Newcrest Mining amends farm-in agreement with Mirasol Resources
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(Kitco News) - Mirasol Resources Ltd. (TSX-V: MRZ) said Tuesday that Newcrest Mining Limited (ASX: NCM) will suspend work on the Gorbea Option and farm-in agreement due to complications resulting from COVID-19.
The suspension will last at least until August 2021. Newcrest will exercise its option to enter the farm-in phase of the agreement by making a US$500,000 payment to Mirasol.
"We welcome Newcrest's commitment to advancing the Gorbea project and their decision to enter into the Gorbea farm-in phase through the payment of US$500,000. This option payment further strengthens Mirasol's treasury," said Mirasol's Chair and Interim CEO, Patrick Evans.
To date, Mirasol said Newcrest has completed 5,426m of drilling and spent more than US$9 million on the project, exceeding the minimums required under the option phase.