The leases cover the main portions of the historic workings at the E4 and E9 pipes, as well as the extensively bulk-sampled E12 alluvials and their access, Gibb River said.
As part as the reopening steps, Gibb River said it is scheduled to conduct a heritage clearance survey in the first week of June. The company is also studying financing options for the project, including debt, equity, earn-in partner, joint venture partner, a North Australian Infrastructure Fund (NAIF) partnership, or other government funding schemes available.
The exploration and development company became Ellendale’s sole owner in March last year, after acquiring the project from Burgundy Diamonds.
Shares in the company soared on the news, closing 48% higher at 37 Australian cents each. This leaves Gibb River Diamonds with a market capitalization of A$6.52 million ($4.4m).
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
