Bass will surrender its long standing Sublease Agreement over Hellyer's underground base metals rights. NQ has also acquired 100% rights to the 46 square kilometre Mt Block permit, which surrounds the Hellyer Mining Lease.
"This acquisition is truly transformational for NQ,” said David Lenigas, chairman of NQ Minerals.
“This long-awaited deal provides real potential to radically change the long-term plans for Hellyer and the perception of NQ in the market. There is real potential to re-open the underground mining operations, adding much higher-grade ore feed to the plant over the coming years. Some of the drill intercepts near the Hellyer orebody are regarded as 'bonanza' grades anywhere in the world and NQ is planning to commence drilling a number of the high priority targets as soon as possible.”
NQ recommenced operations at Hellyer a year ago with a major mine tailings retreatment operation slated to last for over 10 years. These operations are now running profitably.