Native Mineral Resources has snapped up a package of North Queensland gold assets including the Far Fanning and Black Jack projects in an $18.9 million deal.

The acquisition includes 17 granted mining leases, one mineral development licence, six exploration permits and the Charters Towers-based Black Jack processing plant, which is in care and maintenance.

“This acquisition is a transformative milestone for NMR,” managing director Blake Cannavo 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.”

The company has reached a binding agreement for the assets as part of Collins St Convertible Note’s deed of company arrangement (DOCA) proposal approved this week by the creditors of previous owners, now in receivership.

Collins St will nominate NMR as the transferee of the various assets pursuant to the DOCA for Blackjack Milling and Fortified Gold (subsidiaries of Maroon Gold) and an asset sale agreement with the liquidators of Ashby Mining.

NMR is planning a capital raise of up to $14 million to go towards items including an initial $3 million payment for the assets; up to $2 million in exploration costs on the Far Fanning and Black Jack projects as well as exploration of the other tenements included in the asset package; and up to $3 million in exploration costs on its existing tenements (being the Palmerville and Maneater projects).

In addition to the ‘near-production’ Far Fanning and Black Jack gold projects, NMR’s newly acquired ground includes the Great Britain and Granite Castle deposits.