LONDON (ShareCast) - (Sharecast News) - Mining exploration and development company Greatland Gold announced on Tuesday that the Juri joint venture with Newcrest Mining in Western Australia's Paterson region 0would advance to the second stage.
The AIM-traded firm said the first phase of drilling at Juri was completed on the Paterson Range East and Black Hills tenements, with gold assays from the first four holes finding mineralisation at the Saddle Reefs target within the Black Hills licence in an intersection of 3.5 metres 1.88 grams of gold per tonne from 226.5 metres.

It said first gold was also identified at the Goliath Prospect, including a "significant" assay of one metre at 1.49 grams of gold per tonne from 651 metres.

Samples from the remaining holes had been delivered to the laboratory, and assays were expected to be available around the beginning of November, while a ground electromagnetic survey was underway to further refine and model future targets on the joint venture.

Greatland said investment under the Juri joint venture could increase to AUD 20m (£10.81m) from AUD 3m.

The 2022 exploration programme was expected to include the drill testing of conductors identified in the 2021 ground electromagnetic survey, as well as the drilling of other targets not tested in the 2021 programme, including Tara and Tama in Paterson Range East.

It was also anticipated to feature follow-up drilling on any results from this year's drilling programme, with Greatland set to continue in its role of manager for the venture.

"Advancing to stage two of the Juri joint venture marks an important step forward which further demonstrates the confidence and financial commitment of our partner Newcrest," said chief executive officer Shaun Day.

"This progression follows a successful initial drill programme, where mineralisation was discovered, and additional rich geological information obtained in respect of existing and new targets.

"This additional investment enables Greatland to expand and accelerate the 2022 Juri exploration programme without the need to self-fund this activity."

Additionally, Day said the commitment was evidence of the strength of the company's relationship with Newcrest, and the firms' mutual belief in their partnership to uncover further deposits in the "highly prospective" Paterson region.

"The Juri joint venture campaign forms part of Greatland's multifaceted exploration strategy in the highly prospective Paterson region.

"This work complements the rapid progress at Havieron, with mine development and a growth drilling programme underway; together with exploration activities at our 100% licences across the Paterson district."

At 1441 BST, shares in Greatland Gold were up 0.43% at 17.67p.

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