Newmont JV Projects
Overview
Prodigy Gold and Newmont Exploration (“Newmont”) operate two joint ventures (JVs) in theTanami Region:
Tobruk Joint Venture¹
- Established in 2019, the project covers 5 granted and 3 application titles covering over 2,956km² under Newmont management
- Phase 1: Newmont can earn a 51% interest by spending A$6 Million on exploration on the Project
- Phase 2: Newmont may elect to increase its interest in the Project to 70% by making an additional cash payment of A$1 Million and spending an additional A$6 Million on exploration or defining a JORC resource of over 500koz
- Newmont are currently working towards earning the Phase 1 interest
Monza Joint Venture²
- Established in 2021, the project covers 7 granted and 6 application titles covering over 3,613km² under Newmont management
- Phase 1: Newmont can earn a 51% interest by either spending A$6 million on exploration or defining a JORC 2012 Inferred Mineral Resource
- Phase 2: Newmont can earn an additional 29% interest in the project if Newmont takes a decision to mine
- Newmont are current working toward earning the Phase 1 interest
- Prodigy and Newmont recently agreed to add ELA30944 into the Monza agreement
¹ASX: 15 May 2019 ²ASX: 30 November 2021
¹ASX:PRX 16/05/2019 ²see: https://operations.newmont.com/australia/tanami ³Newmont 2024
Tobruk Joint Venture
JV commenced 2019¹
Two stages defined in the JV agreement
- Earn 51% interest by spending $6M
- $1 million cash payment on election to proceed to phase 2 to earn a further19% by spending an additional $6M or defining a 500koz Mineral Resource
Tenements located to the west of Newmont’s world class Callie underground operation
- Newmont Tanami Operations have produced over 12Moz² and own 7Moz in Mineral Resources & Reserves³
Work completed over the project includes:
- Geophysical surveys (magnetotellurics, aeromagnetic, ground gravity & passive seismic)
- Surface geochemical sampling (Deep Sensing Geochemistry(DSG) & rock chips)
- RC Drilling
Monza Joint Venture
JV commenced 20211¹
Two stages defined in the JV agreement
- Earn up to 51% interest by spending $6M or defining a JORC 2012 Resource
- Earn further 29% on a decision to mine
Dune Prospect located 1.5km south of Newmont’s 2.7Moz Oberon Deposit²
- Previous RC drilling at Dune defined significant gold anomalies over a strike length of 1.4km
- Results reported include:
- 2m @ 12.0g/t Au from 105m (EUR0006)³
- 8m @ 1.9g/t Au from 94m (EUR0003)³
- 36m @ 0.6g/t Au from 104m (EUR0010)⁴, including
- 20m @ 0.95g/t Au from 105m
- 18m @ 0.4g/t Au from 126m (EUR0019)⁵, including
- 2m @ 1.24g/t Au from 126m
- Bedrock source of mineralisation still to be determined
Work completed over the project includes:
- Geophysical surveys (ground gravity & passive seismic)
- Surface Geochemical sampling (Deep Sensing Geochemistry (DSG) and rock chips)
¹ASX: PRX 30/11/2021 ²Crawford et. al. 2024 ³ASX: PRX22/01/2019 ⁴ASX: PRX 19/08/2019 ⁵ASX: PRX 28/11/2019