(Sharecast News) - Greatland Gold announced on Thursday that the management of the Juri Joint Venture would be transferred to its partner Newcrest Mining from 1 July.
The AIM-traded firm said Juri, an unincorporated joint venture between Greatland at 49% and Newcrest at 51%, was established in November 2020 with the objective of accelerating exploration at the Paterson Range East and Black Hills exploration licences.
Under the terms of the farm-in and joint venture agreement, Newcrest had the option to assume the role of joint venture manager after an initial period.
Newcrest had now exercised that right, and would take over management responsibilities starting from the beginning of the 2024 financial year.
Greatland noted that the transfer of management would not impact any of its other rights as a joint venture participant.
It said it intended to remain an active and supportive joint venture participant, recognising the potential for the discovery of new intrusion-related gold-copper deposits similar to its world-class Havieron gold-copper deposit, Newcrest's Telfer gold-copper mine, and Rio Tinto's Winu copper-gold deposit.
"Greatland and Newcrest are two of the largest landholders in the Paterson Province," said managing director Shaun Day.
"We welcome Newcrest elevating its engagement and interest in the Juri Joint Venture property.
"Our partnerships at Havieron and Juri are central to unlocking the full potential of the Paterson Province. "
Day said Greatland "strongly believes" in the prospectivity of the Juri Joint Venture tenure, and would continue to be an active participant following the upcoming management transition.
"The shift of Juri Joint Venture management to Newcrest provides Greatland's exploration team the opportunity to put greater focus on our 100%-owned portfolio of highly prospective tenure together with our responsibilities as the new manager of the farm-in and joint venture arrangement with Rio Tinto Exploration on the Paterson South Project."
At 1445 BST, shares in Greatland Gold were down 3.22% at 7.74p.
Reporting by Josh White for Sharecast.com.
Greatland Gold (GGP)