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Greatland plans targeted campaign at Ernest Giles project

By BFN News | 08:01 AM | Monday 15 January, 2018


Greatland Gold hopes to start a targeted exploration campaign at the Ernest Giles project in the first quarter. The company it anticipated that it would be lodging a programme of work with the Western Australian Department of Mines and Petroleum in the next two weeks. The company issued an an update on the project and results of work conducted by Newmont Exploration Pty Ltd, a subsidiary of Newmont Mining Corporation (NYSE: NEM). Newmont has informed the company that its current corporate priorities are largely focused in other districts and that it would not be proceeding with the project at this time. Greatland said: 'Newmont's six month right of first refusal over the Ernest Giles project has already lapsed in accordance with the agreement announced 16 May 2017. 'Newmont's DSG (deep sensing geochemistry) survey has been successful in defining a new large gold anomaly, covering an area of approximately 5km by 1.5km and untested by previous drilling.' Greatland Gold said it continued to hold 100% of the project and was well financed to proceed with its alternative plans to progress with an exploration programme using the results of the deep sensing geochemistry survey conducted by Newmont. Chief executive Gervaise Heddle said: 'The collaboration between Newmont and Greatland has successfully defined several additional gold anomalies, and we would like to thank Newmont for their efforts. '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.' At 8:01am: (LON:GGP) Greatland Gold PLC share price was -1.26p at 0.9p Story provided by StockMarketWire.com

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