Newcrest backs out of West Tanami JV
Newcrest Mining has withdrawn from the Selby, Watts and Lewis joint ventures (JVs) in Western Australia with Encounter Resources.
Newcrest has been funding the West Tanami exploration program on behalf of Encounter Resources across the Selby, Watts and Lewis tenements.
For the past 24 months, Newcrest has completed an 18,400-kilometre line airborne magnetic survey, heritage clearances and broad spaced reverse circulation drilling in the area.
The gold miner now holds no residual interest in West Tanami.
With Encounter Resources regaining full control of the gold project, it is set up to accelerate activity during 2021 and complete drilling in priority prospects.