Greatland Gold (LON: GGP) shares are down on Wednesday after the company announced the first set of preliminary drill results from the initial 2021 drill programme at its Juri Joint Venture with partner Newcrest Mining.
The first phase of Juri JV drilling was completed on the Paterson Range East and Black Hills tenements in Western Australia, with gold assays reported from the first four assayed holes.
At the Saddle Reefs target within the Black Hills licence there was an intersection of 3.5m at 1.88 grams per tonne of gold from 226.5m. The first gold was identified at the Goliath Prospect, including a significant 1.0m at 1.49 grams per tonne of gold from 651m.
Assays for the remaining holes from Los Diablos, Parlay, Saddle Reef and sections of the Outamind hole are expected for October. In addition, there is a ground electromagnetic survey due to commence in September to further refine and model various targets.
Shaun Day, CEO of Greatland Gold, commented: “We are delighted to receive the first set of results from the maiden drilling campaign under our Juri JV with Newcrest. Intercepting gold mineralisation from our initial assays is an excellent result. Greatland will now recalibrate our Juri JV targets based on this initial information as well as the assays pending from the five remaining drill holes and combined with the new proposed Ground EM survey.
“These initial results build confidence regarding the prospectivity of the assets under the Juri JV. With Newcrest funding the exploration programme, our Juri JV programme presents an opportunity to deploy our proven expertise and potentially deliver further exploration upside for our shareholders.”
The company's share price fell over 2.4% to 18.1p following the news.
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