Berkut Minerals has completed the acquisition of the historical high-grade Tick Hill gold project and 323sq km of exploration ground in the Mount Isa region.
The company will be renamed Carnaby Resources and its shares will trade under the ASX code ‘CNB’ .
The assets were acquired from emerging mineral and silica sands miner Diatreme Resources, with the sale deal giving Diatreme nearly $1 million of Berkut shares (at current prices) and exposure to Berkut’s portfolio of gold assets in western and eastern Australia.
The acquisition includes a 100 per cent interest in the Tick Hill granted mining leases (4sq km) and an 82.5-100 per cent interest in the broader 319sq km exploration tenements.
The Tick Hill mine produced 511,000oz at 22.5g/t gold to a depth of only 235m from 1991 until 1995 under the ownership of MIM Holdings.
The regional exploration package contains numerous historical gold and copper occurrences including:
– Grassano – Large IOCG target with up to 114 g/t gold in rock chips
– Duchess – historically produced 205kt at 12.5 per cent copper
– Ivanhoe – Intercepts up to 11m at 2.7 per cent copper from 86m
– Nil Desperandum – intercepts up to 19m at 2.3 per cent copper, 0.6 g/t gold, 12m at 3.3 per cent copper, 0.4 g/t gold and 6m at 5.2 per cent copper, 0.8 g/t gold
Berkut has completed a $1.6 million equity raising completed, leaving it with $4.7 million in cash.