Name of the Project
Tick Hill gold project.

Location
The project is located in Queensland, Australia.

Project Owner/s
Carnaby Resources.

Project Description
A prefeasibility study (PFS) has confirmed Tick Hill to be technically and economically viable.

The project has a total ore reserve of 459 600 t grading 1.89 g/t gold.

The PFS proposes the development of a contract mining and toll treatment operation.

The production mill feed of 474 200 t at 2 g/t is planned over a 13-month period to recover about 27 300 oz of gold. Overall recoveries are expected to be 90%.

The PFS is based on an optimised openpit cut­back of the existing 70-m-deep Tick Hill openpit and on the reprocessing of the tailings dams and historical run-of-mine (RoM) pad.

The conventional opencut mine will be established using all-wheel drive truck-and-shovel operations, conducted by an experienced mining contractor.

Tick Hill ore will be hauled to nearby processing facilities for toll treatment.

Mining and processing of the tailings dams and RoM pad is scheduled to start before the development of the Tick Hill openpit, allowing for the generation of immediate cashflow. This will reduce working capital requirements associated with the development of the Tick Hill openpit.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
The project has a capital cost of A$355 000.

Planned Start/End Date
First gold from Tick Hill is expected towards the end of 2020.

Latest Developments
An amendment to the existing environmental authority of the Tick Hill project is now under way, and startup approvals are expected to take three months to complete.

Third-party processing options in the Mt Isa/Cloncurry district are being advanced, including discussions pertaining to potential contract min­ing and alliance agreements to negate any funding requirements of the preproduction capital.

Key Contracts and Suppliers
Not stated.

Contact Details for Project Information
Carnaby Resources, tel +61 8 9320 2320.