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(Alliance News) - Greatland Gold PLC on Monday said it began a maiden drilling campaign at Paterson South project, while also noting drilling at two targets.
Greatland is a London-based development and exploration company, specialising in one-tier gold and copper deposits in Australia, while the Paterson South project is under a farm-in and joint venture arrangement with Rio Tinto PLC.
Exploration drilling has also begun at the Stingray target on the Budjidowns tenement, which is located north of Greatland's 70%-owned Havieron gold-copper project, Greatland said, while drilling will commence shortly at the Decka target.
Greatland said the Decka target is a "combined magnetic and conductive anomaly within Proterozoic sediments, similar to Havieron".
Both targets are modelled within 250 metres of surface, making them shallower than Havieron, Greatland said.
Managing Director Shaun Day said: "The rapid commencement of drilling [of Paterson South] following entry into the farm-in and joint venture arrangement with Rio Tinto Exploration is testament to both the high quality of the targets and Greatland's drive to rapidly unlock greater value from our Paterson province exploration portfolio."
On Monday last week, Greatland said it continued to intersect high-grade copper and gold mineralisation at the south east crescent of its Havieron project.
It noted intersections of 6.6 grams of gold per tonne and 0.26% copper over 32 metres, as well as 46 metres at 4.2 grams of gold per tonne and 0.16% copper.
Greatland has completed 2,400 metres of drilling so far, including 1,700 metres of advance in the main access decline, it added.
Shares in Greatland were up 2.4% to 6.86 pence each in London on Monday last morning. In the last 12 months, they have fallen 33%.
By Greg Rosenvinge, Alliance News reporter
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