Newcrest pro­gresses Chilean project

The Australian Mining Review - - NEWS: INTERNATIONAL - JES­SICA CUM­MINS

NEWCREST Min­ing has en­tered into the farm-in stage of its agree­ment with Mi­ra­sol Re­sources’ Al­ta­zor gold project in Chile.

The two com­pa­nies first signed an op­tion and farm in agree­ment in Novem­ber 2017, which saw Newcrest set to ac­quire up to 80 per cent of the project by com­plet­ing a se­ries of ex­plo­ration and de­vel­op­ment mile­stones.

After com­plet­ing an ag­gres­sive ex­plo­ration pro­gram com­pris­ing sys­tem­atic soil sam­pling, de­tailed ge­o­log­i­cal map­ping, mag­net­ics and elec­tri­cal geo­physics last year, Newcrest pre­sented an ex­plo­ration bud­get to­talling $US3.3 mil­lion for this sea­son’s ex­plo­ration pro­gram.

Ex­plo­ration works would be fo­cussed on a maiden drilling pro­gram, sub­ject to ob­tain­ing ap­pli­ca­ble per­mits and per­mis­sions.

Mi­ra­sol pres­i­dent and chief ex­ec­u­tive Stephen Nano said the com­pany was pleased Newcrest had ex­er­cised the farm‑in op­tion for Al­ta­zor, which had trig­gered a $US500,000 pay­ment to Mi­ra­sol.

“The next stage of the earn-in rep­re­sents a sub­stan­tial fi­nan­cial in­vest­ment from one of the world’s largest gold min­ers to ad­vance ex­plo­ration at Al­ta­zor,” Mr Nano said.

“We look for­ward to the re­sults for the se­cond sea­son’s work pro­gram, in­clud­ing the planned maiden drill test of some of the key tar­gets de­fined to date at the project.”

Drilling would be­gin in the se­cond quar­ter of 2019, once per­mit­ting had been com­pleted.

The farm-in fol­lowed Newcrest’s de­ci­sion in Novem­ber to with­draw from a joint ven­ture with Aus­tralian ex­plorer Al­ice Queen over its Men­dooran project in NSW.

Image:NewcrestMin­ing.

The Al­ta­zor gold project com­prises about 22,900ha of ex­plo­ration claims 20km south of a paved road that con­nects north­ern Chile and Ar­gentina.

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