23rd Dec 2021 10:34
(Alliance News) - Greatland Gold PLC said on Thursday that eight of the nine holes tested at its Juri joint venture with Newcrest Mining Ltd identified gold mineralisation.
The London-based mining development and exploration company added its ground electro-magnetic survey had identified several "promising" electromagnetic conductor targets for its 2022 drilling programme.
Greatland's partner Newcrest currently holds a 51% farm-in interest but has the right to earn up to a 75% interest by spending up to AUD20 million as part of a two-stage farm-in agreement over five years.
At the company's Saddle Reefs target within the Black Hills, hole BHD002 returned a gold assay of 0.6 metres at 2.56 grams per tonne from 274 metres in the Yeneena formation.
At the Los Diablos prospect, LDD001 recorded 0.11 parts per million as its highest gold interval between 543 to 544 metres, while LDD002 returned a peak grade of 0.12 parts per million from 405 to 406 metres.
Greatland confirm it would continue as manager for the Juri project into 2022.
Chief Executive Shaun Day said: "These results, together with identifying several new conductor targets from the ground EM programme, increases our confidence regarding the prospectivity of the Juri joint venture assets and furthers our understanding of the geology of the targets on the joint venture ground."
Shares in Greatland were up 6.4 at 16.71 pence on Thursday morning in London.
By Heather Rydings; [email protected]
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