PERTH (miningweekly.com) – ASX-listed gold miner Newcrest Mining has abandoned its 80% stake in the Rahu project, in New Zealand, to joint venture partner New Talisman Gold Mines.
New Talisman on Friday announced that it had acquired Newcrest New Zealand Exploration, with the junior company evaluating its options to fast-track the exploration project.
“Following discussions with Newcrest, it was agreed that New Talisman could acquire Newcrest’s 80% interest in the Rahu project. We are very excited by the opportunity of this drill-ready prospect and appreciate the efforts of the Newcrest team in completing this transaction in a short space of time,” said New Talisman CEO Matthew Hill.
The Rahu project is currently estimated to host 41 590 oz of gold and 258 000 oz of silver in the indicated and inferred categories with exploration targets being set at 14-million tonnes, ranging between 0.5 g/t and 2 g/t gold for between 225 000 oz and 920 000 oz of gold.