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Mirasol Resources (TSX-V: MRZ) announced that Newcrest (TSE:NCM) has exercised its option to enter the farm-in phase of its joint venture to develop the Gorbea gold project in Chile by making a $500,000 payment to Mirasol.

To date, Newcrest has completed 5,426m of drilling and spent more than $9 million on the project, exceeding the minimums required under the option phase. The drilling highlights include 0.52 g/t Au and 6.81 g/t Ag over 164m (from 372m) at hole ATL-DDH-001A and 0.54 g/t Au and 2.65 g/t Ag over 129m (from 363m) at hole ATL-DDH-010.

To complete the first farm-in phase and vest an initial 51% in the Gorbea project, Newcrest is now required to complete at least $15 million in exploration expenditures over 4.5 years and drill a minimum of 8,000m.

The first 2,000m of drilling is to be completed before the end of 2021 and the additional 6,000m must be completed before the end of 2022.

The Gorbea package was optioned to Yamana Gold from 2015 to 2018. During this period, Yamana spent more than C$10m on exploration expenditures and drilled more than 11,000m.

In early 2019, Mirasol entered into a new agreement with Newcrest to further advance exploration.