Alice Queen has entered a heads of agreement with Newcrest for a proposed farm-in on its Mendooran copper-gold project in New South Wales.
Under the proposed farm-in agreement, Newcrest has the ability to earn up to an 80 per cent interest in Mendooran by incurring exploration expenditure of no less than $10 million.
It also means Alice Queen will agree to grant rights of exclusivity to Newcrest over the Looking Glass project, also located in NSW, during the term of the farm in agreement.
Alice Queen’s managing director Andrew Buxton welcomed the partnership with Newcrest.
“It is very pleasing to be forming a relationship with a company like Newcrest, who has the scale, the expertise and the experience to assist in unlocking the value of our New South Wales tenements,” he said.