Newcrest withdraws from option and farm-in agreement for the Miocene project in Chile
(Kitco News) - Cornerstone Capital Resources (TSXV: CGP) announced Wednesday that Newcrest has notified Cornerstone of its intention to withdraw from the option and farm-in agreement on Miocene concessions in Chile.
The company said that the Miocene project is targeting epithermal gold-silver and porphyry gold-copper deposits along the interpreted northern extension of the Maricunga magmatic belt that hosts several world-class gold deposits.
President and CEO Brooke Macdonald stated, "Newcrest is one of the largest gold mining companies in the world, operating mines in Australia, Papua New Guinea, and Canada. They spent over US$2.6 million on the project, in excess of their US$1.1 million work commitment, and have been an excellent partner.
"As reported in Cornerstone's news release 22-11 dated April 28, 2022, after drilling three reverse circulation holes no significant assays were reported.
"As per the terms of our agreement, Newcrest will wind down activities and leave the concessions in good standing for one year, while Cornerstone determines if we can attract another funding partner to reactivate the project."
Cornerstone Capital Resources is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including the Cascabel gold-enriched copper porphyry joint venture in northwest Ecuador.
|Gem Diamonds sees 'strong' demand for high quality Letšeng diamonds in 2022|