The deal, over the 300sq.km Mendooran license in New South Wales, was signed last year.
Newcrest had the option earn 80% by spending $10 million over nine years, including at least $1 million in the first 12 months.
However, the company has withdrawn after spending the minimum $1 million.
Mendooran sits in the Molong volcanic belt, which also hosts Newcrest's massive Cadia porphyry deposits.
Last month, Newcrest described the project as being at the target generation stage.
Newcrest has more than 20 greenfields projects worldwide, mostly via farm-ins and joint ventures, though it is quick to exit if they don't meet the criteria.
In Australia, it is also active near Cloncurry in Queensland and in the Tanami region.
Alice Queen, w...