Greatland Gold PLC (AIM:GGP, OTC:GRLGF) said initial drilling at its Juri joint venture with Newcrest in Western Australia identified gold in eight of the nine holes with a magnetic survey also identifying several new targets.
The first phase of drilling comprised nine holes for 4,958m testing six targets including five holes at the Goliath, Outamind and Los Diablos targets on the Paterson Range East licence and four holes at the Parlay, Saddle Reefs & Saddle South targets on the Black Hills licence.
The latest assays, from Black Hills, showed grades ranging between 0.13 -0.16 g/t over widths of 6-8m at depth in a range of 157-208m.
"We are delighted with the full set of results from the maiden drilling campaign under our Juri JV with Newcrest," Shaun Day, chief executive, said.
“Gold mineralisation has been intercepted from eight of the nine holes tested from this campaign which is an excellent strike rate.
"These results, together with identifying several new conductor targets from the ground EM programme, increase our confidence regarding the prospectivity of the Juri JV assets and furthers our understanding of the geology of the targets on the JV ground.
"With Newcrest moving to Stage 2 funding of the Juri JV programme and Greatland continuing in the role as Manager, we are well-positioned to integrate the new data into our models, refine our Juri JV targets and capitalise on this opportunity in 2022."
Partner Newcrest has already spent A$3mln on exploration for its 51% interest in the Juri JV and under the stage 2 agreement can take a 75% interest by spending an additional A$17mln over three years.