New Talisman has acquired Newcrest Mining subsidiary Newcrest New Zealand Exploration, which holds 80 per cent of the Rahu project.
The sale and purchase agreement with Newcrest replaces previous agreements the companies made.
New Talisman initially held 20 per cent of the New Zealand project and is now looking at options to fast track the project after acquiring all geological and site targeting data and logging.
The Rahu permit is north of the Karangahake Gorge, between Mackaytown and Waikino. It covers the Rahu-White Rocks area and extends into Department of Conservation scrub forest in the north. It contains an estimated JORC 2012 resource of 41,590oz gold and 258,400oz. silver.
New Talisman CEO Matthew Hill said, “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.”