Great Divide Mining Ltd (ASX:GDM) has announced that drilling is now underway at the Banshee Antimony-Gold Prospect within its Coonambula Project in South-East Queensland, under a joint venture with Dart Mining NL (ASX:DTM).
Under the JV agreement, Dart Mining has the opportunity to earn up to 51 per cent equity in the project through 4,000 metres of drilling and two annual resource reports over the next two years.
Approvals were finalised during August and September, allowing Dart Mining to mobilise a drill rig and commence the first cored hole, CBADD001, adjacent to the historic Banshee Antimony workings.
Dart Mining has reported to the ASX that the first drill hole intersected a 0.6-metre zone with very high levels of stibnite — the world’s leading source of antimony — at a depth of 42 metres, with a second stibnite-rich zone encountered at 70 metres.
Laboratory assay results are expected in early November.
A program of 2,000 metres of HQ diamond drilling is scheduled through to the end of 2025, with early core samples showing promising visual mineralisation and further assay data to follow in the coming months.
In parallel, an IP (Induced Polarisation) geophysical survey, funded by GDM’s $181,577 Collaborative Exploration Initiative (CEI) grant from the Queensland government, has commenced to identify potential strike and depth extensions of the high-grade antimony-gold system.
Survey interpretation and reporting is expected to follow completion in October.
“The Coonambula JV highlights our strategy of advancing prospective projects through strong partnerships,” said Chief Executive Officer, Justin Haines.
“Dart Mining has moved swiftly to secure approvals and begin both drilling and geophysical surveys.”
“The first core looks highly encouraging, and we look forward to sharing results as they become available,” Haines went on.
Haines said the start of drilling and geophysical activities at Coonambula adds momentum to GDM’s portfolio of gold and critical metal projects, complementing the recommissioning of the Challenger Gold Mine and ongoing exploration at Coonambula, Yellow Jack, and Cape.