ASX-listed Encounter Resources has been granted seven new exploration licences in the Tanami gold province of Western Australia as part of its joint venture (JV) with major Newcrest Mining.
The JV now controls a granted exploration tenure covering about 3 500 km2 in the province, representing about 80% of the area that is subject to the JVs with Newcrest.
Encounter and Newcrest entered into five separate JVs in May, covering a total area of 4 400 km2 at Tanami and West Arunta. The five JVs, namely Selby, Watts, Lewis, Phillipson and Aileron, are split 50:50 between the two companies.
The remaining 900 km2 of exploration licence applications are expected to be granted before the end of 2018.
Commenting on the grant of the new portfolio, Encounter MD Will Robinson said on Monday that these projects were supported by “significant technical and financial capability that allows for rapid advancements”.
“This is a region where exploration can move the dial for a group the size of Newcrest and if that happens, it will clearly be company-making for Encounter,” he said.
Encounter has received A$400 000 from Newcrest on the grant of tenement E80/5045.