By Oliver Griffin

Shares in Greatland Gold PLC (GGP.LN) rose Thursday after the company said results from Newcrest Mining Ltd.'s (NCM.AU) first drilling campaign at the Havieron license in Western Australia confirmed high-grade gold-copper mineralization.

In March the mining company entered a farm-in deal with Newcrest, one of the world's biggest gold miners, regarding its wholly-owned Havieron license.

Newcrest can acquire up to 70% in 12 blocks within the license that covers the Havieron target by spending up to $65 million and completing a series of milestones over a six-year period.

Greatland Gold said Newcrest found a range of gold grades including from 0.59 grams a ton to 21 grams a ton, across a variety of depths.

The company said Newcrest will now expand its exploration campaign from two drill rigs to four.

Shares at 0900 GMT were up 10% at 1.97 pence.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

July 25, 2019 05:18 ET (09:18 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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