Clara Resources Secures Hodgkinson Basin Gold Project, Eyes 2026 Exploration Surge
Clara Resources has inked a binding deal to acquire the Hodgkinson Basin Gold Project in Far North Queensland, setting the stage for an aggressive exploration campaign in 2026. The acquisition, involving over 533 million shares and cash payments, aims to unlock significant gold potential in a historically rich but underexplored region.
- Binding agreement to acquire 100% of Hodgkinson Basin Gold Project
- Project covers 265 km² with historical high-grade gold drilling
- Consideration includes 533 million shares plus $1.25 million cash
- Two-phase 2026 exploration program targeting maiden JORC resource
- Acquisition subject to shareholder approval and due diligence
A Strategic Acquisition in a Historic Gold Province
Clara Resources Australia Limited (ASX – C7A) has taken a decisive step to expand its gold exploration footprint by entering into a binding agreement to acquire the Hodgkinson Basin Gold Project. Situated approximately 90 kilometres west of Cairns in Far North Queensland, this 265 square kilometre tenement package lies within a region renowned for its rich gold history, having produced over 1.6 million ounces during the late 19th and early 20th centuries.
The Hodgkinson Basin has long been recognized for its high-grade gold mineralisation, yet it remains relatively underexplored in modern times. Clara’s acquisition brings a substantial landholding that includes over 13 kilometres of a major regional shear zone, a key structural feature controlling gold mineralisation. Historical drilling data, comprising more than 130 holes, provides a solid foundation for Clara’s planned exploration activities.
Deal Structure and Shareholder Considerations
The acquisition will be executed through the issuance of 533,333,333 fully paid ordinary shares to the vendors, alongside staged cash payments totaling $1.25 million. This transaction is contingent upon customary conditions, including due diligence, tenement transfer approvals, and crucially, shareholder endorsement expected at a general meeting in early February 2026.
Post-acquisition, the vendors will hold approximately 29.5% of the company’s shares, marking a significant dilution for existing shareholders but reflecting the strategic value of the project. Clara has also flagged the potential need for additional capital raising to fund tenement transfer payments and exploration activities, which could further impact shareholder equity.
Ambitious Exploration Program Set for 2026
Clara plans a comprehensive two-phased exploration program commencing in the first half of 2026. Initial efforts will focus on geophysical surveys and high-resolution LiDAR mapping to refine structural models and identify priority targets. Concurrently, detailed geological mapping and rock chip sampling will enhance understanding of the mineralised system, particularly along the Eastern Bounding Fault Zone.
The second phase will involve confirmatory and extensional drilling, aiming to validate historical high-grade intercepts and test the depth potential of the mineralisation beyond the shallow historical drilling depths of 30 to 40 metres. This approach underscores Clara’s intent to rapidly advance towards a maiden JORC Mineral Resource estimate, a critical milestone for unlocking the project’s value.
Balancing Opportunity with Risk
While the Hodgkinson Basin offers compelling exploration upside, including untested strike extensions and multiple vein systems, the project remains at an early stage. Historical workings and drilling provide encouraging signs but require rigorous validation under modern reporting standards. The company’s strategy to combine systematic exploration with careful due diligence reflects a balanced approach to managing geological and commercial risks.
Clara’s Managing Director, Peter Westerhuis, highlighted the transformational nature of the acquisition, emphasizing the project’s world-class potential and the company’s commitment to aggressive exploration. Simultaneously, Clara will continue advancing its Ashford Coking Coal Project, indicating a diversified portfolio strategy.
Bottom Line?
Clara’s bold acquisition and planned exploration program could redefine its growth trajectory, but investors should watch closely as shareholder approval and drilling results unfold.
Questions in the middle?
- Will Clara secure shareholder approval without significant opposition given the dilution?
- How quickly can the company validate historical drilling data to JORC standards?
- What capital raising plans will Clara pursue to fund tenement transfers and exploration?
