Kalamazoo to buy into trio
Copper-gold exploration company, Kalamazoo Resources is the latest exploration company to jump on the Pilbara gold hype as it acquires equity in three of the region’s gold projects.
Announced last week, the — agreement with prospector Denis O’Meara and KS Gold will provide Kalamazoo Resources with an option to acquire between 80 and 100 per cent equity in three Pilbara gold projects close to some of the Pilbara’s recent gold discoveries.
The projects include DOM’s Hill Gold, Sisters and Marble Bar Gold projects.
Kalamazoo executive chairman Luke Reinehr said the agreement would strengthen relationships in the Pilbara.
“This deal propels Kalamazoo into the Pilbara as a genuine explorer with a highly experienced management team and a long history of exploration success,” he said. “The agreement to acquire these tenements further strengthens the long relationship between Kala-mazoo and Denis O’Meara prospecting as vendor of the projects.” Under the agreement, Kalamazoo Resources will pay $125,000 from cash reserves and issue $200,000 in shares, giving the exploration company a 90-day option across each of the projects.
Recent prospecting at DOM’s Hill has recovered an estimated 300oz of gold nuggets from poorly explored areas, while the Sisters gold project is in the centre of the current gold rush with De Grey Mining and Novo resources reporting recent nugget discoveries.
The exploration company plans to begin exploration immediately with an on-ground reconnaissance program, a review of any historical exploration and sampling assessments.
The agreement comes as gold discoveries have increased in the Pilbara after Canada’s Novo Resources began finding small watermelon seed-shaped gold nuggets at Artemis Resources’ Purdy’s Reward prospect, south of Karratha, as part of an exploration joint venture between the two companies.
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