Great Divide Mining (ASX:GDM) has finalized a definitive agreement with Dart Mining (ASX:DTM) concerning the Coonambula Project, which includes the Banshee Antimony Mine in Queensland. Under the farm-in joint venture agreement, Dart Mining can earn a 51% interest in the project, initially acquiring a 15% stake by paying $250,000 to Great Divide.
To secure the 51% interest, Dart Mining commits to completing a minimum of 4,000 meters of drilling and producing two geological and resource reports within two years. Dart Mining will manage operations at the Coonambula project. Great Divide, with a market capitalization of $21.22 million, views this agreement as crucial to its strategic shift from explorer to explorer-miner-producer.
Dart Mining plans to conduct an induced polarization ground geophysical survey at the Banshee antimony-gold prospect and initiate drilling to infill existing antimony-gold intersections at the Banshee Mine, aiming for a JORC-compliant resource estimate for antimony-gold as soon as possible. Dart’s Chairman, James Chirnside, believes the Coonambula Project has the potential to define an intrusion-related gold system in a region of Queensland known for hosting multi-million ounce gold resources. The Coonambula Project, located 390km north-northwest of Brisbane, includes five granted exploration permits covering 282km2.
