Nova Minerals Ltd. said July 30 that Newmont Mining Corp. unit Newmont Tanami Pty. Ltd. elected to proceed with the proposed joint venture over the Officer Hill gold project in Australia's Northern Territory.
Newmont earned a 70% stake after it incurred a A$500,000 spend over the project, with Nova Minerals holding the remaining 30% interest in Officer Hill. In addition, Newmont Tanami is assigned as the project's manager.
Previously, Nova Minerals said it plans to pursue a listing of its Snow Lake Resources Ltd. subsidiary on the TSX Venture Exchange through a C$24 million IPO.