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It was initially feeding the plant with ore from Far Fanning – one of a cluster of gold projects Maroon Gold holds in the Charters Towers region. Others include the Great Britain deposit on the outskirts of Charters Towers, Granite Castle, and a dozen mining leases around the Blackjack plant – where high-grade production dates back to the.

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Australian privateer miner/plant operator Maroon Gold plans to set up as a centralised toll processor at Charters Towers in N Qld after reaching agreement to buy the Black Jack plant and leases from Citigold.Maroon will pay $12M for the 340,000tpa CIL plant 10km SW of Charters Towers in the world-class gold mining district. The deal includes agreement to process Citigold's ore.

Laneway Resources Ltd (ASX:LNY) has signed an agreement with Maroon Gold Pty Ltd to undertake mining operations at Laneway’s Agate Creek Gold Project and process the ore through Maroon’s carbon-in-leach (CIL) processing plant.

The agreement entails Maroon mining and processing up to 100,000 tonnes of high-grade, near-surface ore from Agate Creek and meeting all operational costs including processing at its Black Jack plant near Charters Towers in QLD.

Commissioning works are being finalised at Black Jack which has the capacity to process up to 340,000 tonnes per annum.

‘Near-term generation of significant cashflow’

Laneway chairman Stephen Bizzell said: “This agreement represents a significant milestone for Laneway by providing the opportunity to mine and process ore from Agate Creek on a commercial scale.

“[The] minimal capital requirements [will enable] the near-term generation of significant cashflow for the company.”

Direct costs incurred will include: haul and access road construction and maintenance; waste dump preparation; support facilities; blast-hole drilling; sampling and assaying; mining and transportation of ore; crushing and milling; rehabilitation; and transportation of gold bars to the refinery.

Gold production above 3.5 g/t gold head grade will be paid 60% and 40% to Laneway and Maroon, respectively, with the initial 3.5 g/t produced to be retained by Maroon.

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All royalty costs will be shared by both companies in proportion to their share of gold received.

Maroon will also provide an interest-free unsecured loan of $500,000 to Laneway to meet costs that will be incurred when completing the mining lease grant, including native title and landholder obligations, as well as tenement holding costs and environmental liability financial assurance requirements.

Design improvements at Black Jack

Laneway had previously processed a small metallurgical sample through a CIL plant at Georgetown and entered into a heads of agreement for the processing ore from Agate Creek.

This previous agreement was terminated and Laneway considers the new agreement with Maroon to provide a better commercial outcome and a more certain route towards beginning mining and processing operations.

The initial metallurgical sample of 5,472 dry metric tonnes produced 1,725 ounces of gold at a recovered gold grade of 9.8 g/t from a feed head grade of 11.2 g/t and recovery rate of 87%.

Circuit and reagent requirements highlighted by this test work has been incorporated into process design improvements during the recommissioning at Black Jack which now includes a Falcon concentrator and a Gekko intensive leach reactor.

Due to the design improvements, Laneway expects it will achieve recoveries of 90-95%.

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European Cobalt has entered exclusive option agreements to acquire Maroon Gold
Maroon Gold is a developer focused on the Charter Towers Goldfield region in northern Queensland
The company plans to leverage Maroon's significant ground position to extend the resource base and evaluate mining opportunities
The proposed acquisition takes place through the issue of over 900,000 shares and a cash payment of 100,000, repaying a $2 million convertible note and assuming US$18.3 million of Maroon's debt position
After today's announcement, European Cobalt's shares have plummeted 30.3 per cent and are trading for 2.3 cents each

European Cobalt has entered exclusive option agreements with Maroon Gold to acquire 100 per cent of its issued capital.

Maroon Gold is a private equity-backed gold developer focused on the Charter Towers Goldfield region in northern Queensland.

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Company managing director Elect Glenn Baldwin is pleased with the acquisition deal.

'Maroon Gold has established a high-quality portfolio of near-term development assets combined with the requisite processing infrastructure to capitalise on the strong gold price environment,' Glenn said.

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Maroon recently completed tribute mining and processed material from Laneway Resource's Agate Creek Gold Mine. It also has the Blackjack Processing Plant under its belt.

Maroon has a total resource base of 250,000 ounces of gold across three resources.

Additionally, the developer has a landholding of 245 square kilometres with multiple drill-ready targets defined.

'Through leveraging Maroon’s strategic ground position in the Charters Towers region and the skillset of Maroon’s team, the mineral resources can be rapidly evaluated to determine the feasibility of development,' Glenn added.

The agreement to acquire Maroon Gold is conditional and subject to shareholder approval.

The proposed acquisition is through the issue of 900,279,150 shares, payment of A$100,000 cash, repayment of a $2 million convertible note and assuming a working capital liability of approximately $2 million.

Additionally, European Cobalt will repay A$26.8 million (US$18.3 million) of Maroon's outstanding debt for its acquisition of the Blackjack Plant, refurbishment and the acquisition of mining assets.

Eastpak tsa007 slot instellen. Unless deferred, the company has until March 27, 2021 to pay the debt in five interest repayments.

Once the acquisition is complete, the cobalt company's short term strategy involves determining the feasibility of resource economic development, resource definition drilling, identifying mining and processing opportunities within the region and a processing expansion study to define the scalability of the plant and infrastructure.

Following the acquisition, European Cobalt will be rebranded as Mojo Minerals.

After today's announcement, European Cobalt's shares have plummeted 30.3 per cent and are trading for 2.3 cents each at roughly midday trade AEDT.