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- Navarre Minerals (NML) says it had a strong first quarter of production from the recently acquired Mt Carlton gold operation in North Queensland
- Payable metal production for the quarter comprised over 14,500 ounces of gold, more than 100,000 ounces of silver and 610 tonnes of copper
- The gold producer acquired the project in October from Evolution Mining (EMN) with agreement that economic interest in the operation accrued to Nevarra for the quarter
- Further financial results are set to be reported in the company’s quarterly report expected later this month
- Shares have been trading 2.53 per cent higher at 8.1 cents
Navarre Minerals (NML) said it had a strong first quarter of production from the recently acquired Mt Carlton gold operation in North Queensland.
In October the gold producer and mineral explorer took over Mt Carlton from Evolution Mining (EVN) in a $90 million deal which was finalised on December 14.
The gold operation is located south of Townsville and has been in operation since 2013, producing gold, together with copper and silver by-product credits.
Under the acquisition, economic interest in the operation accrued to Navarre for the entire quarter from October 1.
Over the quarter, the company recorded payable metal production for 14,603 ounces of gold, 100,781 ounces of silver and 610 tonnes of copper.
These amounts were garnered from the processing of more than 236,500 tonnes mined from a combination of underground and open-pit ore from the V2 orebody.
At the end of the calendar year, NML’s unaudited cash totalled $18 million and further financial results are set to be reported in the quarterly to be released later this month.
Shares were trading 2.53 per cent higher at 8.1 cents at 1:15 pm AEDT.
