The company that took up a joint venture on the permits currently held by Laneway resources in Karangahake has posted a strong profit.

Newcrest Mining also has a potential joint venture with New Talisman Gold Mines Ltd (NTL) – another Karangahake permit holder.

New Talisman Gold Mines say the current project is similar to previous phases of exploration in the Karangahake Gorge. Photo: File.

Gold FM reports that Newcrest awaiting confirmation that New Talisman has gained approval for an Extension of Land (EOL) permit status over the Rahu lease area adjacent to the Talisman mine.

'New Talisman filed an application for an EOL to incorporate the Rahu exploration permit into the Talisman mining permit (MP51326) in August last year following a resource being declared over Rahu,” says a story on the Gold FM Facebook page.

'It was in discussions with a major gold producer regarding the potential for a joint venture arrangement on its exploration targets at Rahu.

'Over time Newcrest Mining has emerged as the ‘major gold producer' New Talisman alluded to in earlier announcements.”

Newcrest has stepped up its exploration programmes in other countries and will be applying experience gained in Indonesia in the epithermal gold-silver belt of the Hauraki gold-field, according to reports.