Newcrest Mining has signalled a commitment to its low-grade Telfer gold mine in the East Pilbara by striking a $90 million exploration farm-in agreement with Greatland Gold in the highly prospective Paterson province.The AIM-listed explorer said yesterday it had struck a deal with Australia’s biggest gold producer to potentially hand over a 70 per cent interest in its Havieron prospect, about 45km east of Telfer.Drilling by Greatland has returned stunning deep intersections at Havieron in recent months, including a 275m intersection at 4.77 grams per tonne gold and 0.61 per cent copper. The drill hits have added to the buzz about the Paterson province, where Rio Tinto last month revealed impressive exploration results at its much-hyped Winu prospect, 130km north of Telfer. We have RIO as JV which is great on one side but also prevents other big players of offering us a deal.
AYR Price at posting:
0.2¢ Sentiment: Hold Disclosure: Held
