Newcrest Mining (ASX:NCM) has entered into a heads of agreement with ABM Resources to work on a project in the Northern Territory.
The agreement will advance exploration on the Euro project in the Tanami region of the Northern Territory.
Newcrest will fund up to $12 million over 7 years ultimately earning up to a 75 per cent interest in the project.
ABM says Newcrest’s entry into the region supports its belief the area will yield Australia’s next major gold discoveries.
Shares in Newcrest (ASX:NCM) are trading up 0.46 per cent to $21.92