Mamba Exploration Limited has inked a deal to acquire a majority interest in the underexplored Meeka East Gold Project in Western Australia’s prolific Murchison Goldfield, backed by a $2 million capital raise to fund early-stage exploration.
- Conditional agreement to acquire 70% of Meeka East Gold Project
- $2 million unbrokered share placement completed to fund exploration
- Project located in a proven gold region with underexplored geology
- Experienced technical adviser Peter Schwann appointed
- Exploration to focus on gold in sediments theory with soil sampling and drilling planned
Strategic Acquisition in a Proven Gold District
Mamba Exploration Limited (ASX, M24) has taken a significant step forward by signing a conditional binding agreement to acquire a 70% interest in the Meeka East Gold Project, situated in the heart of Western Australia’s Murchison Goldfield. This region is renowned for hosting high-grade gold deposits and active mines, making it a fertile ground for exploration success.
The Meeka East Project lies south of Meekatharra, an area peppered with multiple significant gold projects. Despite its promising location, the project area remains underexplored, largely due to geological cover that has historically obscured gold-bearing structures. Mamba’s acquisition aims to unlock this potential by applying a targeted exploration model.
Exploration Model and Technical Expertise
Technical Adviser Peter Schwann, a seasoned geologist with extensive experience in the Murchison region, has identified priority targets including the 140 Foot Well Prospect and the Bella Prospect within the Gaba East Prospect. These targets are supported by geochemical and geophysical data, highlighting intersections of dolerite dykes and sedimentary formations that are conducive to gold mineralisation.
Funding and Corporate Developments
To support the acquisition and exploration activities, Mamba has successfully raised $2 million through an unbrokered share placement priced at 1.5 cents per share. The capital raise attracted commitments from both new and existing sophisticated investors, underpinning confidence in the company’s strategy.
The acquisition consideration includes a $200,000 cash payment, the issuance of approximately 59 million shares subject to shareholder approval and escrow, and a 1.5% net smelter return royalty payable to the vendor. The transaction is subject to due diligence, regulatory approvals, and shareholder consent, with a general meeting scheduled for March 2026.
Alongside these developments, Mamba has reconstituted its board to include Non-Executive Chairman Simon Andrew, Executive Director Matt Freedman, and Non-Executive Director Vikram Kumar. The addition of Peter Schwann as Technical Adviser further strengthens the company’s technical leadership.
Next Steps in Exploration
Mamba plans to commence early-stage exploration activities promptly, starting with soil sampling programs at the 140 Foot Well and Bella prospects. These will be followed by heritage surveys and drilling campaigns aimed at testing the identified targets. The company’s exploration timeline anticipates drilling by mid-2026, contingent on approvals and field conditions.
Beyond Meeka East, Mamba also holds interests in other Western Australian projects, including the Ashburton and Calyerup Creek projects, which feature prospective geology and encouraging historical drill results. The company intends to allocate part of the raised funds to advance these assets as well.
Bottom Line?
Mamba’s acquisition and capital raise position it well to unlock hidden gold potential in a proven region, but upcoming exploration results will be critical to validating this promising start.
Questions in the middle?
- Will Mamba’s exploration confirm significant gold mineralisation at Meeka East?
- How will shareholder approval impact the timing and execution of the acquisition?
- What are the potential risks related to the underexplored geology and regulatory conditions?