New Talisman Gold Mines (NTL) has entered a binding agreement with Newcrest International over the Rahu Project north of the Talisman mine in New Zealand.
The New Zealand Government awarded Newcrest a five-year exploration permit for the project in May 2016, with Newcrest and NTL discussing their relationship in light of the original non-binding agreement signed in May last year.
The new agreement states a joint venture will be created if Newcrest spends NZ$5 million on the project, with 20 per cent interest given to NTL. If they do not establish a joint venture, the whole project will be transferred to NTL, subject to Ministerial consent.
NTL CEO Matthew Hill said they were delighted to work on Rahu with Newcrest as it may host a major vein system with similar depths to other deposits in the Waihi Gold District.
“The signing of this agreement with Newcrest supports our view of the potential of this key target immediately north of, and along strike from, the historically highly productive Talisman Mine,” he said.