Newcrest Mining has withdrawn from its Euro gold project farm-in agreement with Prodigy Gold in the Tanami region of the Northern Territory.
According to Prodigy, delays in land access was further compounded by COVID-19, therefore hampering the progress of the project.
Newcrest had the opportunity to earn up to a 75 per cent interest in the project by sole funding up to $12 million over seven years under the farm-in agreement.
The company did not meet the stage one requirement of spending $6 million within a period of four years to earn a 51 per cent interest in Euro, and as such the project’s full ownership will remain with Prodigy.
“Prodigy Gold would like to thank Newcrest for the work completed at the Euro project over the past 28 months,” Prodigy stated.
“A review of these work programs is currently underway and will be used to determine opportunities for follow-up exploration.”
Newcrest received encouraging results from drilling completed at the Dune prospect within the Euro project.
Results within the prospect included two metres at 12 grams per tonne of gold from 105 metres, and eight metres at 1.9 grams per tonne of gold from 94 metres.
This is located 1.5 kilometres away from Newmont’s Oberon deposit within the Tanami project.