Sam is a trader and one of our lead stock analysts at AskTraders. After starting his career predominantly in the forex markets, Sam now focuses on gold and stocks with a preference for 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.
After a fall from the $2,000 level, could gold be set for another run higher? If you're a gold investor, you won't want to miss out on these stocks… Discover which companies our analysts are focusing their attention on for the coming months. If gold does move back to $2,000, these investments could see significant gains
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .