Great Northern tops up Camel Creek war chest with $250,000 sale of Big Rush
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Great Northern has executed a binding agreement to sell its Big Rush gold project for $250,000 as part of its strategy to focus on its Camel Creek project by divesting non-core assets.
Under the agreement with private company Great Eastern Gold, the company will sell the four tenements that make up Big Rush for $250,000 in cash – with $25,000 being a non-refundable exclusivity fee and the balance being payable on completion of the deal.
Completion is subject to Great Eastern Gold completing reasonable legal and technical due diligence within 60 days.
Great Northern Minerals (ASX:GNM) had announced at the end of September that it would divest Big Rush to focus on near term exploration and development of the Camel Creek Project including the Douglas Creek intrusion-related gold system and the Golden Cup project.
This was due to the logistical concerns arising from the distance between Big Rush and Camel Creek, the increased environmental surety for Big Rush rising from $175,536 to about $4.1 million, and strong results this year from Douglas Creek and Camel Creek.
In late July, the company noted that mapping and sampling work had outlined three large zones of high grade IRGS at Douglas Creek with assays topping out at 2 grams per tonne (g/t) gold, 88g/t silver and 11% copper.
These were particularly intriguing given that there were no historical workings in the tested area.
Meanwhile, earlier work at Camel Creek had allowed Great Northern to define a maiden resource of 202,000oz of gold and 9,000t of antimony for the Camel Creek deposit in March this year.
This article was developed in collaboration with Great Northern Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.