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A new name is emerging in gold as Greenpower Energy raises $1.36 million to advance its newly acquired North Queensland gold projects.

The company plans to change its name to Great Northern Mines, subject to shareholder approval.

It has an exploration target of 198,000 – 590,000 ounces within 100m of surface at the Golden Ant group of projects in North Queensland.

The package includes the former Camel Creek, Golden Cup and Big Rush operations, which produced more than 150,000 ounces of gold in their time using simple heap leach surface mining methods.

Greenpower outlined its $1.36 million capital raising activities today along with plans to begin drilling in October, with a campaign of at least 5000m planned.

It expects to complete an updated JORC resources in the next quarter.

“The board and management of Greenpower are pleased with the results of this raising and are encouraged by the interest of new institutional investors who recognise the potential in our new North Queensland mines,” managing director Cameron McLean said.

“Our exploration target of between 198,000 and 590,000 ounces is very exciting for a junior explorer and represents a significant scale increase to the value of the company.

“We are pleased also to announce our name change to more accurately reflect the company’s strategy for gold and our regional focus.”

Greenpower was previously described as having a vision to explore for and develop lithium, cobalt and vanadium projects.

Its projects include the Julia Creek vanadium project, consisting of two granted exploration permits (EPM 26915 and 29624) covering about 270sq km in North West Queensland.

NQ gold play raises $1.36m as it prepares to drill