Native Mineral Resources reports assays ranging up to 85.1g/t gold from its newly acquired Far Fanning project near Charters Towers.

The results stem from selective samples collected from historical stockpiles at the site during the due diligence process.

Their release comes as NMR prepares for a drilling program targeting significant veining to add to the known Far Fanning inferred resource of 138,000oz gold.

It aims to increase the confidence level of the resource, the life and possibly the overall grade of the deposit, according to managing director Blake Cannavo.

The company recently signed a binding agreement to acquire the Far Fanning and Black Jack deposits, Black Jack processing plant, and other North Queensland gold assets for $18.9 million, structured over 33 months with a 2 per cent perpetual royalty on gold production.

Related: Deal opens new chapter for Black Jack, Far Fanning

“Our due diligence field work program has confirmed the presence of high-grade gold up to 85.1g/t gold at the Far Fanning project,” Mr Cannavo said.

“The stand-out takeaway is the veining at Far Fanning, which is known to potentially contain high-grade gold, and can be backed up by empirical data from sampling.

“These impressive assays will form the foundation for our maiden drilling program at Far Fanning, with our technical team currently advancing our planning and target generation work.”

NMR said that of 68 targeted samples from stockpiles at Far Fanning, 38 samples assayed greater than 0.5g/t gold.

This included 16 samples at greater than 5g/t gold and 18 samples between 1g/t gold and 5g/t gold.

The company noted that the samples were collected selectively to assist in understanding the mineralisation and did not represent the entire mineralisation or styles of mineralisation at the site.

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