NQ Minerals has acquired Bass Metals’ mining rights—specifically lead, zinc, gold, and silver resources and minerals—at the Hellyer Mine in Australia. The mine has an annual capacity processing plant of over 1.6mn mt of the metals.
The 100pc rights acquisition comprises 1.175mn mt of JORC Resources grading 8.6pc zinc and 4.9pc lead, which could boost the mine’s overall resources and extend its 10-year life.
Under the agreement, NQ will pay Bass Metals $15,000 a month for two years and take over security deposits worth A$112,000 ($77,000) with the Tasmanian government for the mine’s license and the surrounding Mt. Block Exploration License. Additionally, NQ will provide Bass Metals with minor logistics support for nearby tenements
Nine advanced exploration targets have already been identified within 2km and near the existing decline development.
NQ began a major tailings retreatment operation at the Tasmania-based mine a year ago, and now intends to resume underground mining operations. In the past, gradings of as high as 12.2pc zinc and 6.3pc lead have been mined at Hellyer.
A$1 = US$0.69 (January 8, 2020)