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North Queensland gold developer Great Northern Minerals has raised $1.6 million through a share placement to accelerate its exploration push.

The company is focused on the Golden Ant group of projects that it acquired in August 2019, which includes the former Big Rush, Camel Creek and Golden Cup gold mines.

It said this week it was extending its current drilling program at Big Rush, south of Greenvale in North Queensland.

Planning for deeper diamond drilling underneath the central pit at that site is well underway.

As well as support for capital raising from new institutional investors and existing sophisticated and professional investors, the company’s own directors collectively subscribed to $100,000 in shares.

“The strong support we have received from a number of specialist institutional funds demonstrates the significant opportunity as we accelerate our exploration program at the company’s 100 per cent owned Big Rush and Camel Creek gold projects in Queensland,” Great Northern chairman Kim Robinson said.

A drilling campaign kicked off at the Camel Creek gold project, 200km west of Townsville, in late July – the first time that site had been drilled since since 2006.

Eagle Drilling NQ completed 18 holes for 2516 metres – with gold encountered in every hole.

Results includeed 24m at 3.26g/t gold within a broader intersection of 52m at 1.9g/t gold. 

Great Northern said no deep drilling had ever been completed at Camel Creek previously and this systemic program had highlighted the continuity of mineralisation underneath the previously mined shallow open pits.

It announced on August 18 that RC drilling had commenced at the Big Rush gold project, where a minimum of 18 holes for 2400m was planned.

The company also planned work to evaluate the remnant heap leach pad at that site.

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