Greatland Gold (GGP) Shares Fell 8.12% on Maiden Drill Campaign

The Greatland Gold plc (LON: GGP) share price fell 8.12% after announcing the successful completion of its inaugural drilling campaign at the Paterson South Project. The milestone was achieved through the company’s farm-in and joint venture agreement with Rio Tinto Exploration Pty Ltd (RTX).

The partnership details were contained in Greatland’s RNS Announcement titled “Farm-in to Rio Tinto’s highly prospective Paterson South tenure,” released on May 30, 2023. The drilling campaign focused on the Stingray and Decka targets in the Budjidowns tenement.

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The two targets are well-positioned, lying along the same geological strike and within 20 kilometres of Greatland’s world-class Havieron gold-copper project. 

The drilling campaign effectively tested the magnetic source of the Stingray and Decka targets. It identified these sources as magnetite-rich, mafic to intermediate metamorphosed intrusive igneous rocks. 

Notably, the drilling returned peak gold assays of 0.26 ppm Au and 0.17 ppm Au in single 1-meter intervals. These values were obtained from depths of 305 and 435 meters, respectively, in Stingray DD hole BUDJ0004. Such findings underscore the project’s gold potential and provide promising data for further assessment and development.

Beyond the peak gold assays, the assay results revealed moderately anomalous gold (Au) and copper (Cu) levels in various narrow intervals. This suggests that the area may contain mineralisation worth exploring further. 

This successful drilling campaign marks a significant step for Greatland Gold, not only in meeting its exploration objectives but also in strengthening its partnership with Rio Tinto Exploration Pty Ltd.

Greatland completed the drilling campaign more than one year ahead of the scheduled deadline of 31 December 2024. 

Shaun Day, Greatland’s Managing Director, commented: “We are pleased by the results from our maiden drilling program at Budjidowns, within the Paterson South Project, where two high-priority targets were successfully tested. The program has identified the presence of anomalous gold and copper as well as pathfinder elements, which is encouraging and informative. The rapid commencement of drilling following the execution of the joint venture with Rio Tinto Exploration is a testament to Greatland’s commitment and ability to efficiently and safely explore the Paterson region, which we will continue across our expanded Paterson Province exploration portfolio.”

Greatland Gold (GGP) share price. 

The Greatland Gold share price fell 8.12% to trade at 9.05p from Thursday’s closing price of 9.85p.