Greatland Gold plc (AIM:GGP), the precious and base metals mining and exploration company and joint Venture owner of the Havieron gold-copper project, has released an update on the drilling campaign at the project, which sits in the Paterson region of Western Australia.
Investors in Greatland Gold will be wanting to see something more exciting coming out of the Australian desert this summer. The share price has been in steady decline, dropping more than 50% since the start of the year. Shares have been trading between around 16.5 and 20 in recent days.
The latest results comprise seven new drill holes from the Growth Drilling programme (not previously reported), with all holes intersecting significant mineralisation.
The best new results not previously reported include HAD138 which yielded 84.5m @ 2.0 g/t Au & 0.05 % Cu from 683m, including 12.7m @ 6.0 g/t Au & 0.01 % Cu from 685.3m; and also HAD136W1 which saw results of 36.2m @ 2.7 g/t Au and 0.09 % Cu from 988.8m; and 201.0m @ 0.45 g/t Au & 0.09 % Cu from 1050m.
Newcrest Mining [ASX:NCM], which is doing the heavy lifting at the site, has now completed a total of 184,081m of drilling from 212 holes to date, with all the latest holes continuing to intersect significant mineralisation.
Shaun Day, Chief Executive Officer of Greatland Gold plc, explained to investors this morning: “There is a tremendous amount of activity and excitement with the progress across the Havieron gold-copper project. In addition to the intensity of the drilling programme, the decline development is now maintaining 24- hour operations and the surface support infrastructure is nearing completion.”
Day said that the drilling programme keeps on delivering with every hole continuing to hit significant mineralisation while also growing the scale of the Project. Drilling has identified several exciting results from the South East Crescent, extending the high grade mineralisation beneath the initial Inferred Resource estimate.
“The ongoing success from each set of drill results builds confidence in the world class nature of the Havieron gold-copper project and its potential to expand,” added Day. “This de-risks the project as we progress it towards potential production and adds further upside to the value of the deposit.”
With 15 intersections awaiting assay, the volume of information available is expected to significantly expand with Greatland Gold’s next update.
Greatland Gold also reported further progress with on site construction – this included the box cut and portal completed in May 2021, and an exploration decline commenced on 14 May 2021 which has advanced 69 metres. The decline contractor has moved to 24-hour operations. All surface support infrastructure is nearing completion.