By Samuel Indyk
Investing.com – Greatland Gold (LON:GGPL) has announced the Juri joint-venture with Newcrest Mining (ASX:NCM) will advance to Stage 2, marking an extension and potential acceleration of the exploration programme in the Paterson Province of Western Australia.
The AIM-listed exploration company noted that the first phase of the drilling programme was completed on the Paterson Range East and Black Hill tenements.
Gold assays from the four assayed holes found mineralisation at the Saddle Reefs target within the Black Hills licence in an intersection of 3.5m @ 1.88 grams per tonne of gold from 226.5 metres. First gold was also identified at the Goliath Prospect.
Samples from the remaining holes have been delivered to the laboratory and assays are expected around the beginning of November.
Investment under the Juri JV could reach AUD 20 million, from the current AUD 3 million.
“Advancing to Stage 2 of the Juri JV marks an important step forward which further demonstrates the confidence and financial commitment of our partner Newcrest,” said Greatland Gold Chief Executive Shaun Day. “This additional investment enables Greatland to expand and accelerate the 2022 Juri exploration programme without the need to self-fund this activity.”
The 2022 exploration programme is expected to include drill testing conductors identified in the 2021 ground electromagnetic survey; drilling other targets not tested in the 2021 programme; and follow-up drilling on any results from this year’s drilling programme.
At 08:43BST, Greatland Gold shares were trading higher by 1.1% 17.80 pence per share.