Native Mineral Resources (ASX:NMR) has signaled a major operational shift by commencing a 21-hole grade control drilling program at the Podosky deposit (ML 10315) in Northern Queensland.
Part of the strategic Ravenswood Gold joint venture with Haoma Mining, this campaign follows the completion of a cultural heritage survey conducted in collaboration with the Birriah People earlier this year.
The drilling is designed as a dual-purpose mission: to verify the veracity of historical exploration data through "twinning" and to identify shallow, high-grade mineralisation that could significantly bolster the existing resource.
NMR expects to conclude drilling by Feb. 24, with assays being fast-tracked through the company’s dedicated onsite laboratory at Blackjack.
The rapid turnaround is critical, as Managing Director and CEO Blake Cannavo has set a target to establish a JORC 2012 compliant mineral resource estimate and commence full-scale mining operations by March.
The operational framework of the JV places NMR in the driver's seat; the company will manage all drilling, mining studies, and staffing, hauling identified ore 75km west to the Blackjack facility for processing.
Under the financial agreement, NMR will be reimbursed for all operational costs from generated revenue, with the remaining proceeds split 50-50 with Haoma Mining.
At the time of reporting, Native Mineral Resources' share price was $0.88.