DAF acquires Cuddingwarra Gold Project and $900k Placement

Key points

• Discovery Alaska acquires 100% interest in the Cuddingwarra Gold Project
• Located near Cue, Western Australia, in the Murchison district
• Secured firm commitments for a $900,000 placement to fund exploration

Full summary

Discovery Alaska Limited (ASX: DAF) has executed a binding Share Purchase Agreement to acquire the Cuddingwarra Gold Project, located near Cue, Western Australia. The acquisition includes eight Prospecting License applications covering 13.86km2 in a strategic land position neighboring major gold producers and projects, including Westgold Resources and Caprice Resources. The acquisition is supported by a $900,000 (before costs) private share placement. The Cuddingwarra Gold Project is situated in the Murchison district, proximal to regional processing infrastructure and significant gold mines. The acquisition is subject to obtaining shareholder approval, grant of all prospecting licenses, and completing the capital raising.

Guidance

Firm commitments for a $900,000 placement to support the acquisition and exploration

Outlook

The Company aims to push ahead with exploration works and deliver strong results, leveraging the acquisition and placement funds.