The investment by Newmont certainly would signify the upside it sees in the project and potential for the mineralisation on Millennium's ground to produce significant gold ounces.
Millennium and Novo established the Beatons Creek Gold Project in August 2011 by way of a farm‐in and joint venture agreement, with the project located immediately to the north of Nullagine township in Western Australia.
Under the agreement Novo has exclusive rights to earn a 70% interest on the gold rights on Millennium's wholly‐owned Beaton's Creek tenements M46/9, M46/10 and M46/11.
Brian Rear, managing director for Millennium, commented: "The investment by Newmont into the Beatons Creek Joint Venture through the Novo transaction confirms our confidence in the untapped potential of the conglomerates, and we look forward to the joint venture continuing to explore this exciting belt of mineralisation on Millennium's ground.
"The focus on the conglomerates by the Beatons Creek Joint Venture complements Millennium's work on the highly prospective 1.3 million ounce Mosquito Creek formation associated with its Nullagine gold operation."
Newmont's investment comes just months after Novo announced its first ever National Instrument (NYSE:NI) 43‐101 compliant Inferred Mineral Resource estimate for the Beaton's Creek Gold Project of 421,000 troy ounces contained in 8.9 million tonnes at a grade of 1.47 grams gold per tonne.
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