Juri is an unincorporated joint venture constituted by the Juri Farm-In and Joint Venture Agreement which Greatland and Newcrest entered into on 29 November 2020 to accelerate exploration at the Paterson Range East (E45/4928) and Black Hills (E45/4512) exploration licences (Juri Tenements). Exploration work at the Juri Tenements is focused on the discovery of intrusion related gold-copper deposits similar to Havieron, Telfer and Rio Tinto’s Winu deposit.
Farm-In and Joint Venture Arrangement
Under the Juri Farm-In and Joint Venture Agreement, Newcrest immediately received a 25% interest in the Juri Tenements in return for committing to spend at least the A$3 million Stage 1 commitment and has the right to earn up to a 75% interest in the Juri Tenements by spending in aggregate at least A$20 million as part of a two-stage farm-in arrangement over five years as follows:
- Stage 1: Newcrest must spend A$3 million in relation to the Juri Tenements within 24 months of entering into the Juri Farm-In and Joint Venture Agreement to earn an additional 26% interest in the Juri Tenements (cumulative 51% interest); and
- Stage 2: Newcrest must spend an additional A$17 million in relation to the Juri Tenements within 36 months of completing Stage 1 to earn an additional 24% interest in the Juri Tenements (cumulative 75% interest).
Following completion of Stage 1 on 20 August 2021, Newcrest exercised its right to increase its interest in the Juri Tenements to 51% (the remaining 49% to be held by Greatland) and elected to proceed to Stage 2 on 18 October 2021. Newcrest was appointed as the Juri JV Manager with effect from 1 July 2023.
Geology and Mineralisation
- Black Hills (E45/4512) is regarded by Greatland as having the potential to host gold mineralisation similar in style to that seen at Telfer. Historical exploration work on the tenement has identified several discrete zones of mineralisation over 5km of strike. Gold prospects identified to date extend from Black Hills (E45/4512) into the north-western parts of the Scallywag licence (E45/4701). Proterozoic sandstone and carbonate rocks of the Yeneena Group, including the Telfer Formation, occur within a domal structure which is the equivalent geology to that of the Telfer gold deposit located 30km to the west.
- Paterson Range East (E45/4982) hosts Proterozoic basement rocks prospective for Havieron style gold-copper mineralisation. Basement rocks are interpreted to be predominantly calcareous sandstones intruded by several late-stage granitic bodies, covered by varying amounts of younger Permian sediments.