GoldArc Resources (ASX:GA8) has consolidated full ownership of the Mt Stirling deposit (M37/1306), acquiring the remaining 10% interest and converting it into a 2% gross smelter royalty, following a decision to mine notice.
The move simplifies the project’s ownership structure ahead of proposed mining operations under its BML Ventures partnership.
With all conditions precedent for the profit sharing mining agreement now satisfied, GoldArc is set to access a $2.5 million profit cash advance facility to fund ongoing operations.
The company has also commenced a metallurgical and geotechnical diamond drilling program at Mt Stirling and Stirling Well, aimed at testing ore composition, refining recovery estimates, and assessing pit wall stability.
The four-hole, 315-meter campaign, managed by Terra Drilling, will leverage GoldArc’s existing Tarmoola camp facilities and is expected to take 10–14 days.
At the time of reporting, GoldArc Resources' share price was $0.0070.