Waratah Minerals Limited (ASX: WTM) has finalised the acquisition of the Ironclad Mining Lease, a significant asset situated adjacent to its existing holdings at the Spur project in New South Wales. The company secured the 100% interest in the lease for a cash consideration of A$1 million following successful regulatory approvals for the tenure transfer.

"We are extremely pleased to have secured this significant and highly prospective mining licence adjoining our existing exploration licence at the Spur Gold Project. Ironclad was historically the largest gold mine in this district, and the acquisition of the Lease not only expands our footprint over the Spur gold system, but it also consolidates our position in the district, representing a significant milestone for Waratah and its shareholders." — Dr Andrew Stewart, Executive Chair

The Ironclad lease is historically notable as the largest gold mine within the Cargo Gold Field, with past operations producing high-grade material. The site is located 1.4 kilometres along strike from the company’s recent discoveries, and management views the asset as a critical component of its broader exploration strategy. The company is currently focused on testing the margins of the Cargo Intrusive Complex, where early work has identified high-grade gold mineralisation similar to expressions found at its primary targets.

To support this integration, Waratah is aggressively expanding its operational capacity. The company is increasing its drilling fleet to 12 rigs to facilitate simultaneous exploration programs at both the Ironclad and Spur project areas. Current on-ground activity at Ironclad is already underway, with diamond drilling testing high-priority targets. This effort is complemented by plans for detailed geochemical surveys, including multielement soil and rockchip sampling, to further refine drill targeting across the consolidated landholding.

Read the full announcement: Waratah Completes Acquisition of Ironclad Mining Lease