Greatland Gold reports exploration progress at Havieron

Greatland Gold updated the market on exploration and development at the Havieron gold-copper project in the Paterson region of Western Australia on Tuesday, where seven drill rigs were currently operational, and all focussed on growth.

The AIM-traded firm said the rigs were targeting the Eastern Breccia, the South East Crescent, the Northern Breccia, the North West Pod, and new targets outside of the main Havieron system.

It said drilling into the Eastern Breccia had returned an intercept about 100 metres to the north of previously-reported high-grade mineralisation, and 100 metres east of the Eastern Breccia resource.

The hole reinforced the potential for the north west trending Eastern Breccia corridor to host Crescent-style high grade mineralisation, with hole HAD145AW1 returning 150.1 metres at 3.7 grams of gold per tonne and 0.15% copper, or 3.95 gold equivalent grams per tonne, from 1,827.9 metres.

That included 42.3 metres at 8.6 grams of gold per tonne and 0.4% copper, or 9.26 gold equivalent grams per tonne, from 1,854 metres.

High grade results were also reported from the Northern Breccia, which the firm said reinforced the potential for further high-grade sulphide mineralisation outside the SE Crescent zone.

Hole HAD085W6 intersected 52 metres at three grams of gold per tonne and 0.09% copper, or 3.14 gold equivalent grams per tonne, from 1,327 metres.

That included 17.9 metres at 7.7 grams of gold per tonne and 0.07% copper, or 7.8 gold equivalent grams per tonne, from 1,361.1 metres, within the footprint of the updated mineral resource.

Greatland said early works were advancing, with construction activities by Newcrest progressing.

The exploration decline had advanced 313 metres as of 20 April, while the drilling of the blind bore ventilation shaft was now complete, and liners had been installed to design depth.

That milestone successfully marked a “significant reduction” in risk to construction, the board explained.

“The early results from the 2022 growth drilling programme are tremendous with high grade mineralised extensions identified across all tested target zones,” said Greatland managing director Shaun Day.

“Whilst growth drilling at the Eastern Breccia continues to define the mineralised footprint and extensions of the Breccia, a new high grade intercept has reinforced the potential for the Eastern Breccia corridor to host Crescent style high grade mineralisation.”

Day said that demonstrated the “ongoing potential” for the expansion of the Havieron footprint below and adjacent to the existing mineralisation.

“With ongoing drilling focusing on growth there is substantial potential to further demonstrate the depths and extents of the high-grade mineralisation, that remain open along strike and at depth at Havieron.”

At 0946 BST, shares in Greatland Gold were down 0.75% at 13.2p.