Newmont Mining will form a joint venture with Nova Minerals at the Officer Hill gold project in the Tanami region, Northern Territory.
The project is thought to host steeply plunging shoots similar to those at Newmont’s Tanami gold mine, according to Nova.
Newmont has completed its funding commitments for the Officer Hill joint venture agreement to take a 70 per cent share in the project. Nova retains a 30 per cent working interest.
The two companies will establish an operating committee to progress Officer Hill, with Newmont to manage the project.
Nova managing director Avi Kimelman said, “The decision by Newmont to proceed with the joint venture agreement is a ringing endorsement of the quality of the Officer Hill gold project and its exploration upside in the Tanami region of Northern Territory, particularly with the project’s close proximity to the 400,000oz per year Tanami gold mine and located within the 13Moz Tanami endowment.
“Newmont’s commitment to the joint venture brings valuable technical expertise and insights to the project.”
Nova plans to separately release a 2018/19 exploration program for Officer Hill.