Well-funded and recently minted Stratum Metals (ASX: SXT) has hit the ground fast after listing on the ASX, expanding the company's Gidgee North project area by acquiring three new prospecting licences, which are prospective for gold.
These licenses compliment the original exploration licence which is currently subject to a drilling program.
Importantly - the new and existing project area is strategically located around 100 kilometres north-northeast of Sandstone and is close to existing civil and mining infrastructure associated with Panoramic Resources (ASX: PAN) Gidgee Gold Project.
This includes the 600,000 tonnes per annum Gidgee Gold treatment plant, although the plant is not currently operating.
The new tenements are known as P53/1552, P53/1553, and P53/1554, and are located immediately adjacent to the south-east of E53/1494.
Stratum has already obtained the location of historic gold sites from the Western Australia Department of Mines and Petroleum MINEDEX database.
Recognised gold mineralisation and local geology show a general NNW trend and Stratum believes this additional tenure expands the area of prospective strike held by the company, particularly between known areas of mineralisation at German Well South and Groper.
Gidgee North drilling almost complete
In other Stratum news, the reverse circulation drilling program at Gidgee North is on track to wrap up at the end of this week, and providing a preliminary boost Stratum said initial logging compares favourably with the data associated with the historic drilling.
This indicates the program is on track to confirm the historic dataset at depth.
The program comprised 17 holes to around 150 metres depth, with samples to be sent to the ALS Minerals Laboratory in Perth for analysis.
A potential plan for Stratum could entail the fast track development of gold resources at Gidgee North and to strike a deal to utilise a nearby plant for ore processing.