Gold miner Newcrest Mining has signed an option and farm-in agreement with Toronto-listed Mirasol Resources at the Altazor High Sulfidation Epithermal (HSE) gold project in Chile.
Newcrest has secured the right to acquire, in multiple stages, up to 80 per cent of the Altazor project by completing a series of exploration and development milestones and making staged option payments totalling $US1.8 million ($2.4 million) to Mirasol.
The two companies will undertake an aggressive exploration program during the summer months at Altazor, including systematic soil sampling, CoreScan1 alteration mapping, detailed geological mapping, magnetics and electrical geophysics.
Mirasol chief executive Stephen Nano said the company was pleased to be partnering with Newcrest to explore the Altazor gold project.
“This is Newcrest’s first Chilean farm-in since its strategic decision to reinitiate exploration in the Americas,” he said.
“Newcrest has made a significant first year commitment to the project that will allow us to accelerate this season’s exploration program and consider a decision to drill.”
The Chilean agreement is the latest exploration partnership that Newcrest has signed in 2017.
In July, Newcrest formed a project generation alliance with Encounter Resources to identify new mining opportunities in Western Australia.
A month earlier, Newcrest invested $US40 million in SolGold to help the London-listed gold explorer advance its flagship asset in Ecuador.