Newmont Mining’s (NYSE:NYM) involvement with Greatland Gold plc’s (LON:GGP) Ernest Giles project in Australia is now over, but the work it undertook has left the project considerably better off.
Newmont undertook a Deep Sensing Geochemistry survey at Ernest Giles and defined a new large gold anomaly covering an area of approximately 5 kilometres by 1.5 kilometres untested by previous drilling.
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This lies approximately 1 kilometre to the north of Greatland's previous drilling, a perfect jumping off point for further work.
The anomaly also sits perpendicular to the regional geological strike, which suggests a strong structural control on mineralisation.
Elsewhere, several additional attractive gold anomalies have also been identified.
Accordingly, Greatland anticipates that it will be lodging a Programme of Work with the Western Australian Department of Mines and Petroleum in the next two weeks and, subject to approval, anticipates commencing a targeted exploration campaign at Ernest Giles in the first quarter of this year.
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“The collaboration between Newmont and Greatland has successfully defined several additional gold anomalies, and we would like to thank Newmont for their efforts,” said chief executive Gervaise Heddle.
“The results of their survey have enhanced our understanding of the project and identified multiple new targets for further exploration work, reinforcing our view that the Ernest Giles project has the potential to host several multi-million-ounce gold deposits. We are well financed to actively progress exploration at Ernest Giles and look forward to reporting progress through the year."