Emperor Energy has completed the acquisition of the three Great Caesar mining leases, located between Townsville and Charters Towers.

The company said financial settlement was completed on August 23 and the mining lease transfer was now proceeding.

Emperor Energy said the mining leases were considered highly prospective for gold and it now plans to carry out an exploration program, initially focused on establishing a JORC-compliant resource.

‘Emperor Energy considers that subject to a successful exploration campaign this project provides an opportunity to deliver early cash flow to the company through contracted open pit mining and processing as it simultaneously continues with its flagship Judith gas field project in the offshore Gippsland Basin, Victoria,’ the company stated in an update to the ASX.

The $500,000 Great Caeser acquisition covers three mining leases about 60km south-west of Townsville with a total area of 128ha.

Earlier this year, Emperor Energy outlined plans for two-phase program targeting an outcrop identified by the historical Great Caesar workings along with a secondary target at the Tunnel prospect.

Stage one proposes an initial 600m of exploration drilling at an estimated cost of $180,000 including drilling, assays, support staff costs, mobilisation and demobilisation expenses.

The second phase of the exploration program would involve a further 400m of infill drilling in the first half of 2025 at an estimated cost of $120,000.