By Samuel Indyk
Investing.com – AIM-listed Greatland Gold (LON:GGPL) has announced it has commenced drilling under its Juri joint venture with Australia’s Newcrest Mining (ASX:NCM) in Western Australia.
On 23rd February, the two partners announced the initial work programme for the joint venture, having identified several targets within the Paterson Range East and Black Hills licences.
The company has now confirmed that drilling of high-priority targets has commenced across the Paterson Range East licence, starting at Goliath. Ground electromagnetic surveys are to be conducted in the coming weeks to better define priority drill targets.
“It is very pleasing to announce the commencement of our maiden drilling campaign under our second joint venture with Newcrest in the Paterson region,” Greatland Gold CEO Shaun Day said in a statement. “Six months ago, we entered the Juri JV to accelerate Greatland's exploration activity and maximise the value of the Paterson Range East and Black Hills licences. The start of this programme is an important step towards achieving that goal.”
JV details
Under the agreed JV, announced back in November last year, Newcrest has the right to earn up to 75% interest in the licences covering the Juri JV by spending up to AUD 20mln as part of a two-stage Farm-In over five years.
Newcrest currently hold a 25% stake in the Juri JV which is currently being managed by Greatland Gold. Newcrest has the right, but not the obligation, to be appointed manager from 1st January 2022.
At 09:12BST, shares in Greatland Gold were trading higher by 1.6% at 22.87 pence per share.