Greatland Gold reports more 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 Thursday, reporting that six drill rigs were now operational after the Christmas shutdown.

The AIM-traded firm said all rigs were focussed on growth programmes, including defining the mineralised footprint of the Eastern Breccia, focusing on extending the higher-grade mineralisation which remains open in all directions.

They were also targeting extensions to the South East Crescent below the updated mineral resource, in addition to lateral extensions adjacent to the existing high-grade resource.

At the Northern Breccia, they were focussed on delineating existing high-grade mineralised zones within the Northern Breccia and Northwest Pod.

There was also drilling now taking place on targets identified outside of the immediate vicinity of the Havieron deposit, but within the Havieron joint venture area.

Greatland said a high-grade result in the NW Pod on the northwest margin of the Havieron Breccia system confirmed the potential for further high-grade sulphide mineralisation outside the SE Crescent Zone, with 52.7 metres at 7.1 grams of gold per tonne and 0.04% copper from 1,074 metres in hole HAD089W4.

Drilling into the Eastern Breccia, meanwhile, returned a “broad zone” of mineralisation on the southern flank of the recently-announced initial mineral resource, with 70.2 metres at 0.82 grams of gold per tonne and 0.22% copper from 1,654.8 metres in hole HAD145A.

Northern Breccia drilling was continuing to assess the extents of higher-grade mineralisation within the core of the Havieron Breccia, with results in HAD145A intersecting a zone of copper dominant sulphide mineralisation that was currently open at depth, being 69 metres at 0.72 grams of gold per tonne and 1.1% copper from 1,300 metres.

Greatland said early works were advancing, with construction activities progressing “well” and achievements including the box cut and portal completed, the exploration decline advancing 296 metres, and the first ventilation shaft blind boring having commenced.

Works to progress the necessary approvals and permits required to commence the development of an operating underground mine and associated infrastructure at the Havieron Project were also ongoing.

Finally, Greatland said feasibility study work by Newcrest was continuing, along with concurrent studies assessing broader growth options for Havieron.

Upside opportunities were being evaluated to increase the scale and life of Havieron, as well as presenting the opportunity to adopt alternative, lower cost mining methods.

The company said the feasibility study was still forecast to be delivered in the December quarter.

“The ramp up of the 2022 growth drill programme is an exciting time for Greatland and its shareholders as it presents an opportunity to further understand the size and scale of the Havieron system,” said chief executive officer Shaun Day.

“This growth drilling programme is already delivering pleasing results with high-grade sulphide mineralisation confirmed in the NW Pod, several hundred metres away from the South East Crescent and Eastern Breccia zones.

“This, along with a continuation of the high-grade mineralisation outside of the recently updated initial mineral resource for the Eastern Breccia is a fantastic start to the calendar year.”

Day said the company was also encouraged by the higher grade copper results being seen near the base of the Northern Breccia.

“With five drill rigs testing extensions to the current mineralised system and a further drill rig testing for new opportunities on the mining licence outside of the immediate known mineralisation, the 2022 drilling programme lays the foundation for defining the next phase of Havieron's growth.”

At 1234 GMT, shares in Greatland Gold were down 7.08% at 14.31p.