Native Mineral Resources buys Far Fanning and Black Jack deposits near Charters Towers

A businessman behind the new acquisition of $20 million of gold fields and processing plant in the mineral-rich Ravenswood-Charters Towers region is promising up to 90 jobs.

Native Mineral Resources (NMR) has signed a binding agreement with Collins St Convertible Notes Pty Ltd (Collins St) to acquire strategic assets, including the Far Fanning and Black Jack deposits—advanced, near-production gold projects in northern Queensland. Picture: Generic

A businessman behind the new acquisition of $20 million of gold fields and processing plant in the mineral-rich Ravenswood-Charters Towers region is promising up to 90 jobs.

Native Mineral Resources confirmed on Friday the “transformative” $18.9 million purchase of to acquire strategic assets, including the Far Fanning and Black Jack deposits.

“By securing two near-mine, advanced gold projects with robust resource potential, we are positioning ourselves to move rapidly towards production,” NMR managing director and CEO Blake Cannavo said.

“This deal propels us from a junior explorer to a potential gold producer in under two years, significantly enhancing value for our shareholders.”

The gold and copper focused company said the acquisition included a total of 17 granted mining leases, one mineral development license, six exploration permits and the currently disused Black Jack Processing Plant.

Positioned in the mineral-rich Ravenswood-Charters Towers region, the acquisition provides extensive exploration potential, a clear path to gold production, and significant upside through resource growth opportunities. Picture: Supplied

Mr Cannavo, the major shareholder in the Port Macquarie-based company, said the acquisition was “substantial”.

“The biggest part of it is the processing plant just outside of town in Charters Towers because that is the key to everything … there is no point having a very good resource if you don’t have the process plant,” he said.

“Without a process plant, you are just stranded so I am extremely thrilled to be the new owner.”

Mr Cannavo said drilling was starting at Far Fanning on the 18th of this month, with an aim of extending its about 4.5 year lifespan to “eight plus years”.

“We want to get stuck back into mining Far Fanning and bring the plant back to life and producing gold very quickly.”

He estimated that once everything was up and running, including a new fit out of the plant, the company would be employing as many as 90 people, hopefully from Charters Towers.

“We want to give people an opportunity, I want to be an employer of choice, I want people who want to come and work for us because we are really going to look after our staff,” he said.

“We want to do the right thing and support this town.”

Mr Cannavo said he wanted to support Charters Towers and North Queensland.

“We want to be mining in this particular area for 10 and 20 years so we are looking long-term, this is not a short-term venture.”

Originally published as Native Mineral Resources buys Far Fanning and Black Jack deposits near Charters Towers