LONDON (Alliance News) - Greatland Gold PLC on Tuesday said Newcrest Operations Ltd has started work on its Havieron gold-copper project in the Paterson region of Western Australia.
Back in March, Greatland signed a farm-in agreement with Newcrest, a wholly-owned subsidiary of Australia-listed Newcrest Mining Ltd, to explore and develop Havieron project.
Newcrest has the right to acquire up to a 70% interest in a 12 block area by spending up to USD65 million.
On Tuesday, Greatland said Newcrest has started a native title heritage survey of the Havieron project. The company expects to commence the construction of a field camp at Havieron in mid-May, with drilling to begin shortly after.
The initial drill programme will comprise 10,000 metres of drilling with the aim to define the extent of the mineralisation along strike and testing the system to a depth of 1,000 metres below surface.
"We are very pleased with the thorough and extensive work that has been completed by Newcrest in preparation for field activities at Havieron," said Greatland Chief Executive Gervaise Heddle.
"We look forward to keeping shareholders fully updated as Newcrest moves forward with its drilling programme which is expected to commence within the next few weeks," added Heddle.
Greatland shares closed 2.5% lower on Tuesday at 1.58 pence each.
Greatland Gold (GGP)