Greatland Gold upbeat on latest work at Havieron

Greatland Gold updated the market on development and exploration at Havieron on Thursday, reporting further significant results from growth drilling under the Crescent Sulphide Zone and around the Northern Breccia, which continued to support the potential for resource expansion.

The AIM-traded firm said the HAD133W1 hole reported 133 metres at seven grams of gold per tonne and 0.05% copper from 1,446 metres, including 55.9 metres at 9.7 grams of gold per tonne and 0.04% copper from 1,449.5 metres, from within the South East Crescent around 250 metres below the base of the initial inferred mineral resource estimate.

That intercept at 945 grams meters constituted a top four Havieron intercept.

Higher grade zones in the Northern Breccia to the north west of the initial inferred mineral resource estimate were returned from HAD140 at 29.1 metres at 9.7 grams of gold per tonne and 0.29% copper from 813.2 metres, and HAD141 at 87 metres at 1.8 grams of gold per tonne and 0.05% copper from 1,328 metres, including 17.8 metres at 5.7 grams of gold per tonne and 0.14% copper from 1,378.5 metres.

The Eastern Breccia was extended to more than 600 metres in strike length.

“The growth drilling campaign at Havieron continues to deliver excellent results with significant intercepts of high-grade gold and copper outside the existing resource shell,” said chief executive officer Shaun Day.

“These assay results have once again extended known mineralisation below the main South East Crescent zone and to the north-west in the Northern Breccia, adding further scale and value to the Havieron orebody.

“With nearly 200,000 metres of drilling now completed, including extensive growth drilling in recent months, we have significantly enhanced our understanding of the orebody and the likelihood of delivering an upgrade to the mineral resource estimate in the near-term.”

Day said early works for the mine development were progressing to plan, with the decline now advanced to more than 120 metres from the portal towards the top of the orebody.

“The pace of construction activities and surface infrastructure at Havieron is intended to expedite future mining operations, enabling early free cash flows to be reinvested into further development.

“This supports our belief that the low-risk profile of Havieron makes it a globally unique opportunity for bringing a tier-one gold-copper mine into production.”

At 1207 BST, shares in Greatland Gold were up 0.37% at 18.87p.