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PepinNini Lithium hopes to start mining at the Gilded Rose gold project near Cloncurry in 2021 after agreeing to purchase the mine from Ausmex.

The $4 million deal is for 100 per cent of the project, which includes four gold mining leases, one exploration licence and a carbon in pulp processing plant.

The plant, not in operation, has design capacity for the processing of 60,000 tonnes per annum.

The acquisition is subject to due diligence and other conditions, and PepinNini plans to launch capital raisings to fund the transactions and mine start-up.

It comes after an earlier deal for Hong Kong-registered Jin Resources to buy the project from Ausmex fell through.

Ausmex said the expected payments from PepinNini for Gilded Rose combined with current working capital in hand would provide it with adequate funding to progress the Mount Freda complex and its Golden Mile mining lease application – also in the Cloncurry region – as well as additional drilling at the Burra copper and gold project in South Australia.

The company is targeting September 2020 gold production from the Mount Freda complex, with ore to be processed at Round Oak Minerals’ Great Australian Mine gold CIP plant in Cloncurry. 

Commercial terms of the Gilded Rose acquisition include a $3 million cash component and $1 million scrip payment in listed shares, at an agreed issue price of $0.002 per share.

Cash payments include $100,000 option fees, $1.4 million cash payable on transaction completion (targeted for June 30), a $500,000 cash payment, payable 18 months following completion, and a $1 million milestone cash payment due upon 10,000 Oz gold production.

Subject to successful completion of the Gilded Rose acquisition, PepinNini said it would raise further capital to enable the commencement of gold production at Gilded Rose.

PepinNini plans to undertake mine planning for an initial open-pit operation followed by a potential underground operation for deeper

It aims to obtain approval to commence mining at Gilded Rose in 2021.