GEO Exploration Limited (LSE:GEO) has completed the acquisition of the Gorge gold project in Western Australia, having secured all required ministerial approvals. The transaction involved a cash payment of A$100,000, the issue of 48.13 million consideration shares to the vendor, and a further 18.47 million shares issued to a consultant providing technical and commercial support on the acquisition.
The Gorge licence covers approximately 81 square kilometres within the Capricorn Orogen and has recorded historic high-grade gold mineralisation, including multiple near-surface gold nuggets. GEO Exploration plans to apply modern, systematic exploration techniques across the licence area to refine priority targets ahead of an initial drilling programme.
Alongside progress in Australia, the company continues to advance discussions around a potential farm-out of its offshore Namibian licence, PEL0094. Management said industry interest in the region has strengthened, supporting ongoing negotiations. In parallel, GEO Exploration is preparing for the admission of the newly issued shares to trading on AIM, which will increase its issued share capital to approximately 5.66 billion shares.
More about GEO Exploration
GEO Exploration Limited is a junior exploration company focused on gold and petroleum assets. Its portfolio includes the Gorge gold exploration licence in Western Australia and a 78% interest in offshore Petroleum Exploration Licence 0094 in Namibia’s Walvis Basin, where it is pursuing farm-out opportunities alongside industry partners.
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