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Sherif Andrawes
– with a gold sweetener – and the oppor- company director James Walker as the
tunity to tap into end uses such as solar non-executive independent chairman.
farms and electric vehicles. Cannavo said he was looking forward to
Copper was an opportunity which launching into drilling and other explora-
NMR’s Cannavo has laid claim to having tion work “the day after we list”.
recognised as far back as five years ago “We will drill the first 10 holes, find the
when commodity prices were on the slide. five best results out of that and we’ll then
However, he believes that foresight is ulti- do another five deeper holes down to
mately what led him to Palmerville and the about 200m,” he said. “That will give us
Mt Morgans project, also in Queensland. 2,000m in the month of November alone.
“There wasn’t a huge demand, but I We’ll then collate all of that information,
could see that changing and that’s what send it to the laboratories and we should
actually made me start researching for the have those results back early January.
tenements that had historical value in cop- “This is not a greenfields play, we’re ac-
per and gold,” Cannavo told Paydirt. tually going into something that we’re very,
“Palmerville has quite a history of cop- very established on. Everything is in place
per and gold and when I was introduced to for us to go post IPO.
the project, I thought straight away ‘we’re “For the three board members, our
on the money now’. We’ve been really shares are escrowed for two years so we
lucky to get 1,820sq km of tenements up won’t be going anywhere. We’re here to
in North Queensland and now we’ve got turn this into an operations company. This
Newcrest [Mining Ltd] basically surround- isn’t a slow exploration play, we want to be
ing us. an operator.”
“That tells us we’re not the only ones NMR also has a project in the Eastern
who did our homework in this area.” Goldfields of Western Australia which it
Joining Cannavo on the NMR board is plans to start exploring soon.
The Wests Group Australia chief executive – Michael Washbourne
Philip Gardner – also currently overseeing
management of the Newcastle Knights
rugby league team – and experienced

aUSTRaLIa’S PaYDIRT DeCeMBeR 2020 - JaNUaRY 2021 Page 15