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Projects
Advanced Exploration Projects
Namosi (Fiji)
| Location |
South-eastern Viti Levu, Fiji |
| Ownership |
Newcrest earning 65% interest in Joint Venture |
| Mineral Resources* |
See note below |
| Current Project Status |
Concept Stage |
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In late 2007 Newcrest signed a definitive joint venture agreement with Nittetsu Mining Co. Ltd and Mitsubishi Materials Corporation to explore for porphyry copper-gold and epithermal-style gold mineralization in the Namosi region of Fiji.
Initial joint venture interests will be Nittetsu 71.94% and Mitsubishi Materials 28.06%. Newcrest may earn a 65% interest in the joint venture by funding A$21.5 million on exploration over 5.5 years. During that period, and after it has earned its interest, Newcrest will be manager of the joint venture exploration activities.
The Namosi tenement, which is located about 30 kilometres west of Fiji's capital city, Suva, has been periodically explored over the past 40 years. The potential for gold and base metals was established in the 1960s, and exploration led to the eventual discovery of the Waisoi deposits. Between 1991 and 1995, Placer Pacific defined the large, low grade, porphyry copper-gold deposit at Waisoi as a open pit copper gold resource in excess of 900 million tonnes* grading 0.43 percent copper and 0.14 grams per tonne gold and conducted a feasibility study.
The special prospecting license covering the Namosi project area was renewed in 2007 until March 2010.
The work on the Namosi tenement will focus on two key areas:
- Investigation into the Waisoi deposit. The immediate work program will include concept level studies focused on previously identified mineralisation and testing possible depth extensions of the mineralisation. These studies will consider potential open pit and underground exploitation options, as well as evaluating the infrastructure, permitting and services requirements.
- Discovery exploration to be conducted over the remaining 723.5km2 tenement. Initial emphasis will focus on the more than 15 significant copper and gold prospects already identified during previous reconnaissance level exploration.
* Note: Placer Pacific estimate, 1994. Newcrest has not verified the classification of historic resource references and is not treating it as a JORC compliant resource verified by a Competent Person’s Statement. Although this historical reference of resource potential may be relevant to recognising the potential of the district, it should not be relied upon.
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