Total
0
Shares
Image sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • ASX 200 listed miner Newcrest is funding a series of gold projects in WA through a joint venture with Encounter
  • reverse circulation and diamond drilling programs are set to commence at targeted sites between August and November this year
  • Encounter’s share price is up 14.5 per cent today, currently sitting at $0.11 per share and Newcrest’s share price is up just over three per cent, at $35.13 per share.

Western Australian gold miner Encounter has received backing from ASX 200 listed Newcrest Mining.

Newcrest will be solely funding project development at the Tanami and West Arunta Provinces in WA.

The funding comes as part of a joint venture between the two mining companies. In 2017, the two signed a Project Generation Alliance which gave Newcrest a better holding in WA and assisted Encounter with project finances.

According to Encounter however, these upcoming exploration sites will draw an end to the alliance as terms of the two-year agreement are soon to expire.

A series of gold and copper-gold targets will be hit with a reverse circulation and diamond drilling program, which is expected to be complete between August and November this year.

Heritage surveys at the Watts, Selby and Lewis joint ventures in Tanami were completed in June with on ground exploration set for August.

The Aileron joint venture located in West Arunta had a heritage survey completed this month. Ground exploration is set to commence in September this year.

Managing Director of Encounter Will Robinson said “A lot of work has gone into generating, securing and advancing these projects to drill phase,”

“In the coming months we will drill test a number of large scale, high quality prospects in this highly fertile region. Working with Newcrest lets us raise our eyes and go after giant scale deposits fully funded by a major gold producer,” Will continued.

The updates on the partnership has been received well by the stock market.

Encounter’s share price is up 14.5 per cent today, currently sitting at $0.11 per share.

Newcrest’s share price has climbed just over three percent today, bringing its price per share to $35.13.

NCM by the numbers
More From The Market Herald
Tyro Payments (ASX:TYR) - CEO, Robbie Cooke

" Tyro Payments (ASX:TYR) hit with class action over January outages

Shares in EFTPOS service provider Tyro Payments (TYR) closed red this afternoon after the company announced it was fighting a class action relating
CBA - General Manager of Merchant Solution Karen Last

" Commonwealth Bank (ASX:CBA) takes on Square with new payment system product line

Commonwealth Bank (CBA) has launched a new line of payment terminal products ahead of the Christmas season as the big bank continues to

" Northern Star Resources (ASX:NST) recaps Q1 FY22

Northern Star Resources (NST) has recapped its September quarter, announcing it sold 386,160 ounces of gold for the period.
BHP Group (ASX:BHP) - CEO, Mike Henry

" BHP’s (ASX:BHP) iron ore production drops amid labour shortage

BHP Group’s (BHP) iron ore production has slipped by 3 per cent amid a shortage of available labour.