The Newcrest Mining Limited (ASX: NCM) share price is falling lower this morning after its latest joint venture (JV) update.
What did Newcrest Mining announce?
JV partner Encounter Resources Ltd (ASX: ENR) completed the first phase of reverse circulation (RC) drilling in the Tanama region of Western Australia.
The company announced that 17 RC drill holes were completed at the Hutch’s Find site with assay results expected in November 2019.
The drilling is part of Newcrest’s JV with the small-cap Aussie miner.
The project has now moved to its Afghan prospect with 12 RC holes on the cards to a planned depth of 300 metres.
Encounter and Newcrest expect the results from the Afghan drilling activities in December 2019.
What’s the story with the JV?
Newcrest is the financial backer of Encounter Resources and its projects in Western Australia.
Newcrest announced earlier this year that it would be the sole financier with a large exploration tenure with Encounter.
The two Aussie resources companies are involved in several joint ventures across the state.
The Newcrest Mining share price will be one to watch in 2019, with assay results expected in November and December.
How has the Newcrest Mining share price performed in 2019?
The company’s shares have been a strong performer so far this year.
The Newcrest Mining share price had climbed 48.13% year to date, prior to this morning’s open. It has since pulled back slightly in morning trade to $31.97 per share.
However, Newcrest shares reached as high as $38.87 per share back in August. One big boost has been the US–China trade war escalation, which saw investors flock to gold assets.
The company’s shares have also outperformed many of its ASX Metals & Mining sector peers in 2019 and the ASX 200 this year.
The S&P/ASX 200 Index (INDEXASX: XJO) had climbed 21.29% higher so far this year prior to this morning’s strong open.
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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.