 (ASX: NMR) has signed an agreement with Collins St Convertible Note to acquire a suite of advanced, near-production gold projects in northern Queensland as part of a deed of company arrangement approved by creditors.){kind=link}
NMR acquires advanced Queensland gold projects for $18.9m
Native Mineral Resources (NMR) (ASX: NMR) has signed an agreement with Collins St Convertible Note to acquire a suite of advanced, near-production gold projects in northern Queensland as part of a deed of company arrangement approved by creditors.
The $18.9m deal includes the Far Fanning and Black Jack deposits.
Positioned in the mineral-rich Ravenswood-Charters Towers region, the acquisition provides extensive exploration potential, a clear path to gold production and significant upside through resource growth opportunities.
NMR managing director Blake Cannavo comments on the agreement.
“This acquisition is a transformative milestone for NMR,” he said.
“By securing two near-mine, advanced gold projects with robust resource potential, we are positioning ourselves to move rapidly towards production.
“This deal propels us from a junior explorer to a potential gold producer in under two years, significantly enhancing value for our shareholders.”
Seven targeted samples from historic stockpiles at Far Fanning returned grades of between 1.56-72.5g/t of gold. Samples were selectively targeted at quartz and sulphide veins located in oversize material on historic stockpiles as part of NMR’s due diligence at Far Fanning.
NMR plans to complete resource definition and infill drilling at Far Fanning to improve confidence and support an MRE update and feasibility study along with a review of available data for Great Britain and Granite Castle.