Berkut Minerals has completed the takeover of a historic former Mount Isa gold mine at Tick Hill with a view to resume mining operations.
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Completing a process that began last month, Berkut paid sand mining company Diatreme over half a million dollars to acquire historical high-grade Tick Hill Gold Project south of Duchess and they will change their own name in the process.
Berkut have bought a 100% interest in the four sq km Tick Hill granted mining leases and 82.5% up to 100% interest in the broader 319sq km copper-gold exploration tenements for $562,000 in ordinary shares.
In the early nineties Tick Hill was one of Australia's highest grade and most profitable gold mines, producing 511,000oz at 22.5 grams per tonne gold to a depth of only 235m from 1991 until 1995 by Carpentaria Gold (a subsidiary of Mount Isa Mines).
The tailings dam alone covers eight hectares and could contain between 600,000-650,000t of tailings material based on historical records, former owners Diatreme said in 2016.
Tick Hill has been largely unexplored over past 20 years and this will be the first time since 1995 that the package has been amalgamated.
Berkut said experienced mining executives Peter Bowler and Rob Watkins have been appointed as non-executive chair and managing director respectively and they have completed a $1.6 million equity raising including half a million investment by the new management team, placing them n a strong financial position with $4.7 million in cash.
As part of the deal Berkut will change its name to Carnaby Resources Ltd.
Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
