Dart Mining has entered a deal to earn a stake of up to 51 per cent in Great Divide Mining’s Coonambula antimony-gold project in Central Queensland

Dart chairman James Chirnside said the company had the opportunity to conduct rapid infill drilling at the historical Banshee antimony mine, where previous drill intersections included high-grade antimony to 9.18 per cent.

“With antimony being declared a critical and strategic metal, and the ban on exports from China, antimony prices have increased strongly,” he said.

“Coonambula positions Dart to the forefront of antimony exploration in one of Australia’s best antimony address’, the New England Orogen that also hosts Larvotto’s Hillgrove gold-antimony mine and Trigg’s Wild Cattle Creek antimony deposit.

“We will be drilling with the intent to declare a JORC-compliant antimony-gold resource at the historic Banshee Mine at the earliest opportunity.”

Related: Banshee antimony potential screams loud for Great Divide

The Coonambula project is located about 130km Dart’s flagship Triumph gold project, where it is advancing its initial 7000m diamond drill program.

Comprising six exploration tenements, it lies 70km south-east of the Cracow gold mine and 25km south-west of the Eidsvold goldfield.

Dart will initially take a 15 per cent holding in the tenements by paying Great Divide $250,000 in cash, extending to 51 per cent by conducting a minimum of 4000m of drilling and preparing two geological and resource reports over a two-year period.

Great Divide chief executive officer Justin Haines said the agreement secured a partner to advance exploration at Coonambula, allowing Great Divide to further focus on project development, operation, and near-term cash-flow.

Related: Great Divide’s nimble, quick approach to gold entry

With limited modern exploration at Coonambula, and no drilling since 2014, Dart sees the potential to define a significant intrusion-related gold system within a region of Queensland hosting similar multiple multimillion-ounce gold resources.

The farm-in agreement provides the opportunity to use its existing diamond drill rigs, crews and infrastructure.

Dart will drill about 2000m in the first year of the agreement and model the Banshee lode for a possible JORC resource.

The second year will see 2000m drilled to expand Banshee as well as drilling gold targets at Perseverance and nearby intrusion-related gold system targets.

Dart plans to undertake a detailed IP geophysical survey over 1.5km of strike at the Banshee antimony lode subject to a successful outcome of a grant application in the Queensland Government Collaborative Exploration Initiative Round 9.

The Coonambula farm-in agreement is subject to a 90-day due diligence period and Dart shareholder approval.

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