Clara Resources (ASX: C7A) has executed the sale of its Kildanga nickel and cobalt project in south-east Queensland to Gympie Goldfields for $1.95 million, in addition to $150,000 in option payments already received.

Clara will apply the proceeds to a maiden reverse circulation drilling program at its Mareeba Gold Project and to general working capital requirements.

Related: Clara gears up for 12,900m Mareeba gold drill program

Located about 50km west of Gympie, Kildanga covers significant historical workings including the Mount Clara prospect and Mount Cobalt.

“We are pleased to have finalised arrangements with the prospective purchaser of the Kildanga project – it was a non-core asset and we will now receive an unconditional $1,950,000 of cash payable by the end of this month,” Clara executive director Duncan Gordon said.

“Proceeds from this sale together with funds from the $1.165 million placement announced on 4 September will place us in an excellent position to fund ongoing drilling and other exploration at our Mareeba gold project in Far North Queensland.”

Highway Reward copper-gold mine proponent Loyal Metals (ASX: LLM) has been removed from the official ASX trading list after its $79 million takeover by Indonesian miner Bumi Resources.

Loyal Metals started exploration at the Highway Reward site, 37km south of Charters Towers, after a deal last year with Highway Copper Gold.

Highway Reward racked up a past production total of 3.65Mt at 5.7 per cent copper and about 260kt at 4.5g/t gold during mining operations between 1987 and 2005.

Green & Gold Minerals (ASX: GG1) is undertaking a renounceable rights issue at $0.10 per share to raise up to $3.2 million.

Funds will be used to drill compelling copper-silver targets across the Herberton Conductor Metals portfolio and to advance gold exploration, resource growth and development at Mount Wandoo.

“Green & Gold Minerals is well positioned to benefit from the powerful long-term market themes supporting both copper and gold,” chair Tony Bellas said.

“Funds raised will advance the company’s two principal value drivers: continued exploration of the suite of compelling copper-silver-tin targets at the Herberton Conductor Metals Project, with the objective of making a significant new resource discovery; and development drilling and test work at Mount Wandoo, targeting the completion of preliminary mining studies and discussions with development partners next year.”

Horn Island gold project proponent Alice Queen (ASX: AQX) is divesting the Yarindury exploration project in New South Wales.

It has entered a binding agreement via 90 per cent-owned subsidiary Monzonite Metals to sell exploration licence EL8646 to Alkane Resources for $900,000 in cash.

“We’re pleased that the company has reached this agreement with Alkane Resources, allowing us to secure value from a non-core asset while directing further attention and capital towards our Horn Island Gold Project in Queensland,” Alice Queen managing director Andrew Buxton said.

“Following the recent progress made at Horn Island, including the release of the project definition study, exploration target and the commencement of a new drilling program, the project represents the most compelling opportunity in our portfolio and requires additional focus as we advance it towards development.”

Related: Horn Island drilling comeback in face of strong gold outlook

EMU (ASX: EMU) has provided an update on its exploration program at the Yataga Valley Copper Project in North Queensland.

It said RC and diamond drilling, together with detailed surface geological mapping, were advancing the company’s
understanding of the intrusive system beneath the valley.

Samples from a raft of RC holes are at the laboratory for analysis. RC/diamond hole 26YVRD012 has advanced to about 735m, testing a priority coincident magnetic-low and induced polarisation chargeability target.

“We remain very encouraged by the geological picture developing at Yataga and excited by the opportunity to progressively test the broader target as drilling, mapping and laboratory results are incorporated into our geological model,” managing director and chief executive officer Doug Grewar said.