Alicanto Minerals Secures Mt Henry Gold Project, Launches $28M Drilling Blitz
Alicanto Minerals has acquired the Mt Henry Gold Project in Western Australia, boasting nearly 900,000 ounces of shallow, high-grade gold resources. The company is set to initiate a substantial $28 million equity raise to fund an extensive 50,000-metre drilling campaign aimed at rapidly expanding the resource base.
- Acquisition of Mt Henry Gold Project with ~900,000oz shallow gold resource
- Two-tranche $28 million equity raising to fund exploration and development
- Planned 50,000m multi-rig drilling program commencing Q1 2026
- Project located in prolific Norseman Wiluna Greenstone Belt with granted mining licenses
- Strong management team with proven track record and strategic investor Westgold holding 19.9%
A Transformational Acquisition in Western Australia
Alicanto Minerals Limited has announced a significant step forward with the acquisition of the Mt Henry Gold Project, a high-potential gold asset situated in the heart of Western Australia's prolific Norseman Wiluna Greenstone Belt. The project hosts approximately 900,000 ounces of shallow, high-grade gold resources, with mineralisation remaining open in all directions, presenting a compelling opportunity for rapid resource growth.
The Mt Henry project is strategically positioned within a world-class gold district that has produced over 270 million ounces of gold historically. Alicanto’s acquisition includes granted mining and prospecting licences, exceptional infrastructure access, and a resource base that has seen limited exploration investment over the past 25 years, setting the stage for a new wave of discovery and development.
Well-Funded Growth Strategy Backed by Strong Support
To capitalise on this opportunity, Alicanto is undertaking a two-tranche institutional placement to raise A$28 million before costs. This capital raise will fund an ambitious 50,000-metre multi-rig drilling program scheduled to commence in the first quarter of 2026. The program aims to unlock immediate resource extensions across the main deposits; Mt Henry, Selene, and North Scotia; as well as along the extensive 16-kilometre mineralised trend.
The equity raising is priced at A$0.055 per share, representing a discount to recent trading prices, and includes participation commitments from directors, management, and consultants, underscoring internal confidence. Additionally, Alicanto plans a 1-for-12 share consolidation to streamline its capital structure post-raising.
Robust Project Fundamentals and Experienced Leadership
The Mt Henry Gold Project features broad, consistent mineralisation hosted in banded iron formations, with historical drilling revealing high-grade intercepts such as 6 metres at 609.9 grams per tonne and 20 metres at 3.8 grams per tonne gold. Notably, much of the drilling has been shallow, with mineralisation open at depth and along strike, offering significant upside potential.
Alicanto’s management team brings a wealth of experience in gold exploration and development, with a proven track record of creating shareholder value in Western Australia’s mining sector. The involvement of Westgold Resources as a strategic cornerstone investor, holding nearly 20% post-raise, further strengthens the company’s position.
Looking Ahead, Exploration and Development Milestones
The company’s near-term focus will be on delivering rapid news flow from its drilling campaign, with multiple resource updates anticipated over the next 12 months. Performance-based payments to Westgold Resources are structured around drilling milestones, resource upgrades, and a final investment decision, aligning incentives for successful project advancement.
With a solid resource base, excellent infrastructure, and a well-funded exploration program, Alicanto Minerals is poised to unlock the full potential of the Mt Henry Gold Project, potentially transforming it into a significant new gold producer in Western Australia.
Bottom Line?
Alicanto’s bold acquisition and well-capitalised drilling program set the stage for a pivotal year of resource growth and market re-rating.
Questions in the middle?
- How quickly will Alicanto convert drilling results into updated resource estimates?
- What impact will the share consolidation and equity raise have on shareholder value?
- How active will Westgold Resources be in influencing project development and corporate strategy?
