LONDON (Alliance News) - Greatland Gold PLC said Tuesday it is "thrilled" with the progress it has made over the last year.
But moving forward, the gold explorer said it will look to build on the momentum gained at its Paterson project in Western Australia. Last Tuesday, the firm signed a USD65 million farm-in agreement for the Havieron gold-copper licence within Paterson.
The agreement was signed with Newcrest Operations, a wholly-owned subsidiary of Sydney-listed Newcrest Mining Ltd, and includes joint venture and tolling principles.
Greatland intends to prioritise and accelerate exploration at Paterson in 2019, based on the "insights gained" at Havieron.
The explorer said it has identified multiple targets within the other licenses at Paterson - Black Hills and Paterson Range East - with similar geophysical signature to Havieron and aims to prioritise those targets in 2019.
Greatland also expects to finalise its exploration programme for Black Hills in the near future.
"We are thrilled with Greatland's progress over the last year which has taken the company to a new level in its development. The farm-in agreement with Newcrest represents a cornerstone for Greatland on which we plan to build a large and valuable business focused on potential tier-one gold-copper projects," said Chief Executive Gervaise Heddle.
In 2019, Greatland said it will capitalise on the "general weakness" in the junior resources sector by acquiring new projects in "safe jurisdictions with tier-one potential at attractive valuations".
The company will also look to "systematically advance" existing exploration targets outside of Paterson, which Greatland believe have multi-million ounce potential.
Shares in Greatland Gold were down 2.0% Tuesday at 1.94 pence each.
Greatland Gold (GGP)