Redcastle Resources has signed up mining services provider BML Ventures to help it fast-track gold production from its Queen Alexandra and Redcastle Reef deposits in Western Australia.
Under the joint venture arrangement, BML will fund all work up until first revenues. Its team will also manage mining approvals, day-to-day mining, haulage and toll treatment arrangements across both project sites.
Redcastle will provide site access and tenure management, including work on Native Title, heritage surveys, and environmental approvals.
Surplus gold sale proceeds will be split evenly between the two joint venture partners, after cost recovery from BML.
Redcastle said the joint venture represented a risk-managed development strategy that would move the project from its pre-final investment decision stage through to commencement of mining, all within a 12-month timeframe.
The company also announced it had entered into a deal to acquire the highly-prospective TBone Belt package of tenements, which directly adjoin Redcastle’s existing tenements and will expand its Eastern Goldfields footprint to 85km2.
Its portfolio will now include four granted mining leases, five mining lease applications, 51 prospecting licences and three pending prospecting licences.
The TBone Belt package is being sold by a consortium of vendors. Redcastle has agreed to pay a maximum cash amount of $1.7 million as well as a two per cent gross revenue royalty.
Redcastle chairman Ray Shaw said 2025 was shaping up to be a breakout year for the company.
“The joint venture with BML provides a disciplined, capital-efficient pathway for first gold production, while the TBone acquisition delivers a unique opportunity to apply first mover systematic exploration across 48 concessions previously held by six separate entities,” he said.
“(These are) adjacent to the tenements where our technical team have already demonstrated success with the Queen Alexandra and Redcastle Reef projects.”