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Great Northern Minerals has launched a bid to raise $3 million to fast track work at its Camel Creek and Big Rush gold projects in North Queensland.

The Perth-based junior has announced a placement of shares to sophisticated and professional investors as well as a rights issue to shareholders to raise the capital.

The funds will be used to systematically drill test the Camel Creek gold project over about 2km of strike and allow for additional work on the Big Rush gold deposit as well as augmenting working capital.

It comes after the company in January announced assay results from the aircore and reverse circulation drilling completed in December 2020 at Camel Creek, confirming and extending high grades and widths over 1000m of strike length.

Higher grade results included 10m at 6.63 g/t gold (including 5m at 12.20 g/t gold from 59m), and 5m @ 5.29 g/t gold from 47m.

At that time, managing director Cameron Mclean noted that consistent mineralised zones had been intersected, providing an excellent platform for a large resource drilling program in 2021.

“Further, we are learning more about the general geological structure of the mineralised area, where historical mining scratched the surface, providing for potential future growth opportunity,” he said.

At Big Rush, the company has announced mineral resource of of 3.53 million tonnes at 1.36 g/t gold for 154,000oz of gold – all lying within 170m of the surface.

The Big Rush and Camel Creek historical mine sites are part of the Golden Ant group of projects that Great Northern Minerals acquired in August 2019. It also includes the former Golden Cup gold mine.

The combined resources total 184,000 ounces ahead of a maiden resource estimate at Camel Creek expected later this year, following the completion of the large drilling program planned for the first half of 2021.