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29/10/15
08:59
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An article from NZ Resources regarding Newcrest's thirst :
Leading Australian gold producer Newcrest Mining Ltd (ASX: NCM) says that field work has begun on the Southern Coromandel joint venture on the North Island of New Zealand.
A brief reference in the company’s September quarter report said the focus in the quarter just ended was to define potential drill targets in the north-east portion of the main vein corridor that extends over 7 kilometres. Drilling was scheduled to begin in the current quarter.
Newcrest now has a firm footprint in this historic epithermal gold-silver mining area on a corridor that contains the historic Golden Cross and Karangahake mines.
Newcrest has a joint venture with Queensland-based junior Laneway Resources Ltd (ASX: LNY) on this area. At the time of writing Laneway’s quarterly report had not appeared.
The company also has advanced negotiations with New Talisman Gold Mines Ltd (NZX & ASX: NTL) to gain a joint venture on the Rahu gold prospect, adjacent to and considered a geological clone to New Talisman’s Talisman gold re-development programme at Karangahake.
Newcrest reported group production for the quarter of 583,745 ounces of gold and 21,337 tonnes of contained copper at all-in sustaining costs of $A1,088/oz ($US791/oz). There was a realised gold price of $A1,552/oz ($US1,128/oz).
The company operates the large Cadia gold-copper mines in New South Wales, Telfer in Western Australia, Lihir and 50% owned Hidden Valley in Papua New Guinea, Gosowong in Indonesia and Bonikro in Cote d’Ivoire.
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Everyone's just waiting for New Zealand Petro and Minerals to sort out their decision - it's taking them a long time to sort out their Rahu extension decision...