Southern Hemisphere Mining Ltd. has applied for two tenements that will more than double the company's exploration footprint in the gold-prospective Pilbara Basin of Western Australia to 1,504 square kilometers.
The ASX-listed explorer said Oct. 12 that the tenement applications, which cover 782 square kilometers, are prospective for conglomerate gold mineralization associated with the Lower Fortescue Group on the southern boundary of the Fortescue Basin.
Southern Hemisphere also noted that the geological setting is similar to Artemis Resources Ltd.'s Purdy's Reward project, which is located on the northern boundary of the Fortescue Basin.
Following the news, the company's shares were up 5.26% at 20 cents as investors jumped on the Pilbara gold rush bandwagon.
"Unlike most other explorers in the area looking for conglomerate-hosted gold mineralization associated with the Lower Fortescue Group in the Pilbara Basin, [Southern Hemisphere] is totally focused on the southern boundaries of the basin," Director Keith Coughlan said. "There is no reason why this exciting play does not exist in the southern part of the basin, as there is extensive historic evidence of gold occurrences associated with the Lower Fortescue in this area."