Australia’s largest gold producer, Newcrest Mining (ASX: NCM), has committed to sole fund all of the 2019 exploration programs with junior Encounter Resources (ASX: ENR), covering the highly sought after gold regions of Tanami and West Arunta in Western Australia, wrote the Mining newly.
Newcrest, which has five joint ventures (JVs) with Encounter in the area, covering a total of 5,900 km2, will have the right to increase its interest in each JV to 80 per cent should the Sydney-based partner not elect to contribute on a 50:50 basis by sole funding exploration and delivering over one million ounces of gold.
The hunt is on for the next game-changing gold discovery in Australia
Encounter's managing director, Will Robinson, said the exploration boost provided by Newcrest would test several well-defined, advanced targets this year.
“The hunt is on for the next game-changing gold discovery in Australia,” he said to The Mining.
