Hastings completes acquisition of Whiteheads gold project

Hastings Technology Metals (ASX: HAS) has completed the acquisition of 100% of Great Western Gold’s (GWG) shares.

The acquisition consists of a cash payment of $370,000 and the issue of 3 million fully paid ordinary HAS shares.

The acquisition grants Hastings’ management control of the Whiteheads gold project located 80km north-east of Kalgoorlie in WA’s Eastern Goldfields.

This includes a 75% joint venture interest previously held by Great Boulder Resources (ASX: GBR) in key project tenements.

Hastings also now holds 100% ownership of additional, non-joint venture tenements previously secured by GWG. This provides Hastings with a 75-100% interest across the Whiteheads Gold project tenements,

The acquisition covers 380km and covers 14 licences, including 12 exploration licences, one prospecting license and one mining lease (not currently in production).

The package provides Hastings with a substantial gold footprint, featuring an advanced gold exploration project with multiple near-term production targets, in proximity to existing infrastructure, operating mines and gold processing facilities.

The Whiteheads gold project shows a compelling opportunity to consolidate and optimise the potential of the area with walk-up drill targets and multiple other untested surface gold and geophysical abnormalities, according to Hastings.

Hastings executive chairman  Charles Lew comments on the acquisition.

“The Whiteheads gold project offers Hastings a low-cost entry to a well-understood gold exploration opportunity with significant upside potential,” he said.

“The advanced nature of the project allows us to immediately move forward with exploration and resource definition, leveraging extensive historical data across multiple previously identified drill targets and other untested gold anomalies at surface and close to Kalgoorlie, the Gold Capital of WA.”