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(Alliance News) - Shares in Greatland Gold PLC rose Monday as the firm noted that Australia's Newcrest Mining Ltd has further work lined up at a joint venture.
The stock was 8.3% higher on Monday afternoon in London at 5.24 pence each.
In March last year, Greatland signed a farm-in with Newcrest for the Havieron licence, on Greatland's Paterson project in Western Australia.
The deal will see Newcrest explore and develop the copper-gold deposit at Havieron, with Newcrest getting the right to up to 70% of the project by spending up to USD65 million on exploration over six years.
Newcrest now has eight drilling rigs going at Havieron, Greatland said, and London-based Greatland noted the mining giant is looking to start a new exploration decline by the end of 2020.
Newcrest, Greatland continued, is looking at both a stoping operating as well as a bulk underground mine, and is looking to achieve commercial production within two to three years after the decline in started.
Gervaise Heddle, Greatland's chief executive, said: "It is a very exciting time at Havieron as drilling accelerates to define the potential scale of the deposit and preliminary work begins to determine potential mining methods.
"We are very pleased by Newcrest's ongoing commitment and look forward to providing further updates on progress at Havieron."
By George Collard; georgecollard@alliancenews.com
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