- Carnaby Resources (CNB) has sold its Tick Hill tailings stockpiles to private mining company BIM Metals for $6 million
- Once final government permitting is received, BIM will transport the stockpiles to its Lorena Gold Processing Plant, and processing is expected to be completed within 12 months
- Additionally, Carnaby will retain full ownership of its Tick Hill Project and the Tick Hill Open Pit
- This sale will allow the company to speed-up exploration at its newly acquired project in the Mallina Basin
- Carnaby is up a steady 11.8 per cent on the market this morning and shares are trading for 19 cents each
Carnaby Resources (CNB) has sold its Tick Hill tailings stockpiles to private mining company BIM Metals for $6 million.
This $6 million consists of $4 million in cash payments and a five per cent net smelter return (NSR) royalty payable on all gold sales — based on current gold prices, this equates to roughly $2 million.
Once final government permitting is received, BIM will transport the stockpiles to its Lorena Gold Processing Plant, and processing is expected to be completed within 12 months.
Additionally, Carnaby will retain full ownership of its Tick Hill Project and the Tick Hill Open Pit which has a probable ore reserve of 48,000 tonnes at 6.53g/t gold for 10,200 ounces.
This sale will allow Carnaby to speed-up exploration at its newly acquired project in the Mallina Basin.
“This is a pivotal moment for Carnaby. We are now in an enviable position to be able to fast track exploration at the recently acquired Mallina Basin projects in the Pilbara region of Western Australia where we have exceptional walk up drill targets near De Grey’s Hemi gold discovery,” Managing Director Rob Watkins said.
“Likewise at Tick Hill, the search for the faulted offset of one of the highest grade and most profitable gold deposits ever mined in Australia will continue,” he added.
Carnaby is up a steady 11.8 per cent on the market this morning and shares are trading for 19 cents each at 11:25 am AEST.