Locksley Resources has signed a binding option agreement with Balmain Minerals, a subsidiary of Sky Metals, to acquire a complete stake in the Iron Duke Copper and Gold Project in New South Wales, Australia.
This acquisition involves 65 licences and aims to enhance Locksley’s exploration strategy within the Cobar District.
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The Iron Duke project is known for its high-grade copper and gold quartz-sulphide system.
It offers significant potential, with mineralised zones confirmed over approximately 550m of strike length, remaining open to the south and at depth.
Historical drilling results include notable intercepts such as 31m at 1.13% copper and 0.96 grams per tonne (g/t) gold from 34m at KIDRC003.
The project’s mineralisation is characterised by steeply dipping shear-hosted lodes.
Located within 15km of Locksley’s Tottenham Project, it provides potential operational efficiencies and strategic synergies, facilitating shared geological and targeting strategies.
The location supports a coordinated exploration approach within the broader region, resource growth opportunities through multiple untested targets, and historical workings including the Christmas Gift and Monarch prospects.
This acquisition involves an upfront option fee of A$100,000 ($72,371), with an initial consideration of A$500,000 and an additional A$500,000 contingent on specific resource milestones or the sale of the project.
Locksley plans to conduct a 2,000m drilling programme during the option period to validate historical data and advance towards a Joint Ore Reserves Committee-compliant resource.
The company emphasises the potential for further lode development, as indicated by rock chip and mine dump sampling conducted by Sky Metals, with copper concentrations as high as 26.1%.
It intends to complete due diligence, exercise the option and assess development pathways within a broader regional strategy.
Locksley Resources technical director Ian Stockton said: “Iron Duke presents a compelling high-grade copper and gold system with strong structural continuity and clear geological controls on mineralisation.
“Importantly, the acquisition has the potential to materially expand the Tottenham Project’s mineral inventory, while also opening up significant exploration upside on the under-explored Iron Duke shear zone.”
In November 2025, the company begun its maiden El Campo drilling programme at the Mojave Project in California, US.
