NTM Gold wins lease ahead of Dacian merger

The mining lease M37/1348 covers 15 square kilometres of the Redcliffe project’s major deposits, Hub, GTS, Nambi, Bindy, Kelly and Redcliffe.

This encompasses 26 kilometres of the Mertondale shear strike, where Redcliffe has commenced diamond drilling to enhance the project’s potential.

The current drilling program, along with reverse circulation (RC) drilling completed late last year, will be used to further Redcliffe’s understanding of the Hub deposit and update its mineral resource estimate.

NTM Gold managing director Andrew Muir said the approved mining lease was a timely development for the company, given the recent announcement of a merger between NTM with Dacian.

“The granting of the mining lease over Hub is a key approval,” Muir said.

“Infill drilling will allow an updated mineral resource estimate at Hub, with a focus on the near surface high grade mineralisation.

“The updated resource will be a key plank in enabling the merged group, subject to shareholder approval, to build momentum and maximise the benefits of the combined asset base.”

The Redcliffe gold project’s mineral resource estimate is sitting at 537,862 ounces of gold, or 12.53 million tonnes at 1.34 grams per tonne.

It is 60 kilometres north east of Eastern Goldfields town of Leonora, which is home to St Barbara’s Gwalia gold mine.