Dundas Minerals Limited has secured tenure over the 5km Bloodwood gold anomaly with the grant of Exploration Licence E38/4002, which covers approximately 270 square kilometres within the Mount Margaret Mineral Field in Western Australia.

The tenement forms part of the Romano Project, in which Dundas acquired an 80 per cent interest on 30 December 2025 as part of an initial package of four pending exploration licence applications covering approximately 800 square kilometres. The grant of E38/4002 on 18 August 2026 represents the largest single tenement in the project and secures the most advanced target identified to date.

The grant triggers a milestone obligation under the earn-in agreement with Cazaly Resources Limited, requiring Dundas to pay $150,000 in cash and issue $150,000 in Dundas shares subject to shareholder approval. If shareholders do not approve the share issue, the company will pay the equivalent amount in cash.

Historical exploration across the Bloodwood anomaly includes shallow air core drilling that returned 12 metres at 3.31 g/t gold from 20 metres, including 4 metres at 9.53 g/t gold. Subsequent diamond drilling beneath the air core intercept confirmed primary gold mineralisation in fresh rock, returning 2.95 metres at 1.95 g/t gold from 113.45 metres, including 1.7 metres at 3.29 g/t gold from 114 metres.

“Bloodwood is one of the key targets that first drew us to Romano. A five kilometre long gold anomaly with twelve metres at 3.3 grams per tonne inside it, sitting on a major shear corridor in a district that hosts a six million ounce mine, is not something that comes up on granted ground very often.”

“What interests us most is how little work has actually been done. The drilling that defined Bloodwood was shallow air core on wide spacing, and the one diamond hole that went beneath it identified gold in fresh rock. The next holes at Bloodwood are extensions to a known system rather than first pass exploration and this makes this such an exciting prospect.”

— Jonathan Downes, Managing Director

No ground-disturbing work can take place on the tenement until native title access, heritage clearance and reserve entry approvals are obtained. Dundas is currently working through the native title and heritage process with Traditional Owners and is advancing its three remaining Romano exploration licence applications—designated E38/3983, E38/3995 and E38/4000—toward grant.

Read the full announcement: Bloodwood Gold Project Granted