news

Newcrest withdraws from option and farm-in agreement for the Miocene project in Chile

Kitco Media
By Vladimir Basov
Published
Updated
Kitco News
The Leading News Source in Precious Metals

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(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
Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

Mdi Earth Logo

Share

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.