Native Mineral bets on Q3 gold pour at Blackjack
Native Mineral Resources (ASX:NMR) plans to conduct its first gold pour in Q3 2025 at the Blackjack processing plant, part of its Charters Towers assets in Northern Queensland. Investors welcomed the news, adding over 14% to the company’s share price and driving it to an intra-day peak of $0.096 on Tuesday (18 February) morning.
Native Mineral has nearly completed the site establishment, including new admin facilities, cabling, plumbing, fencing, IT infrastructure, site access control and turnstile. This is expected to be completed next month.
Native Mineral, which has a market capitalisation of $39.4 million, notes that major plant refurbishments are progressing in key areas, including the crushing, conveyors, ball mill, and gold room areas.
A tailings storage facility design proposal is also ongoing, which is targeted for completion in Q2 2025. Vegetation clearing and earthworks for the facility are expected to begin in late Q1 2025.
Managing Director Blake Cannavo says despite facing extreme weather conditions over recent months, the company has shown resilience and commitment to the Blackjack refurbishment schedule.
“Our investor engagement, fund raising, regulatory compliance efforts, and steady progress in both site establishment and plant refurbishment underscore our dedication to delivering this project,” Cannavo says.
“Having completed fund raising efforts to raise nearly $16 million to fund our restart and drilling underway at Blackjack, we are confident of achieving the major milestones ahead, including plant commissioning and our first gold pour in Q3 2025, and in Native Mineral’s ability to execute its vision.”
The company also mobilised a drill rig to site on 10 February to begin an 18-hole, 739m diamond drilling program. Native Mineral Resources is an Australian emerging producer focused on its portfolio of precious and base metals in Queensland. The Charters Towers Gold Project comprises the Far Fanning and Blackjack historic mines, as well as the Great Britain and Granite deposits.
Source: https://mining.com.au/