Breakthrough Secures High-Grade WA Gold Project with Immediate Drill Targets
Transformational acquisition positions Breakthrough for rapid value creation in Tier-1 region
ASX-listed explorer Breakthrough Minerals Limited (ASX: BTM) has announced a company-making acquisition, entering into a binding agreement to acquire 100% of the highly prospective Errolls Gold Project in Western Australia’s East Murchison Mineral Field.
Located within the Barrambie Greenstone Belt, the Errolls Gold Project boasts a history of shallow, high-grade gold intercepts and has seen minimal modern exploration. Historical mining produced approximately 5,000oz at 17.6g/t gold, with standout historical intercepts including:
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22m @ 7.46g/t Au from surface, incl. 5m @ 31.76g/t Au and 3m @ 51.85g/t Au
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20m @ 2.74g/t Au from 14m, incl. 6m @ 7.24g/t Au
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11m @ 6.88g/t Au from 14m, incl. 6m @ 12.3g/t Au
The average historical drill depth is just 34 metres, highlighting the project's near-surface potential and the strong prospectivity for extensions at depth and along strike.
The Errolls Gold Project sits on the same greenstone belt as Neometals’ adjacent Barrambie Gold Project (ASX:NMT), which hosts an Exploration Target of 8–10.5Mt @ 1.3–2.3g/t Au.
Breakthrough has already submitted a Program of Work, with drilling to commence immediately upon completion of the acquisition.
To support exploration efforts, Breakthrough has secured firm commitments to raise A$1.2 million via a placement to sophisticated investors at A$0.074 per share. The raise provides the Company with a pro forma cash position of ~A$2.6 million and an indicative enterprise value of approximately A$2.5 million.
Executive Director Mr Peretz Schapiro commented:
“This is a genuine company-making acquisition for Breakthrough. The Errolls Gold Project delivers exactly what investors are looking for — shallow, high-grade gold with walk-up drill targets in a world-class jurisdiction.
With historical drilling averaging just 34 metres depth and intercepts up to 51g/t gold, the opportunity to unlock extensions both down-dip and along strike is extremely compelling.
We’re moving fast — with approvals already in place and drilling to commence immediately post-completion.
This acquisition not only enhances Breakthrough’s exploration profile but positions us to rapidly add value through the drill bit.
We’re excited to get on the ground and look forward to updating the market with progress shortly.”
Next Steps
Upon completion, Breakthrough will commence a maiden drill program targeting shallow extensions of the known high-grade mineralisation. Walk-up drill targets have already been defined, with multiple prospects open along strike and at depth.
Acquisition Terms
Breakthrough will acquire the project from Kyarra Minerals Pty Ltd for:
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A$150,000 in cash (A$50,000 deposit already paid)
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3.5 million Breakthrough shares
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2 million performance rights linked to gold exploration milestones
Completion of the acquisition and the Placement is subject to shareholder approval at a General Meeting expected to be held in May 2025, with transaction finalisation anticipated in early June.
About us:
About Breakthrough Minerals
Breakthrough Minerals (ASX:BTM) is an environmentally responsible, diversified mining and energy group with a core focus on growth opportunities in the resources sector.
Contact details:
For further information, please contact:
Peretz Schapiro
Executive Director
E: [email protected]
Chloe Hayes
Investor Relations Manager
E: [email protected]
