Carnaby swoops on non-core assets

DIATREME Resources, Superior Resources and Syndicated Metals have agreed to vend ground around the former Tick Hill gold mine in Queensland as a cornerstone asset for the float of new gold explorer Carnaby Resources being put together by former Beadell Resources executives Peter Bowler and Robert Watkins.

Carnaby swoops on non-core assets Carnaby swoops on non-core assets Carnaby swoops on non-core assets Carnaby swoops on non-core assets Carnaby swoops on non-core assets

Drilling is planned around Tick Hill.

Diatreme and Superior have signed a binding terms sheet for the sale of leases over the former Tick Hill mine and Syndicated has granted Carnaby an option until the end of the month for its Southern Hub tenements around the former underground mine, although the option can be extended up to 120 days.
 
Syndicated, will retain a 17.5% stake in the Southern Hub tenements up to any decision to mine, and will be issued shares from the sale of its 293sq.km tenement package worth 4-5.6% of Carnaby.
 
Diatreme will pocket shares that could give it 4.5% in Carnaby, which it values at up to A$1.12 million for 75% of Tick Hill.
 
Superior has also agreed to vend its interest in consideration for the issue s...

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