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ASX-hopeful Carnaby to acquire Tick Hill gold project, expansion tenements

ASX-hopeful Carnaby Resources Ltd. reached separate deals with Superior Resources Ltd. Diatreme Resources Ltd. and Syndicated Metals Ltd. to expand and consolidate the ownership of the Tick Hill gold project in Queensland, Australia, the companies said in separate June 5 statements.

The miner is planning to raise between A$10 million and A$15 million in an IPO to list on the ASX.

Carnaby reached a deal with Superior and Diatreme to acquire their 25% and 75% interests, respectively, in Tick Hill, with Superior to receive up to A$375,000 in shares and Diatreme to receive up to A$1.1 million in shares in the upcoming IPO.

Superior earned a 25% interest in Tick Hill after spending approximately A$350,000 on the project through an option deal signed with Diatreme in 2014.

Carnaby agreed with Syndicated Metals to acquire an 82.5% stake in the Southern Hub tenement package, covering 293 square kilometers and surrounding Tick Hill, for 4,000,000 shares at 25 cents each, valued at A$100,000 and representing 4% to 5.6% of Carnaby's issued share capital.

Syndicated Metals will retain a 17.5% interest in the Southern Hub tenements, which will be free-carried until a decision to mine is reached.