Dundas Minerals Secures Mining Lease for Capricorn Gold Project, Targets Resource Expansion

Mining Lease Unlocks Capricorn Gold Potential

Dundas Minerals Limited (ASX:DUN) has secured Mining Lease M24/1004, granting it access to the Capricorn Gold Project approximately 40km north of Kalgoorlie. This milestone activates Dundas’s option to acquire an 80% interest in Capricorn from Horizon Gold Limited, which retains 20%, with a nine-month exercise window now underway. The lease approval clears the way for immediate exploration and development activities.

Capricorn hosts a JORC 2012 Inferred Mineral Resource estimated at 25,500 ounces of gold within 659,300 tonnes grading 1.2 g/t Au, calculated at a conservative 0.5 g/t cut-off. Notably, this resource was established in 2022 when gold prices were below US$2,000 per ounce, whereas current prices are substantially higher, potentially enhancing the project’s economic viability. The deposit remains open along strike to the north and south, as well as at depth, with no prior modern mining disturbance; a rare advantage in the Kalgoorlie district.

Structural Link to Rockland Gold Project

The Capricorn deposit sits roughly 900 metres north of Dundas’s recently acquired Rockland Gold Project, itself on a granted mining lease. Both projects align on a north-south mineralised structural corridor interpreted as a single geological feature. Rockland’s drilling has defined a roughly 1-kilometre trend of high-grade gold mineralisation open towards Capricorn, separated by a largely untested 500-metre gap below 50 metres depth. This presents a compelling target for follow-up drilling to potentially connect the two deposits.

Dundas’s recent drilling at Rockland, covered in detail in a March 2026 update, is part of a broader campaign to extend high-grade zones along strike and at depth. The company has reported assays pending from this program, which will inform future drilling plans targeting the structural corridor between Rockland and Capricorn. This linkage could materially enhance the resource base in the Kalgoorlie goldfields region.

Drilling Plans and Resource Upside

With lease approval in hand, Dundas is preparing to execute a reverse circulation (RC) drilling program focused on expanding the Capricorn resource both laterally and at depth. Historical drilling south of Capricorn has returned encouraging intercepts such as 3 metres at 9.1 g/t Au from 114 metres, indicating potential for resource growth beyond current boundaries.

The company also plans to re-evaluate the Capricorn resource estimate in light of recent gold price increases and new drilling data. An updated resource could unlock further value by incorporating additional mineralisation that becomes economic at higher gold prices. Importantly, Capricorn’s unmined status means future studies can proceed without legacy issues such as old workings or rehabilitation liabilities.

Dundas’s broader strategy includes advancing other nearby projects like Baden-Powell and Romano, reinforcing its position in the prolific Kalgoorlie district. The recent grant of the Capricorn mining lease complements a strong resource base and ongoing drilling initiatives, including the deeper Rockland drilling campaign that aims to extend mineralisation and test new targets.