PERTH (miningweekly.com) – ASX-listed Carnaby Resources has sold the historic Tick Hill tailings stockpile, in Queensland, for A$6-million, retaining full ownership of the Tick Hill project.
The consideration from private mining and processing group BIM Metals will consist of A$4-million in cash and a 5% net smelter royalty on all gold sales from the stockpile, valued at around A$2-million at the current gold price.
The tailings stockpile will be processed at a nearby BIM-operated processing plant over the next 12 months.
“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 where first pass drilling is targeted to commence in September,” said MD Rob Watkins.
“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.”
Plans are under way to restart drilling at Tick Hill in 2020.