The ASX’s latest gold resources float is wasting no time picking up assets.

Carnaby Resources, led by former Beadell Resources executives Peter Bowler and Robert Watkins, has struck separate deals with Diatreme Resources (ASX:DRX) and Syndicated Metals (ASX:SMD).

Diatreme has inked a $1.1 million all-scrip deal to sell Carnaby its non-core Tick Hill gold project in northwest Queensland.

Syndicated, meanwhile, has granted the new float an option to acquire its 82.5 per cent interest in the Southern Hub copper and gold tenements in north Queensland for $1 million worth of shares.

Diatreme chief Neil McIntyre told Stockhead the company wanted to retain the upside to the Tick Hill project, hence why it chose a 4.5 per cent stake in Carnaby over cash.

“Our view is that Carnaby are capable of unlocking the mystery that is Tick Hill,” he explained.

“So rather than just accept cash we thought we’d vend it in for quite a reasonable sum and then if they’re successful we’ll ride the discovery upside as well. It offered us an upside without having to put our hands in our pockets.”

Diatreme’s flagship project is a heavy mineral sands project in Western Australia that is currently in the bankable feasibility study stage.

“In terms of company priorities, we viewed that as next cab off the rank,” Mr McIntyre said.

“It’s fully permitted ready to go. So from a small company perspective it’s really about allocating resources appropriately to get the best returns for shareholders.”

Diatreme’s joint venture partner, Superior Resources (ASX:SPQ), has also agreed to sell its stake in the Tick Hill project to Carnaby for $375,000 worth of shares, or 1.5 per cent of the company once it lists.

If Carnaby decides to exercise the option over Syndicated’s landholding, Syndicated would hold a 4-5.6 per cent stake in Carnaby on successful listing.

“The agreement will result in Syndicated having a significant interest in Carnaby following the exercise of the option, while retaining a direct free‐carried interest in the Southern Hub tenements themselves – which will form part of a consolidated ground package surrounding the Tick Hill gold mine,” managing director David Morgan told investors.

Diatreme and Syndicated’s share prices didn’t move this morning, but Superior’s share price was up 8.3 per cent at 1.3c just before midday AEST.

The details of Carnaby’s planned IPO are yet to be released to the Australian Securities and Investments Commission.

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