Western Gold Exploration Ltd has agreed a joint venture with the owner of the Cononish mine to explore for precious metals and critical minerals in the Caledonian gold project in central Scotland.
TERMS
The company’s subsidiary, Lorne Resources Ltd, and Acrux Gold Ltd signed a shareholder agreement on 25 November 2025 to create Glen Lyon Ltd.
Companies House notes that the JV’s current sole director is chief executive officer Ross McLellan, who holds 75% or more of the shares and voting rights.
WGE said that Glen Lyon had applied for two Crown Estate Mines Royal options agreements to explore over a “highly prospective” 500 km² area in central Scotland.
The acreage lies next to Cononish, which contains a high grade deposit, and “runs along the same mineralised suture zones known to host gold-bearing structures”.
Lorne holds 90% and Acrux 10% of the JV, while Acrux holds a free carried interest during exploration until the first formal resource estimate on any prospect.
WGE chairman Harry Dobson added: “The company views this venture as a significant step forward in unlocking the broader gold potential of the Caledonian Belt in Scotland, leveraging both Lorne’s exploration expertise and Acrux Gold’s operational experience at Cononish.”
The company and its subsidiaries are exploring mineral properties in Scotland and the Caledonian-Appalachian belt.
WGE’s portfolio also holds the Lorne project, which includes the Lagalochan copper-gold porphyry property in Argyll, and properties along the Lorne Fault Zone.