The settlement will permit Evolution to fund sampling and metallurgical and course of testing of the stockpiles, that are situated at NQ’s Ukalunda tenement in North Queensland, Australia
(LON:NQMI, ) stated it has signed an settlement with Australian gold miner for the detailed analysis and potential processing of lead and silver-rich stockpiles on the Sunbeam undertaking, situated on the firm’s Ukalunda tenement in North Queensland, Australia.
The Aquis-listed metals producer stated the settlement will permit Evolution to fund an preliminary complete sampling programme and conduct metallurgical and course of testing of the high-grade element of the Sunbeam stockpiles. The deal additionally consists of choices for Evolution for the processing of all or among the stockpiles into saleable concentrates on a price and income sharing foundation.
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The Sunbeam undertaking consists of the historic Sunbeam mine, which produced round 600,000 ounces of silver with bonanza grades of as much as 37,000 grams per tonne, in addition to floor stockpiles containing roughly 180,000 tonnes of fabric from historic mining exercise, of which an estimated 48,000 tonnes are anticipated to comprise excessive grades of contained silver primarily based on prior sampling.
Evolution owns the Mt Carlton gold and silver mining operation, which has a processing plant situated round 80 kilometres from the Sunbeam undertaking.
“The conclusion of this settlement represents an essential step ahead in shifting ahead NQ’s efforts to commercialise our North Queensland mining properties. We’re excited to be working with the group at Mount Carlton and Evolution and I stay up for the capabilities and assets they carry to this shared improvement alternative. Not solely does this imply we are able to look to commercialise these stockpiles towards a strong silver market setting, nevertheless it additionally opens the trail to additional potential exploration at Sunbeam”, NQ Minerals chairman David Lenigas stated in an announcement.
Shares in NQ had been buying and selling at round 6.2p on Monday morning on the Aquis trade.