Greatland Gold plc (AIM:GGP) has announced the first set of preliminary drill results from the initial 2021 drill programme at its Juri Joint Venture with partner Newcrest Mining in the Paterson province of Western Australia.
Results have been received for the first four holes sampled from the nine drill holes completed.
At the miner’s Saddle Reefs target within the Black Hills license Greatland reported an intersection of 3.5m @1.88g/t Au from 226.5m. First gold was identified at the Goliath Prospect, including a significant assay of 1.0m @1.49g/t Au from 651m.
Greatland Gold said that assays from the remaining holes from Los Diablos, Parlay and Saddle Reef and sections of the Outamind hole are expected in October.
Greatland Gold shares see substantial buying activity
Shares in Greatland Gold have been seeing substantial buying activity in recent days, up from 16p to 18.62p at time of writing. The shares are still not far off the 52-week low of 14.8p. Investors will be looking for further solid assays coming through from the miner in October.
Shaun Day, Chief Executive Officer of Greatland Gold, said: “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.”
The initial results should build confidence regarding the prospectivity of the assets under the Juri JV, Day said. “With Newcrest funding the exploration programme, the Juri JV programme presents an opportunity to deploy our proven expertise and potentially deliver further exploration upside for our shareholders,” he explained. You can find more comment from Shaun Day on Greatland Gold in our recent Q&A.
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First phase of drilling complete
Greatland Gold’s first phase of drilling (reverse circulation and diamond core drilling) has been completed on the Paterson Range East and Black Hills tenements, forming the Juri JV with Newcrest.
This first phase of drilling comprised nine holes for 4,958m testing five targets including five holes at the Goliath, Outamind and Los Diablos targets on the Paterson Range East licence and four holes at the Parlay and Saddle Reefs targets on the Black Hills licence.
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Gold and some multi-element assays have been received for the Goliath and Outamind holes, and gold and multi-element assays returned for a strongly altered mineralisation zone logged in the first Saddle reefs hole BHD001. Assays for the remaining holes from Los Diablos, Parlay and Saddle Reef are expected for October 2021.
A ground electro-magnetic (survey has been planned to further refine and model various Juri JV targets as defined in the 2020 heliborne EM survey. This programme is due to commence in September. The programme is designed to confirm the AEM targets reported previously and better define drill targets over these anomalies.