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SYDNEY: Noble Resources NL be
came the third gold producer to benefit
from a big new find in Western Austra
lia when its shares surged on news that
it had farmed into two leases in the
middle of Great Central Mining's giant
Bronzewing prospect.
Noble shares jumped 60 per cent to
13c after it announced it had struck a
deal with Eagle Bay Resources NL,
which owns the prime leases.
"I don't think the market has appreci
ated the significance of the Great Cen
tral Mining discovery yet," David Reed,
of Perth stockbrokers Eycrs Reed said.
"... These two leases are the only
other entry into the whole area."
Great Central Mining's shares have
climbed 60c to $6.60 since news of their
find broke earlier this month. Some say
it could hold more gold than Delta
Gold's renowned Kanowna Belle find.
Shares in Eagle Kay doubled to 7.5c
before settling later in the month to
5.5c.
Noble will pay $300,000 and spend
another $300,000 on exploration in the
next year to earn 40 per ccnt of the
tenements, which house the original
mines from which the Great Central
Mining discovery got its name.
After this, Noble has the option to
move to 51 per cent by spending anoth
er $300,000. Its 58 per ccnt parent Mt
Martin Gold Mines NL will manage the
drilling program.
£ Doing its own drilling marks a depar
\ ture for the junior explorer, which nor
f mally acquires leases and persuades
s larger metals producers to do the spade
' work. But, the opportunity was too
| good to miss according to Noble Re
sources managing director, Mick Muir.
The leases covered by the deal are
only five kilometres from some of Great
] Central Mining's best drilling results,
; and are located 70km north-east of
Leinster in the Lawlers district of the
1 East Murchison Mineral Fields.
GCM said earlier this month that one
103m section had graded 6.1 grams a
tonne, suggesting the company could
, have made a major.gold find.
$