its Western Australian gold portfolio by executing a binding option agreement to acquire 100% of the Zelica Gold Project. Located in the highly prospective Laverton Province of the Eastern Goldfields, the project sits between the established gold centres of Leonora and Laverton, an area known for multi-million-ounce deposits and active processing mills.

The Zelica Project comprises three granted tenements covering a 2.4km strike length and includes a historical Mineral Resource Estimate compliant with the JORC Code 2004. This resource totals approximately 30,000 ounces of gold at an average grade of 1.63 grams per tonne, defined over a shallow oxide zone extending roughly 1km along strike and open at depth.

Existing Infrastructure and Historical Work

Notably, the project benefits from existing infrastructure including a pre-stripped open pit approximately 300 meters long and 10 to 25 meters deep, alongside partially constructed vat leach ponds with an 80,000 cubic meter capacity. Historical drilling, some of which has not been followed up for over a decade, has returned encouraging near-surface oxide gold intercepts, such as 9 meters at 8.8 g/t from 27 meters depth.

Previous metallurgical testwork by former owners indicated gold recoveries exceeding 90% through vat leaching and cyanidation processes, supporting the economic potential of the deposit. More recent column leach tests conducted by SGMB Resources, the current tenement holder, have confirmed the amenability of the ore to cyanidation with recoveries around 82% over extended leaching periods.

Plans for Resource Upgrade and Near-Term Development

Strata plans to rapidly progress the project by verifying and building upon the historical drilling data. The company aims to convert the existing JORC 2004 Mineral Resource Estimate to the more current JORC 2012 standard through a comprehensive exploration program including infill and step-out drilling, diamond drilling for structural and metallurgical information, and pit-floor trenching.

Given the granted mining licence and existing infrastructure, Strata is also investigating near-term gold extraction opportunities. These include potential small-scale mining operations and processing of existing low-grade stockpiles via toll treating, milling, or heap leach operations. The company highlights the favourable gold price environment and peer company successes in the region as catalysts for advancing the project.

Transaction Details and Next Steps

The acquisition consideration includes an initial cash payment of $100,000, the issue of approximately 11.9 million shares in Strata at a deemed price of $0.02 per share, and a deferred cash payment contingent on resource upgrade milestones. Strata will also assume a $20 per ounce royalty obligation on one of the tenements.

Following completion, Strata intends to commence exploration activities within six months, funded from existing cash reserves. The company will also continue to assess strategic opportunities in the region, leveraging the project's location near recent exploration successes by other ASX-listed companies.