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Great Northern double up on Golden Ant

8 March 2022
ASX: GNM
Jack Baker

Great Northern Minerals has delivered 202,000 ounces of gold and 9000 tonnes of antimony from the initial resource update at its Camel Creek project in northern Queensland.

The update provided a whopping 111 per cent increase in contained gold at the Golden Ant project, bringing it to a hefty 386,000 ounces.

The potential to significantly build on the estimate remains with 65 per cent of Camel Creek’s resource open at depth and strike in the hinge zone.

Gold moved beyond the US$2000 per ounce mark for the first time since 2020 this week as the conflict in Ukraine demonstrated it remains a robust safe-haven investment.

The ability to produce high-grade antimony concentrate is timely as the industry grapples with limited options for supply outside of China.

The company said the massive increase would help to support the impending Golden Ant scoping study.

“This is a material step forward — exploration activities will continue at our Golden Ant project as we seek to increase the mineral resource further and better understand the potential for higher-grade resources at depth,” chief executive and managing director Cameron McLean said.

This year, the company will advance exploration across the project, supported by an approved and fully funded sitewide campaign.

GNM’s Australian Stock Exchange-listed price was trading at 0.6c today (9:46 am UTC+8 hours).

COMPANY OVERVIEW

Great Northern Minerals has secured three gold mines containing some very high-grade mineralisation. The mines have previously produced more than 150,000 oz at an average grade of 1.91g/t Au. The company is optimistic of meeting the exploration targets of nearly 600,000 ounces that have been defined at each of Golden Cup, Camel Creek and Big Rush of between 198,000 and 590,000 ounces of gold to be present within the top 100 vertical metres alone.

COMPANY INFORMATION

ASX: GNM

Website

https://www.greatnorthernminerals.com.au/
https://www2.asx.com.au/markets/company/gnm

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