Iceni Gold (ASX:ICL) farm in with Gold Fields for up to $10M
Iceni Gold has executed an Option and Joint Venture agreement with G Ex Australia Pty Ltd, a subsidiary of Gold Fields Limited, over tenements encompassing the Company's Everleigh prospect within the 14 Mile Well Gold Project located between Leonora and Laverton in Western Australia.
The agreement provides for Gold Fields to spend up to $10M on exploration at the Everleigh Project, while Iceni retains 100% ownership of the remainder of the 14 Mile Well Gold Project.
Highlights
Option and Joint Venture agreement signed with Gold Fields over ~48km² of Iceni's 100%-owned tenements containing the Everleigh-Tatong Prospect.
Agreement provides for up to $10M in exploration expenditure.
Gold Fields may earn an initial 51% interest through $5M expenditure within 3 years, with the option to earn a further 19% interest through an additional $5M expenditure within 5 years.
Gold Fields must spend a minimum of $1.5M within 2 years from signing.
Iceni will be the initial manager during the earn in phase, with exploration activity expected to commence in July 2026.
Iceni retains 100% ownership of the remainder of the 14 Mile Well Gold Project.
The Farm In Area, which is to be called the Everleigh Project, forms part of the Company's 100%-owned 14 Mile Well Gold Project.
The joint venture area hosts the Bellbird fractionated dolerite sill, a prospective corridor extending approximately 5km from the Company's Goose Well prospect area in the west to the newly identified Wild West Trend in the east.
Under the Option Agreement, Gold Fields may earn and acquire up to a 70% joint venture interest in the Everleigh Project through a staged expenditure program, while Iceni will be the initial manager during the earn in phase.
The Company stated that the Farm In allows Iceni to focus on and accelerate its exploration efforts on its other high priority targets on the 100% held non JV tenements covering approximately 645km², whilst enabling exploration at Everleigh to be advanced pursuant to the Farm In.
The Company also stated that since May 2021, foundation work has identified priority gold target areas at Everleigh, Goose Well, Keep It Dark and the 15km long Guyer Trend through geophysics, metal detecting, surface sampling and drilling.
The Everleigh-Tatong area lies in the central part of the 14 Mile Well Gold Project, where initial aircore drilling commenced in early 2025 targeting the Castlemaine-Tatong trend and Tatong South, now known as Wild West.
According to the Company, subsequent aircore drilling generated three new bedrock gold anomalies (>0.1 g/t Au) named Rio Bravo, Sundance and High Noon, extending over a strike length of approximately 2.0km.
The Company also reported that the Guyer West program confirmed two major north northwest mineralised structural trends extending over 2,400m and 4,000m.
Iceni Gold Managing Director Wade Johnson said,
“The commitment by Gold Fields further validates our belief that there is potential for multiple mineral systems associated with the fractionated dolerite sill in this area and reinforces the prospectivity of the entire 14MWGP tenement package. Gold Fields’ involvement in the JV will allow Iceni to accelerate evaluation of other highly prospective targets on the remainder of the Iceni Ground in which we retain 100% ownership, subject to the existing farm-in agreement at the Guyer Project.”
The Company and Gold Fields have an existing partnership relating to the $35M Guyer Farm In Agreement entered into on 18 December 2024 in respect of 154km² of tenements covering the Guyer Trend.
Gold Fields completed the acquisition of Gold Road Resources in 2025, owns and operates the Granny Smith Gold Mine approximately 25km east of the 14 Mile Well Gold Project, and is the second largest shareholder in Iceni Gold.
The Everleigh Option Agreement allows Iceni to focus on its 100% held tenure, where exploration can be accelerated to identify new gold mineralised systems and other high priority targets in the portfolio, as it has done at Guyer, Wild West and more recently Goose Well.
Exploration activity on the Everleigh farm in tenements is expected to commence in July 2026, while Iceni retains 100% ownership of the remainder of the 14 Mile Well Gold Project.
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