Iceni Secures $1.55m Funding and 66km² Tenement Package Near Granny Smith

• Placement raised $1.55 million supported by Gold Fields Australia and directors
• Funds allocated to drilling at 14 Mile Well and copper-gold exploration at Welcome Creek
• Conditional acquisition of 13 tenements covering 66 km² near Laverton
• Laverton South package located within 25 km of major gold mines including Granny Smith
• Exploration programs planned across multiple prospects with news flow expected over six months

Capital Raising and Strategic Backing

Iceni Gold Limited (ASX:ICL) has announced a successful capital raising of $1.55 million through a placement to sophisticated and institutional investors. The raise was notably supported by existing shareholders, including Gold Fields Australia, now Iceni’s second largest shareholder, and company directors. This financial boost will underpin ongoing exploration activities at Iceni’s 14 Mile Well Gold Project (14MWGP) and the Welcome Creek copper-gold target in Western Australia.

Exploration Focus and Drilling Programs

The funds will primarily finance a maiden reverse circulation (RC) drilling program at the Goose Well prospect within 14MWGP, alongside infill aircore drilling at Guyer West and initial RC drilling at Wild West. These efforts aim to delineate gold mineralisation along the 15-kilometre Guyer Trend and other priority targets. Concurrently, exploration will continue at Welcome Creek, including geophysical surveys and follow-up assessments of recent diamond drilling results.

Acquisition of Laverton South Tenement Package

In a significant strategic move, Iceni has signed a conditional Heads of Agreement to acquire a package of 13 tenements, 3 granted and 10 pending, covering approximately 66 square kilometres south of Laverton. This Laverton South package lies within the highly prospective Laverton Greenstone Belt, a region renowned for hosting world-class gold deposits such as Wallaby, Sunrise Dam, and the nearby Granny Smith mine operated by Gold Fields Australia.

The tenements encompass historically productive gold workings at prospects named Redeemed, Rock of Ages, and Keringal West. These areas have seen limited modern exploration despite high-grade historical production, with grades reaching up to 50 grams per tonne in some zones. Iceni plans to initiate drilling and geophysical surveys to test these targets, leveraging the package’s proximity to existing infrastructure and major mining operations.

Terms and Conditions of the Acquisition

The acquisition consideration includes $55,000 in cash, $700,000 worth of Iceni shares subject to a 12-month voluntary escrow, and a 1.5% net smelter return royalty. The transaction remains subject to due diligence, tenement grant approvals, shareholder consent, and regulatory clearances. If completed, this acquisition will significantly expand Iceni’s landholding in one of Australia’s most prolific gold regions.

Outlook and Market Implications

Iceni’s Managing Director Wade Johnson highlighted the company’s excitement about advancing exploration across its portfolio, emphasizing the Laverton South package as a complementary asset to 14 Mile Well. With drilling already underway at Goose Well and initial work commencing on the new tenements, Iceni is poised for a busy period of exploration and news flow over the coming six months. The company’s strengthened position in the Leonora-Laverton district could attract further investor interest as results emerge.

Bottom Line?

Iceni Gold’s recent capital raise and tenement acquisition set the stage for a pivotal exploration phase in a world-class gold district, with market eyes keenly awaiting drilling results.

Questions in the middle?

• Will Iceni’s exploration at Laverton South yield economically viable gold resources?
• How will the conditional acquisition terms and approvals impact the timeline for exploration activities?
• What potential partnerships or joint ventures might emerge given Iceni’s proximity to major operators like Gold Fields?