Coonambula Surface Sampling Yields Antimony 65.3%, Gold 17 g/t, Silver 98 g/t
Great Divide Mining’s joint venture partner Dart Mining reports record high-grade surface samples at the Coonambula project, prompting accelerated drilling plans to define a significant antimony-gold resource.
- Surface samples show antimony up to 65.3%, gold up to 17.0 g/t, silver up to 97.9 g/t
- Highest grades recorded to date from historic Banshee Mine area
- Dart Mining initiates drilling aiming for JORC-compliant resource
- Joint venture allows Dart to earn up to 51% interest through milestones
- Project strategically located near established gold mining infrastructure
Record Surface Sampling Highlights Project Potential
Great Divide Mining Limited (ASX, GDM) has received a significant boost to its Coonambula Antimony-Gold Project in Central Queensland following outstanding surface sampling results reported by its joint venture partner, Dart Mining NL (ASX, DTM). The samples, collected from the historic Banshee Mine area, revealed exceptionally high grades of antimony reaching 65.3%, gold up to 17.0 grams per tonne, and silver nearing 98 grams per tonne. These figures represent the highest assay results recorded from the site to date, reinforcing the prospectivity of the project.
Validation of Exploration Strategy and Accelerated Drilling
Justin Haines, Managing Director of Great Divide Mining, emphasized that these results validate the company’s early strategic positioning and exploration model. The high-grade assays confirm the potential for a valuable antimony-gold mineral system, justifying an accelerated drilling campaign. Dart Mining has already commenced initial drilling using its in-house rig, focusing on infilling known high-grade zones and advancing towards establishing a JORC-compliant resource estimate.
Joint Venture Structure and Milestones
Under the joint venture agreement, Dart Mining currently holds a 15% interest in the project and can earn up to 51% by completing at least 4,000 meters of drilling and delivering two geological/resource reports within two years. Dart is managing the joint venture during this earn-in phase, while Great Divide retains ownership of the tenements and a carried interest through early exploration. This structure aligns incentives for both parties to rapidly advance the project’s development.
Strategic Location and Future Outlook
The Coonambula Project is strategically situated approximately 70 kilometers southeast of Evolution Mining’s Cracow gold mine and 25 kilometers southwest of Eidsvold, positioning it within a known mineral-rich corridor with existing infrastructure. The promising surface results and ongoing drilling program could unlock a significant new source of antimony and gold, commodities that are increasingly important for industrial and technological applications.
Next Steps and Market Implications
As Dart Mining progresses with its drilling program, investors will be watching closely for assay results and resource updates that could materially enhance Great Divide Mining’s asset base and valuation. The joint venture’s milestone-driven earn-in also introduces execution risk, but the high-grade surface results provide a strong foundation for optimism.
Bottom Line?
Coonambula’s high-grade surface results set the stage for a pivotal drilling campaign that could redefine Great Divide Mining’s growth trajectory.
Questions in the middle?
- Will the initial drilling confirm continuity and scale of the high-grade mineralisation?
- How quickly can Dart Mining meet the JV milestones to increase its stake to 51%?
- What are the potential capital requirements and timelines for advancing toward production?
