Breakthrough Minerals

Breakthrough Minerals Completes Transformational Gold Acquisition and Capital Raising

Errolls Gold Project Acquisition

Breakthrough Minerals Limited (ASX: BTM) (BTM or the Company) is pleased to announce that, further to the Company’s announcement on 20 May 2025, it has now completed the purchase of a 100% interest in the Errolls Gold Project comprising E57/996 and overlying Mining Lease Application M57/653, located within the Barrambie Greenstone Belt in the Murchison region of Western Australia.


Highlights:

  • Acquisition of the Errolls Gold Project in the Murchison region of Western Australia now complete.
  • The Company now has 100% ownership of E57/996 and overlying Mining Lease Application M57/653.
  • Placement completed raising a total of $1.2 million (before costs) at an issue price of $0.074 per share, bringing the total cash on hand to ~$2.5 million1.
  • The Errolls Gold Project boasts historical production of 5,000oz @ 17.6g/t Au with very limited modern exploration2.
  • Proposal of Works (POW) has been approved by DMIRS for a drilling program which will commence during the July 2025 quarter to follow up on the shallow high-grade historical drill intercepts which include:
    • 22m @ 7.46g/t Au from surface, incl. 5m @ 31.76g/t Au and 3m @ 51.85g/t Au
    • 20m @ 2.74g/t Au from 14m, incl. 6m @ 7.24g/t Au
    • 11m @ 6.88g/t Au from 14m, incl. 6m @ 12.3g/t Au

The Company intends to undertake an initial Reverse Circulation (RC) drilling program during the July 2025 quarter to follow up numerous shallow high-grade gold intercepts from historic drilling1.

The consideration payable to the vendor of the Errolls Gold Project, Kyarra Minerals Pty Ltd (or its nominee), under the Sale Agreement comprised a cash fee of $150,000, 3,500,000 fully paid ordinary shares in Breakthrough Minerals and 2,000,000 performance rights, which are subject to the vesting conditions outlined in the Company’s ASX release of 31 March 2025.

The parties have agreed that 100% of the Consideration Shares received by the Vendor will be subject to voluntary escrow for a period of 6 months, commencing from the date of issue.

Breakthrough Minerals Executive Director, Peretz Schapiro, commented:

“Breakthrough Minerals is delighted to have now completed both the Errolls Gold Project acquisition and capital raising, which is a transformational step forward for the Company.

We plan on commencing preparatory work as soon as possible to follow up on the exciting high-grade historical drill intercepts and, with a POW granted, we expect to commence our maiden RC drill program in the coming quarter.”


Click here for the full ASX Release

This article includes content from Breakthrough Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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