Greatland completes inaugural drilling at Paterson South

3rd Nov 2023 11:16

(Sharecast News) - Greatland Gold has successfully concluded its inaugural drilling campaign at the Paterson South Project, it announced on Friday, operating under a farm-in and joint venture agreement with Rio Tinto Exploration.

The AIM-traded firm said the drilling effort, comprising diamond core (DD) and deep reverse circulation (RC) drilling, targeted the Stingray and Decka prospects within the Budjidowns tenement.

Those sites are strategically positioned, lying within 20 kilometres of Greatland's Havieron gold-copper project, known for its world-class mineral deposits.

Notable findings from the campaign included the effective assessment of the magnetic source at the Stingray and Decka prospects, revealing magnetite-rich, mafic to intermediate metamorphosed intrusive igneous rocks.

Furthermore, the drilling unearthed promising peak gold assays, with values of 0.26 and 0.17 parts of gold per million, obtained in single one-metre intervals from depths of 305 and 435 metres, respectively, in the Stingray DD hole designated as BUDJ0004.

The assay results also unveiled moderately anomalous levels of gold and copper in various narrow intervals, along with pathfinder geochemical elements such as arsenic, bismuth and tellurium.

Importantly, Greatland said the milestone marked the completion of the minimum requirements for the earn-in, encompassing 2,000 metres of drilling and $1.1m in expenditure, solidifying the progress of the collaboration between Greatland Gold and Rio Tinto Exploration.

"We are pleased by the results from our maiden drilling programme at Budjidowns, within the Paterson South Project, where two high priority targets were successfully tested," said managing director Shaun Day.

"The programme has identified the presence of anomalous gold and copper as well as pathfinder elements which is encouraging and informative."

Day said the rapid start of drilling following the execution of the joint venture with Rio Tinto Exploration was down to Greatland's ability to efficiently and safely explore the Paterson region.

"Completion of this programme successfully achieved the minimum commitment of our Rio Tinto Exploration farm-in and joint venture agreement more than a year ahead of the 31 December 2024 deadline."

At 1345 GMT, shares in Greatland Gold were down 1.79% at 9.63p.

Reporting by Josh White for Sharecast.com.