Newmont pulls out of Greatland Gold project

Ernest Giles project. (Image: Greatland Gold)

Gold major Newmont has abandoned its exploration partnership with Greatland Gold at the Ernest Giles project in Western Australia to focus on activities in other districts.

The two companies made an agreement in May 2017 allowing Newmont access to the project for the purposes of conducting a survey using its proprietary deep sensing geochemistry (DSG) technology to identify gold anomalies and other lithological trends.

Although Newmont has decided not to proceed further (the company’s right of first refusal has already expired), Greatland still plans to make use of the DSG survey results, which have identified large gold anomalies of five by 1.5km close to Greatland’s previous drill sites. The company expects to commence target exploration by the end of the first quarter of 2018.

Greatland chief executive officer Gervaise Heddle thanked Newmont for its efforts despite the parting of ways.

“The collaboration between Newmont and Greatland has successfully defined several additional gold anomalies, and we would like to thank Newmont for their efforts,” he said.

“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.”

The Ernest Giles project has returned upwards of two grams of gold per tonne from early drilling, and Heddle remains enthusiastic.

“We are well financed to actively progress exploration at Ernest Giles and look forward to reporting progress through the year,” he explained.

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