STRATA MINERALS COMPLETES PENNY SOUTH GOLD PROJECT ACQUISITION

Key acquisition bolsters West Australian gold portfolio

Strata Minerals Limited (ASX:SMX) has successfully completed the 100% acquisition of the Penny South Gold Project (E57/1045), significantly enhancing its West Australian gold exploration portfolio.

The Penny South Gold Project is located in a world-class gold district, approximately 550m south of one of Australia’s highest-grade gold mines, Penny, which is owned and operated by Ramelius Resources Limited (ASX). Key project highlights include:

Penny Mine Project (Penny West/Penny North) contains 440,000t of ore at a grade of 22g/t Au (320,000oz Au).
The Penny West mine produced 154,000t at 18g/t Au (89,000oz) in the early 1990s.
The Penny North deposit, discovered by Spectrum Metals Limited, holds 569,000t at 16.8g/t (306,000oz) and was acquired by Ramelius for over $200M in 2020. The deposit is currently being mined and expanded.

Other notable features include 2.5km of strike along the Penny West Shear extending into the Penny South Project, and an average historical drill hole depth of 42m. Strata is reviewing all available data and plans to update shareholders in the coming weeks.

Commenting on the acquisition, Managing Director Peter Woods said:

We are extremely pleased to have completed this strategic acquisition of the highly prospective Penny South Gold Project following shareholder approval. Securing this asset which is next door and along strike 550m south to one of the highest-grade producing gold mines in Western Australia is very exciting.