Australia’s largest gold producer, Newcrest Mining (ASX: NCM), has unveiled what it is calling “excellent” drill results from Greatland Gold’s (LON:GGP) Havieron gold-copper project, in the Paterson region of Western Australia.
Drilling work at the asset, kicked off in May, is being carried out and fully funded by Newcrest as part of a joint venture it signed with the London-based miner in March. That farm-in deal gives the Aussie gold producer the option to acquire 70% of the project.
To become the majority owner, Newcrest would have to invest $65 million on exploration and development over five years. This would be on top of the A$5 million it has already committed for the 2019-2020 year.