(, ) said its Juri joint venture will advance to Stage 2 and that partner Newcrest Mining Ltd could increase its total investment from A$3mln to A$20mln (GBP11mln), marking a significant expansion of the exploration programme following a successful initial 2021 drilling campaign.
The Juri JV comprises the Paterson Range East and Black Hills licences in the highly prospective Paterson region of Western Australia.
Under a farm-in agreement announced last November, Newcrest has met the Stage 1 spending requirement of A$3mln and holds a 51% interest in the JV. It has the right to earn up to a 75% interest by spending an additional A$17mln of the Stage 2 farm-in over three years.
Greatland, the manager of the JV, said that Newcrest has the right, but not the obligation, to be appointed manager with effect from January 1, 2022.