Ramelius Resources has divested its Ularring copper-gold project in Western Australia to Constellation Resources, following a binding agreement with Breaker Resources, a wholly owned subsidiary of Ramelius.
The Ularring project, inherited by Ramelius through its $130.7 million acquisition of Breaker in March 2023, is recognised for its potential to host a highly prospective intrusion-related copper-gold system.
Constellation is focusing on the Centre Forest prospect, where well-developed copper-gold mineralisation has been identified along a regional shear corridor spanning 24km. This system is regarded as capable of hosting large-scale deposits, presenting an exciting exploration opportunity the company.
The Centre Forest prospect has already generated promising results from previous drilling with findings include 19m at 2.02 grams per tonne (g/t) of gold and 0.16 per cent copper from surface drilling, and 37m at 0.73g/t gold and 0.26 per cent copper from a separate hole.
Additionally, unweathered fresh rock samples have returned significant results, including 17m at 1.1g/t gold and 0.21 per cent copper from a depth of 84 metres.
Constellation will issue $200,000 worth of fully paid shares as part of the acquisition, with Ramelius retaining a conditional buyback right over the project.
This move aligns with Constellation’s strategy to expand its Western Australian exploration efforts, while Ramelius focuses on its core assets.
With limited regional exploration having been conducted to date, Constellation sees great potential to unlock further mineralisation along the shear corridor and explore other targets within the project area.
Adding the Lake Roe gold project to its growing list of high-potential projects in March last year, this divestment aligns with Ramelius’ strategy to strengthen its position in Western Australia’s gold sector.
Ramelius continues to focus on increasing production and enhancing shareholder value through strategic acquisitions and exploration initiatives.
Alongside its acquisition of Breaker, Ramelius also acquired Musgrave Minerals and its Cue gold project in September 2023.
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