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Carnaby Resources is selling historical tailings stockpiles at the Tick Hill gold project for $6 million to private mining and processing entity BIM Metals.

BIM will transport the Tick Hill stockpiles to the BIM-operated Lorena gold processing plant once final government permitting is received.

Carnaby Resources says the transaction will provide a cash boost for its exploration activities.

It maintains total ownership of the Tick Hill gold project, 110km south-east of Mount Isa.

At current gold prices, Carnaby says its proposed Tick Hill open pit cutback is forecast to generate net pre-tax cash flows of approximately $18 million at an AISC of A$1190/oz.

Negotiations to develop, profit share or sell the Tick Hill open pit project are continuing.

“This is a pivotal moment for Carnaby. We are now in an enviable position to be able to fast-track exploration at the recently acquired Mallina Basin projects in the Pilbara region of Western Australia where we have exceptional walk-up drill targets near De Grey’s Hemi gold discovery where first pass drilling is targeted to commence in September,” managing director Rob Watkins said.

“Likewise at Tick Hill, the search for the faulted offset of one of the highest grade and most profitable gold deposits ever mined in Australia will continue.”

The Tick Hill tailings dam and historical ROM pad featured in the BIM transaction contain probable ore reserves of 410,900 tonnes at 1.35 g/t for 17,800 ounces.

The total consideration of approximately $6 million comprises:
• $1.25 million non-refundable cash payment by August 14;
• $0.25 million non-refundable cash payment on or before November 15;
• $1.25 million cash payment conditional on the grant of the Environmental Authority Amendment (EA Amendment);
• $1.25 million cash payment 30 days after BIM commences collection of the Tick Hill stockpiles;
• 5 per cent royalty payment on sales of gold from the Tick Hill stockpiles (expected to equate to about $2 million at current gold prices).

Carnaby said it was well advanced with the EA Amendment and anticipated it being granted within three months.