Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Greatland Gold (LON: GGP) shares are gaining after the company commenced its drilling campaign under the Juri Joint Venture with partner Newcrest Mining Limited.
The Juri Joint Venture is in the Paterson Province of Western Australia.
The company said drilling of high priority targets has begun across the Paterson Range East license, stating at Goliath with drill camp and infrastructure established with field activities underway.
The Paterson Range East licence is approximately 25 kilometres north of Greatland's Havieron gold-copper project.
Ground electromagnetic surveys will be conducted in the coming weeks to better define targets, and all heritage clearances and government approvals have been received ahead of the drilling campaign.
Greatland’s partner, Newcrest, has the right to earn up to a 75% interest in the licences covering the Juri Joint Venture by spending up to A$20m as part of a two-stage Farm-In over five years. Greatland is currently the manager of the Juri JV.
Greatland Gold’s CEO, Shaun Day, commented: “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.
Our geology team has identified a set of high-priority targets to be drilled across this programme that display many similar geophysical characteristics to the Havieron gold-copper deposit. With the drill rig now on site, and all necessary camp infrastructure safely established, drilling has commenced at a large ‘bulls-eye' magnetic anomaly known as Goliath.”
Greatland Gold’s share price is currently trading 2.89% higher at 23.16p following this mornings announcement.
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