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Gold explorer Greatland Gold (AIM:GGP) updated the market this morning on the closely watched progress at its Havieron project. The company said that drilling results continue to support potential for resource expansion with additional mineralisation identified below the Crescent Zone and in the Northern and Eastern Breccias.

The Havieron gold-copper deposit is located in the Paterson region of Western Australia. Drilling activities since the last update include new results from the Greatland Gold’s  Growth Drilling programme, which continue to support the potential for resource expansion of the Havieron gold-copper system.

The latest results comprise assays for twelve new drill holes from the Growth Drilling programme (not previously reported), with six holes returning significant assay intercepts in excess of 100 gram metres Au (Au ppm grade x length metres) with HAD133W1 at 133m @ 7.0g/t Au & 0.05% Cu for 945 gram meters being a top four Havieron intercept, and all holes intersecting mineralisation.

A further 18 holes have been completed and await assays, anticipated to be received and reported in the next update.

A total of 194,456m of drilling from 230 drill holes has been completed since Greatland’s exploration partner Newcrest commenced exploration activity (excluding holes in progress or drill holes which have not been sampled).

“The Growth Drilling campaign at Havieron continues to deliver excellent results with significant intercepts of high-grade gold and copper outside the existing resource shell,” said Shaun Day, CEO of Greatland Gold. “These assay results have once again extended known mineralisation below the main South East Crescent zone and to the north-west in the Northern Breccia, adding further scale and value to the Havieron orebody.”

With nearly 200,000 metres of drilling now completed, including extensive growth drilling in recent months, Greatland Gold has significantly enhanced its understanding of the orebody and the likelihood of delivering an upgrade to its mineral resource estimate in the near-term.

Early works for the mine development are progressing to plan with the decline now advanced to over 120 metres from the Portal towards the top of the orebody, Day explained.


Globally unique tier one gold opportunity

The pace of construction activities and surface infrastructure at Havieron is intended to expedite future mining operations, enabling early free cash flows to be re-invested into further development.

“This supports our belief that the low-risk profile of Havieron makes it a globally unique opportunity for bringing a tier-one gold-copper mine into production,” Day said.

A further eight growth drill holes have been completed with samples awaiting assay, anticipated to be received and reported in the next update. Ten Infill holes have been completed in the South East Crescent, with samples awaiting assay.

Construction activities progressing

Construction activities are progressing well with achievements including the exploration decline, which was commenced on 14 May 2021 which has advanced over 120 metres, and news that the power station and magazine are both operational. The refueling station and workshop are also nearing completion.

Greatland Gold shares hit a short term high of 19p on 7 September but slid slightly in early trading this morning. At time of writing the stock was priced at around 18.50. It remains well off its 52 week high of 38.50.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Stuart Fieldhouse

Stuart Fieldhouse

Stuart Fieldhouse has spent 25 years in journalism and marketing, including as a wealth management editor for the Financial Times group, covering capital markets and international private banking, and as an investment banking correspondent for Euromoney in Hong Kong. He was the founder editor of The Hedge Fund Journal.

Stuart has worked at CMC Markets, supporting the re-launch of its global financial spread betting and CFD trading platforms. He is also the author of two books on trading, published by Financial Times Pearson. Based in The Armchair Trader’s London office, Stuart continues to advise fund managers, private banks, family offices and other financial institutions.

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