Newcrest International (a wholly owned subsidiary of Newcrest Mining) has signed an agreement to farm-in on the Mirasol Resources Gorbea Gold Belt project in Chile.
The Gorbea Agreement comprises a package of projects totalling 26,684 ha, including the Atlas Au+Ag and the Titan Au (Cu) lead properties, located in the Mio-Pliocene age mineral belt of northern Chile.
Newcrest has the right to acquire, in multiple stages, up to 75% of the Gorbea Project by completing a series of exploration and development milestones and making staged option payments to Mirasol.
Newcrest has committed to spend a minimum of US$4 million and to complete a minimum of 3,000 m of drilling over an initial 18-month period. Newcrest will operate the exploration program at Gorbea.
Mirasol’s CEO Stephen Nano commented: “Newcrest is the ideal partner for our Gorbea projects. Subject to drill permitting, Newcrest will this year fund drill testing of two, large Mio-Pliocene belt HSE Au+Ag projects at Gorbea and under a separate agreement, at the Altazor project in northern Chile”.
Newcrest and Mirasol are working collaboratively to advance the drill permitting process at Gorbea and upgrade the exploration camp ahead of the planned Q1 2019 restart of the exploration program that will initially focus on the Atlas project, including detailed re-mapping, alteration vectoring studies, 60 line-km of CSAMT geophysics, and diamond core drilling.
The Gorbea Project comprises a package of nine projects totalling 26,684 ha, including the Atlas Au+Ag and the Titan Au projects, located in the Mio-Pliocene age mineral belt of northern Chile.
Mirasol has completed and reported the results of an integrated analysis of the extensive Atlas database generated from exploration expenditures in excess of $8m completed under a prior joint venture agreement. The previous exploration identified a significant body of HSE gold mineralization at the Atlas project, which returned a drill intercept of 114 m grading 1.07 g/t Au, including 36 m grading 2.49 g/t Au.