Wedoany.com Report-Dec.22, Clara Resources Australia has signed a binding agreement to acquire 100 percent ownership of the Hodgkinson Basin gold project in Far North Queensland, Australia.

The tenements yielded more than 1.6moz of gold from the Palmer River and Hodgkinson goldfields in the late 19th and early 20th centuries.

The project is situated about 90 kilometers west of Cairns and includes three granted exploration permits covering a combined area of 265 square kilometers in a region known for past gold production.

These permits are within the Hodgkinson province, which historically produced more than 1.6 million ounces of gold from the Palmer River and Hodgkinson goldfields in the late 19th and early 20th centuries.

The tenement package extends over more than 13 kilometers along a major regional shear zone and incorporates over 130 historical exploration drill holes, creating a reliable foundation for further studies. Despite proximity to former mining areas, the site has received relatively limited recent exploration, indicating potential for additional discoveries.

As consideration for the acquisition, Clara will issue 533,333,333 shares and make staged cash payments totaling A$1.25 million. The transaction remains subject to shareholder approval and other customary conditions.

The company plans to conduct a two-stage exploration program in 2026, designed to advance quickly toward an initial mineral resource estimate in accordance with Joint Ore Reserves Committee standards, while also investigating areas showing promising indicators.

Peter Westerhuis, managing director of Clara Resources, said: "This is a transformational acquisition for Clara Resources. The Hodgkinson Basin is a world-class gold province that has been overlooked for many years. The historical high-grade drill results, combined with the extensive strike length of the mineralised system, give us great confidence in the potential of this project.

"We have a clear strategy to rapidly unlock this potential through a systematic and aggressive exploration programme in 2026. This will be a very exciting year for Clara as we simultaneously progress the Ashford Coking Coal Project to pre-feasibility study status."

Clara has retained Cerberus Advisory as financial advisor and HopgoodGanim Lawyers as legal advisor to guide the process.

In July 2024, Clara completed its purchase of Renison Coal, which holds the Ashford coking coal project in New South Wales, Australia.

This latest move broadens Clara's asset base into gold exploration in an established mineral district.