Dart Mining, in partnership with Great Divide Mining (GDM), has reported the first high-grade antimony gold drilling results from the Coonambula antimony-gold project in Central Queensland, Australia.
The initial analytical results from the former Banshee high-grade antimony mine within the Coonambula project area confirm the high-grade antimony-gold resource, which will help accelerate drilling across the Banshee trend.
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Dart Mining is advancing its initial drilling programme at Coonambula using its in-house rig.
The programme aims to infill existing high-grade intersections and move towards establishing an antimony-gold resource compliant with the Joint Ore Reserves Committee (JORC).
Additional drilling results are anticipated in the coming months.
GDM managing director Justin Haines said: “The Coonambula project and GDM’s joint venture [JV] with Dart Mining continues to demonstrate why GDM secured this position. These drilling results confirm the potential for a high-value antimony-gold system at the historic Banshee Mine and further strengthen the case for accelerated drilling across the Banshee trend.”
Under the JV agreement, Dart Mining may earn up to a 51% interest in the Coonambula project, which covers six tenements, by completing specified drilling and reporting milestones within a two-year period.
Dart Mining has acquired an initial 15% interest by paying $250,000 (A$383,432) to GDM and is obligated to complete a minimum of 4,000m of drilling and deliver two geological or resource reports to reach the 51% ownership threshold.
During the earn-in period, Dart Mining will serve as the manager of the JV.
GDM will retain ownership of the tenement and hold a carried interest throughout the early exploration phases.
The Coonambula project is located around 70km south-east of Evolution Mining’s Cracow gold mine and approximately 25km south-west of Eidsvold.
The project is currently 100% owned by GDM through its subsidiaries GDM Coonambula and GDM Yellow Jack.
Dart Mining chairman James Chirnside said: “Every hole we have drilled at Coonambula since the start of the programme has shown these impressive zones of massive Stibnite. With the return of CBADD001 assays, we are very pleased with not only the grade of the antimony, but the broader antimony-gold-silver zones that are present.
“Our keen interest is to continue to drill, moving closer to the historical Banshee Mine to see if there is an increase in grade and thickness given the size of the historical mine.”
