Tick Hill tenement package changes hands
The company will be renamed Carnaby Resources and its shares will trade under the ASX code ‘CNB’ .
The assets were acquired from emerging mineral and silica sands miner Diatreme Resources, with the sale deal giving Diatreme nearly $1 million of Berkut shares (at current prices) and exposure to Berkut’s portfolio of gold assets in western and eastern Australia.
The acquisition includes a 100 per cent interest in the Tick Hill granted mining leases (4sq km) and an 82.5-100 per cent interest in the broader 319sq km exploration tenements.
The Tick Hill mine produced 511,000oz at 22.5g/t gold to a depth of only 235m from 1991 until 1995 under the ownership of MIM Holdings.
The regional exploration package contains numerous historical gold and copper occurrences including:
– Grassano – Large IOCG target with up to 114 g/t gold in rock chips
– Duchess – historically produced 205kt at 12.5 per cent copper
– Ivanhoe – Intercepts up to 11m at 2.7 per cent copper from 86m
– Nil Desperandum – intercepts up to 19m at 2.3 per cent copper, 0.6 g/t gold, 12m at 3.3 per cent copper, 0.4 g/t gold and 6m at 5.2 per cent copper, 0.8 g/t gold
Berkut has completed a $1.6 million equity raising completed, leaving it with $4.7 million in cash.