Navarre Minerals’ newly acquired Mt Carlton gold operation in North Queensland has recorded a strong first quarter of production.
The Mt Carlton operation generated payable metal production for the quarter of 14,603 ounces (oz) of gold, 100,781oz of silver and 610 tonnes (t) of copper from the processing of 236,672t mined from a combination of underground and open-pit ore from the V2 orebody.
Mt Carlton’s guidance in the 2021-22 financial year was between 45,000 and 50,000 oz with an AISC of $1650 to $1700 per oz.
Further details regarding the physical and financial results will be presented in the quarterly report to be released later this month.
Navarre Minerals’ acquisition of Mt Carlton from Evolution Mining for $90 million was a transformational deal.
Under the terms of the acquisition, economic interest in the operation accrued to Navarre for the entire quarter commencing October 1 2021, and the transaction was formally closed on December 14 2021.
“Mt Carlton is a proven, high-margin operation and an attractive vehicle for Navarre to transition from gold exploration company to producer – particularly given the Mt Carlton operations’ successful history of production and its potential for significant mine life extension,” Navarre managing director Ian Holland said.
“Under the transaction, Navarre will inherit a well-established operation and a highly experienced site operating team and workforce which we are confident will fit in with Navarre’s own culture and focus on potential for further discovery and resource addition.”
The Mt Carlton acquisition also includes 815 square kilometres of highly prospective tenements, which Navarre intends to explore aggressively.
Navarre’s unaudited cash on December 31 2021 totalled $18 million.
Navarre Minerals is a gold producer and mineral explorer with a core mission to become a mid-tier mining company through developing and operating large, high-grade and long-life mineral deposits.