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(Alliance News) - Greatland Gold PLC on Tuesday said a joint-venture it operates alongside Newcrest Mining Ltd will advance to its second stage, potentially increasing investment in the programme.
The joint-venture is focused on the "highly prospective" Paterson province in Western Australia. Greatland said the first phase of Juri drilling found mineralisation at a target named Saddle Reefs and spotted first gold at another area called the Goliath Prospect.
"Samples from the remaining holes have been delivered to the laboratory and assays are expected to be available around the beginning of November 2021," Australia-focused Greatland added.
Newcrest is a gold, copper and silver producer with assets in Australia, Canada and Papua New Guinea.
In addition, a ground electro-magnetic survey is currently being undertaken, which could "further refine and model future Juri JV targets".
Investment in Juri could increase substantially to AUD20 million, about USD14.94 million, from AUD3 million, Greatland said.
Newcrest holds a 51% stake in Juri after meeting the first stage AUD3 million expenditure requirement. It could earn up to a 75% stake in the programme by spending another AUD17 million.
"Greatland is the manager of the Juri JV. Newcrest has the right, but not the obligation, to be appointed manager, starting 1 January 2022," Greatland added.
Greatland shares were 0.9% higher at 17.75 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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