At a glance:
- NMR signs binding term sheet with Great Divide Mining for JV to process Yellow Jack ore
- Profits to be equally shared after mining, transport and processing costs
- NMR’s refurbished Blackjack plant recommenced gold production in July 2025
- A third-party study is underway to upgrade throughput at Blackjack
Charters Towers gold producer Native Mineral Resources is advancing a joint venture deal with Great Divide Mining to process ore from its Yellow Jack gold project, about 30km south-west of Greenvale.
Yellow Jack has an inferred mineral resource estimate of 1.84Mt at 0.86 g/t gold for 51,100oz contained gold, reported above a 0.5g/t cut-off grade.
Main image: Yellow Jack processing faciilty
It lies about 280km north-west of NMR’s operating Blackjack mining and gold processing facilities.
“Having refurbished and brought Blackjack back into production this year, we now can grow the Blackjack plant’s output and become a central hub for gold processing in the Charters Towers region,” NMR managing director and chief executive officer Blake Cannavo said.
“We look forward to working with Great Divide to progress this JV, which will be mutually beneficial, with potential for this to be the first of our agreements for utilising Blackjack’s full plant capacity.”
Completion of the transaction is subject to conditions including a nine-month due diligence period and any required shareholder approvals.
Under the proposed joint venture, Great Divide will undertake mining at Yellow Jack and haul ore to Blackjack, where NMR will process the ore.
NMR plans to also continue to process ore from its Blackjack and Far Fanning deposits, having commenced mining at Blackjack in June 2025 and poured first gold in July 2025.
Great Divide has a conditional mining licence for Yellow Jack, subject to securing a viable processing option. It plans to commence mining after award of the mining lease and suitable environmental authorities.
“This agreement secures for GDM a processing partner to advance mining at the Yellow Jack gold project,” Great Divide Mining chief executive officer Justin Haines said.
“GDM is keen to bring a second project on-line, with near-term cashflow.”
The company operates the Challenger gold mine in New South Wales in joint venture with Adelong Gold.