Greatland Gold reports further 'excellent' results from Havieron

Precious and base metals exploration and development company Greatland Gold reported further “excellent” results from Newcrest's drilling campaign at the Havieron deposit in the Paterson region of Western Australia on Thursday.

The AIM-traded firm said the latest results confirmed the continuity of higher-grade mineralisation within the South East Crescent and Breccia.

Mineralisation was open at depth below the inferred mineral resource shell, providing support for potential expansion at depth.

The company said the 2021 growth drilling programme included plans for about 65,000 metres of drilling within the next six months, and would focus on a number of targets, including the South East Crescent and Breccia, where the company noted the potential resource definition of extensions below the existing resource shell, and lateral extensions adjacent to the existing high grade resource shell.

At the Northern Breccia target, it reported the potential expansion of the existing Inferred Mineral Resource below and adjacent to the existing resource shell, and at Eastern Breccia it said drill testing and interpretation of the geological and mineralisation controls of the Eastern Breccia Zone was ongoing.

New targets outside of the immediate vicinity of the Havieron deposit, but within the Havieron joint venture area, had also been identified, with the potential to conduct drill testing of those targets in the future.

As Greatland announced on 21 January, earth moving activities to prepare for the construction of the box cut and decline had started, and work was continuing to investigate the potential to achieve commercial production at Havieron within three years of the start of the decline.

Looking at the best new results at South East Crescent and Breccia, Greatland reported 111.7 metres at 3.6 grams of gold per tonne and 0.46% copper from 804.7 metres on hole HAD025W1, including 40.2 metres at 8.4 grams of gold per tonne and 0.53% copper from 816.8 metres.

At hole HAD109, it reported 37.7 metres at 9.8 grams of gold per tonne and 0.27% copper from 814.3 metres, and on hole HAD110, it reported 140.3 metres at 2.5 grams of gold per tonne and 0.48% copper from 554 metres, including 37.7 metres at 8.2 grams of gold per tonne and 1.4% copper from 580.4 metres.

On hole HAD110W1, it reported 134 metres at 3.1 grams of gold per tonne and 0.45% copper from 558 metres, including 22.9 metres at 12 grams of gold per tonne and 0.56% copper from 659.1 metres.

Finally, at hole HAD113 it reported 121.7 metres at two grams of gold per tonne and 0.43% copper from 708 metres, and on hole HAD113W1 it reported 108.6 metres at 2.5 grams of gold per tonne and 0.64% copper from 742.4 metres.

“As earth moving activities commence at Havieron, Newcrest continues to deliver excellent infill results within the existing resource shell and is launching an exciting 2021 growth drilling programme with the potential to further expand the mineralised footprint,” said chief executive officer Gervaise Heddle.

“The latest drill results increase our confidence in the continuity of higher-grade mineralisation and support the potential delivery of an indicated mineral resource.

“Meanwhile, Newcrest's plans for 65,000 metres of growth drilling will target several zones which could represent potential extensions to mineralisation outside of the inferred mineral resource estimate, as well as new targets announced today within the Havieron joint venture area.”

Heddle said that, alongside the ramp-up of exploration and early works activities at Havieron, the company was also preparing to launch its Juri Joint Venture exploration programme for 2021, which would focus on drill testing priority targets, including the Parlay target within the Black Hills Project and the Goliath, Outamind and Los Diablos targets within the Paterson Range East Project.

“We look forward to providing regular updates on activities at both joint ventures - Havieron and Juri - in due course.”

At 1200 GMT, shares in Greatland Gold were down 1.39% at 26.52p.