Highlights

  • Evergold Minerals agrees to acquire two prospecting licences at Rabbit Warren, approximately 8km northeast of Leonora, for A$200,000 total.
  • Historical 1982 diamond hole returned 3m at 23.0g/t gold including 1m at 47.8g/t from ~30m below shallow workings; not tested since.
  • Total consideration: A$50,000 cash plus shares worth A$150,000 at 3.1 cents, with six months voluntary escrow on the share component.
  • RC drilling beneath and along strike of the 1982 intercept is planned for H1 2027 subject to heritage clearances and programme approvals.

Evergold Minerals Limited (ASX:EG1) has struck a binding agreement to acquire two prospecting licences at Rabbit Warren, a historical gold workings site located approximately 8km northeast of Leonora in Western Australia. The announcement, made 21 October 2026, adds a new early-stage target to the company's Leonora Goldfields portfolio at a consideration of A$200,000 — split between cash and shares.

The Historical Case for Rabbit Warren

The site has a colourful history dating to September 1980, when prospectors using metal detectors discovered gold in a rabbit warren. Around 80 tonnes of material was reportedly recovered and processed at Leonora Battery, yielding approximately 84 ounces of gold. A joint venture between Endeavour Resources and Bond Corporation followed in 1981-82, conducting geophysics and diamond drilling.

That programme's most significant result — diamond hole DDH3, which returned 3m at 23.0g/t gold from 33m depth, including 1m at 47.8g/t — was drilled approximately 30m below the base of the shallow historical workings and has not been followed up with RC or diamond drilling since. Two other diamond holes returned no significant intersections. St Barbara conducted 21 aircore holes in 1997, with a best result of 2m at 0.62g/t gold from 36m. All these are historical and non-JORC 2012 compliant results.

Acquisition Terms

Vendor is Mr Jamie Douglas Jones. The two licences — P37/9163 and P37/9178 — cover approximately 192 hectares in a roughly 4km long by 600m wide configuration. Consideration is A$50,000 cash on completion plus 4,838,709 shares at a deemed value of 3.1 cents, totalling A$150,000 in share value. Shares carry six months voluntary escrow. The vendor retains limited alluvial prospecting rights to 3m below surface and holds a first right of refusal.

Conditions include satisfactory due diligence and regulatory approvals within six months. One material limitation: the licences expire 5 March 2027, meaning renewal will be needed before any extended programme can proceed.

Planned Exploration

Evergold intends to conduct site mapping and build a 3D geological model from historical data before lodging a programme of works before end 2026. Fieldwork in early 2027 will include mapping, geophysics and geochemical sampling. RC drilling beneath and along strike of the 1982 diamond intercept is planned for H1 2027, subject to heritage clearances and approvals.

At the September quarter end, Evergold held A$2.765 million in cash, down from A$4.007 million at 30 June 2026, with A$1.29 million spent on exploration during the quarter. The company estimates approximately 2.28 quarters of funding remaining. Its most advanced project, Mt Monger, is targeting a maiden mineral resource in early 2027.