Newcrest Mining and ABM Resources will together advance exploration of the Euro gold project in the Tanami in Northern Territory after signing an agreement.
The agreement covers ABM’s tenements and tenement applications at the Euro project, which is adjacent to The Granites mine and Oberon deposit.
ABM managing director Matt Briggs said Newcrest’s entry into the Tanami region of the Northern Territory supported the company’s belief that the area would yield Australia’s next major gold discoveries.
“Combining our technical skills to direct a major new exploration program will help accelerate discovery in the region,” Briggs said.
Under the agreement, Newcrest will fund up to $12 million over seven years to earn up to a 75 per cent interest in the project.
According to ABM, the project area hosts key targets along strike or parallel to the Trans-Tanami trend, which has seen limited or no previous exploration.
The Euro project area covers 3478km2 of exploration licences and applications in the Tanami region. The area includes Newmont Mining’s Callie gold mine.
Newcrest is also active in the Western Australia part of the Tanami, having last week formed a series of joint ventures with Encounter Resources in search of new gold discoveries.