Clara Resources Australia has signed a binding agreement for the 100% acquisition of the Hodgkinson Basin gold project in Far North Queensland, Australia.

Situated around 90km west of Cairns, the project comprises three granted exploration permits for minerals (EPMs), covering a tenement package of 265km² in the historically productive gold region.

These tenements are located within the Hodgkinson province, a geological terrane that yielded more than 1.6 million ounces (moz) of gold from the Palmer River and Hodgkinson goldfields in the late 19th and early 20th centuries.

The tenement spans more than 13km of a major regional shear zone and contains in excess of 130 historical exploration drill-holes, providing a solid platform for follow-up geological evaluation.

Despite its closeness to historic mining operations, it remains comparatively under-explored, offering considerable potential for new discoveries.

To complete the acquisition, Clara will issue 533,333,333 shares and make staged cash payments totalling A$1.25m ($820,000) .

Completion of the deal is contingent upon shareholder approval and other standard conditions.

Clara plans to implement a two-stage exploration programme in 2026, targeting rapid advancement of the project towards an initial Joint Ore Reserves Committee-compliant mineral resource estimate while evaluating zones with strong exploration upside.

Clara managing director Peter Westerhuis 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 appointed Cerberus Advisory and HopgoodGanim Lawyers as its financial and legal advisors for the transaction, which will support the company through the acquisition process.

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