Today I learned that Newcrest (ASX:NCM, through its subsidiary Newcrest New Zealand Exploration PTY) was granted the Mining Exploration Permit for the Rahu tenement.
The Permit Number is 60144 on the
www.nzpam.govt.nz website. The terms of the HOA appear to be standard for exploration and prospecting.
This is the first time Newcrest has ever applied for its own exploration permit of its own (or so is my understanding).
The Rahu tenement is important strategically to NTL and Newcrest for reasons discussed three of my earlier posts:
NTL - Progress under the Radar - Is it the next Disallowed?
My post from the thread "Possible bonanza grades on Taukani Hill"
LNY - Crazy gold to be found in Coromandel
Essentially, my view is that Newcrest wouldn't be there unless there is potentially something enormous there.
We know that the NTL/Newcrest HOA has been extended - now we know why - because Newcrest was going it alone to secure the exploration permit, presumably so it could go ahead and continue working with NTL.
So what does this mean for NTL? Well I imagine the terms of the Heads of Agreement can either be finalised or announced now. I imagine the terms will be the same (hopefully better, given how much effort Newcrest have gone to) than the equivalent Farm-In agreement with Laneway.
I am very, very excited to see what NTL announces about the HOA.
(20min delay)