Dourado Resources (ASX: DUO) is a Perth based exploration company that has been established to predominantly explore for deposits of gold, copper and uranium mineralisation.
Dourado Resources acquires Abbotts Exploration to enhance gold tenements
Dourado Resources (ASX: DUO) has successfully negotiated an agreement with the vendors of Abbotts Exploration Pty Ltd for 27.5% of the capital of Abbotts for the consideration of $700,000 and 13 million Fully Paid Ordinary Shares.
Abbotts owns a series of tenements and has a 40% interest in Anuman Holdings Pty Ltd. The Abbotts and Anuman tenements are in close locality with Dourado’s Sabbath-Garden Gully & Mooloogool-Diamond Well Projects in Western Australia.
Peter Del Fante, Dourado's managing director, said that the transaction was of strategic importance to the current holdings of the company and "will further enhance Dourado’s portfolio of exploration tenements which are aligned with its initial objectives."
All the tenements that constitute the Abbotts Project are within approximately 40kms north north east of the Meekatharra township. The Abbotts tenements are located next to Dourado’s Sabbath-Garden Gully Project.
The company believes this proximity will enhance the potential of the overall package. The project area contains a number of gold prospects discovered by WMC in the mid to late 1990’s but which have seen little systematic gold exploration since this time.
Historic gold production of about 40,000 ounces is recorded from the Abbotts greenstone belt, derived principally from the Mt Vranizan (12,200 oz) and New Murchison King (24,460 oz) mines.
Several of the tenements are contiguous with some of the highly regarded Doray Minerals Ltd (Doray) Projects and this includes Doray’s Andy Well Project that released spectacular gold intersections in late March 2010.
As of 15 March 2010, Dourado released significant gold results resulting from their first drilling program for Sabbath-Garden Gully. These encouraging results were further supported by findings from the second drill program.
A further seven hole deep drilling program has been completed with results pending.
The Anuman Project (in which Abbotts has an indirect interest by its shareholding in Anuman) is situated approximately 100kms north east of Meekatharra and located east of the Great Northern Highway.
The Anuman tenements are well positioned in relation to Dourado’s Mooloogool-Diamond Well Project, thus strengthening the company’s holdings.
Dourado will have rights on all minerals except manganese and iron for the Anuman tenements. Underlying the leases are proterozoic rocks of the Goodin Dome which are known for rich gold mineralisations.
The Project is within proximity to the well-regarded Sandfire Resources (ASX: SFR) tenements. Sandfire’s Doolgunna and DeGrussa projects have yielded consistently significant results from their numerous drilling programs.
The company said it has planned a field trip to the Project area in order to carry out a first-pass drilling program and examine other potential exploration targets identified by recently generated geophysical imaging and interpretation.
