NMR tops up coffers amid portfolio expansion plans

Native Mineral Resources has raised $2.2 million for work including detailed due diligence into the Far Fanning and Black Jack gold mine projects in North Queensland. The company has stated its intention to build its portfolio with one or more new projects that will allow its board and management team to leverage extensive experience in project development through to mining and production. “We believe now is the right time to assess other project opportunities that will align better with the skillset of the NMR team, that is, in project development and delivery," managing director Blake Cannavo said. NMR said it would use the $2.2 million raised in its share placement to assess new opportunities, continue exploration on existing projects in Queensland and for the ongoing detailed due diligence investigations into the Far Fanning and Black Jack projects. NMR’s existing portfolio includes the Palmerville copper project and Maneater gold-copper project in the Chillagoe region, as well as the Music Well and Mount Vetter projects in WA. Late last year, the company entered into a binding exclusivity agreement with Ashby Mining in relation to the Far Fanning and Black Jack projects, which Ashby is looking to divest. Both are advanced, near-mine-ready gold projects in the Charters Towers region. Far Fanning is a former mine with an inferred JORC 2012 resource of 2.3Mt at 1.84g/t gold for 138,000oz gold. The Black Jack assets involved in the agreement include shallow oxide open-cuts mined along the Black Jack underground mine trend during the 1980s and treated by heap leaching. The proposed joint venture between NMR and Ashby does not include the Black Jack CIL processing plant, which is located within the Black Jack tenements and is currently on care and maintenance. Ashby has granted NMR the exclusive right to undertake detailed due diligence investigations into the Far Fanning and Black Jack projects, and the parties have agreed to negotiate in good faith to enter into a binding joint venture agreement. If a binding joint venture agreement is entered into, NMR will obtain a 60 per cent interest in the joint venture and have responsibility to fund exploration and mining works on the JV tenements with a minimum expenditure commitment of $2 million for the first two years. Upon delivery of 70,000 tonnes of ore at greater than 0.6g/t gold, NMR's joint venture interest would increase to 85 per cent. You may also like: https://industryqld.com.au/more-funds-to-fire-up-emu-exploration-drive

NMR tops up coffers amid portfolio expansion plans

Industry Queensland

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