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