Greatland Gold signs deal for second drill programme at Havieron

Precious and base metals exploration and development company Greatland Gold updated the market on its upcoming second drill programme at its 100%-owned Havieron project in the Paterson region of Western Australia on Monday.

The AIM-traded firm said its first drilling campaign at Havieron, carried out in April and May, yielded “excellent” results, which included 121m at 2.93g/t Au and 0.23% gold from 497m, and established the presence of a zone of high grade mineralisation, with peak grades of 137.69g/t gold and 4.11% copper.

As it stated on 4 July, Greatland expected to commence a second, expanded drilling campaign in mid-September at the Havieron project, consisting of ten core holes to 600 metres each for a total of 6,000 metres, to further determine the extent and the direction of the high grade zone of mineralisation at Havieron.

It said DDH1 Drilling, which it described as one of Australia's “most highly regarded” mineral exploration drilling providers, had been re-appointed to conduct the upcoming drill programme after their successful execution of Greatland's first drill programme at Havieron earlier in the year.

As an expression of their support and confidence in the Havieron project, DDH1 had agreed to accept part payment of its drill programme fees in the form of shares and warrants in Greatland, on the same terms as the company's recent placing and subscription announced on 27 July.

Following the start of drilling at Havieron, and in consideration for an amount of £142,045.45, or approximately AUD 250,000, Greatland said it would issue to DDH1 11,363,636 ordinary shares in Greatland Gold, and would issue 11,363,636 warrants with a 2.0p exercise price and an exercise period of 12 months.

DDH1 had confirmed that drilling was on schedule to commence at Havieron in mid-September.

“We are delighted to be working with DDH1 again,” said Greatland chief executive officer Gervaise Heddle.

“They very successfully conducted our maiden drill campaign at Havieron earlier this year, which yielded excellent results.”

Heddle said DDH1 had become a “great partner” for the company, with the board “pleased” to see that they were backing the project not only with their skill set, but by taking equity in the company.

“This is a great endorsement for the Havieron project and our exploration efforts.

“We look forward to continuing to update shareholders on this new, expanded drill programme.”