Greatland Gold’s (LSE:GGP) stock was up over 14% on Thursday after first results from Newcrest’s drill campaign at Greatland’s Havieron licence were released.
In March 2019, Greatland signed a farm-in agreement with Newcrest to explore and develop the Havieron gold-copper project in Western Australia. Newcrest has the right to acquire up to 70% interest for $65 million.
Greatland’s Paterson project covers more than 385 square kilometres in the Paterson region of Western Australia, and includes the Havieron licence, the Paterson Range East licence and the Black Hills licence.
The drill results confirm the presence of high-grade copper-gold mineralization at Havieron. Highlights include 17 m at 21 g/t Au and 0.39% Cu from 1,153 metres, Newcrest said in its quarterly exploration report.
Newcrest is set to expand its exploration campaign at Havieron from two drill rigs to four. The third drill rig has begun operation and a fourth is scheduled to arrive at site in August.
At market close Thursday, Greatland’s shares had been traded over 122.8 million times on the London Stock Exchange. The company’s average daily trading volume is 21.6 million, and its market capitalization is $67.5 million.