Native Mineral Resources (ASX:NMR) has signed a binding term sheet with Haoma Mining for exclusive 12-month mining rights at the Podosky Gold Project in northern Queensland.
The company will pay $4 million in three instalments to Haoma Mining for exclusive access and mining rights at Podosky, with ore to be processed at the Blackjack Operations, located 75km away.
Recent drilling at Podosky has confirmed shallow gold mineralisation, with intercepts including 18m at 11.33 grams per tonne gold from 12m, including 1m at 101.10g/t gold from 17m.
Additional results include 15m at 6.39g/t gold from 22m, including 4m at 22.44g/t gold from 31m in hole PYRC0022.
Managing Director Blake Cannavo says the company is ready to advance mining activities at Podosky.
“Our drilling to date at Podosky has returned exciting high-grade gold results and we are thrilled to have secured a new agreement with Haoma Mining for exclusive mining rights for the deposit for a 12-month period,” Cannavo says.
“We are ready to fast-track our preparations to ensure mine planning is complete this month and we can commence blasting and mining at Podosky as soon as next month.”
Native Mineral is evaluating funding options for the payments, including using surplus operational funds and potential debt facilities, which may include director loans.
The company says Podosky remains central to its strategy of establishing multiple ore sources for its Blackjack processing plant.
Geological modelling, pit optimisation, mine design and scheduling at Podosky are underway and targeted for completion in March 2026, with blasting and mining planned to commence in April 2026.
Edited by Amy Rotman
Write to info@mining.com.au at Mining.com.au
Images: Native Mineral Resources
