LONDON (Alliance News) - Greatland Gold PLC on Wednesday reported the start of drilling at the company's Havieron gold-copper project in the Paterson region of Western Australia.
The precious and base metals exploration company also said it expects to commence a detailed, low-level aeromagnetic survey over the entire Paterson Range East licence in early June. The Paterson Range East licence, E45/4928, is 100% owned by Greatland and lies 25 kilometres north of Havieron prospect.
The initial drill programme at Havieron project comprises 10,000 metres of drilling with the aim to define the extent of the mineralisation along strike and at depth, testing the system to a depth of 1,000 metres below surface, the company said.
The drilling at Havieron is being carried out at expense of Newcrest Operations Ltd. 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 the Havieron project. Newcrest has the right to acquire up to a 70% interest in a 12 block area within E45/4701 that covers the Havieron target by spending up to USD65 million.
Shares in Greatland Gold were up 1.7% at 1.67 pence each on Wednesday afternoon in London.
Greatland Gold (GGP)