Greatland Gold reports more progress at Havieron

The AIM-traded firm said growth drilling was continuing to confirm and expand the extensions to known mineralisation in the Eastern Breccia and the Northern Breccia.

Exploration drilling was meanwhile continuing to test regional geophysical targets outside of the main Havieron system on the Havieron mining lease.

Six drill rigs were currently on site, ahead of the scheduled wind-down over the summer wet season.

The exploration decline reached a “significant milestone” during November, the company said, with 1,000 metres of decline development achieved.

Development advance rates had continually improved, which the board said provided “additional confidence” around the forecast schedule.

Looking at the feasibility study, Greatland said technical work to support its development continued during the quarter.

As it announced previously, the study was still in progress, and would be extended beyond the December quarter to allow further time to enhance value.

That, the board said, would include the impact of “significant” additional drilling information and the assessment of optimisation studies.

Greatland reported “significant” new growth drilling results at the Eastern Breccia, with 26 metres at 2.2 grams of gold per tonne and 0.17% copper from 1,584 metres in hole HAD098W7, and 82 metres at 2.1 grams of gold per tonne and 0.25% copper from 1,508 metres at hole HAD134, including 30 metres at 2.4 grams of gold per tonne and 0.19% copper from 1,540 metres.

Hole HAD163 showed 86 metres at 1.2 grams of gold per tonne and 0.04% copper from 1,415 metres, while hole HAD167 reported 78 metres at 1.9 grams of gold per tonne and 0.19% copper from 1,516 metres, and hole HAD152W5 returned 27 metres at 1.4 grams of gold per tonne and 0.06% copper from 2,042 metres.

At the Northern Breccia, meanwhile, Greatland said hole HAD098W7 reported 84 metres at 3.2 grams of gold per tonne and 0.14% copper from 1,008 metres, and 78 metres at 1.2 grams of gold per tonne and 0.28% copper from 1,242 metres, including 32 metres at 2.4 grams of gold per tonne and 0.4% copper from 1,260 metres.

“Havieron achieved a significant milestone with the exploration decline development extending beyond the 1,000 metre mark,” said managing director Shaun Day.

“The accelerated rate of advancement reflects the improved ground conditions.”

Day said the growth drilling programme at Havieron was continuing to confirm and expand the high-grade extensions to the known mineralisation in the Eastern Breccia and Northern Breccia zones.

“The last 12 months of impressive growth drilling results support the expectation for Havieron to deliver an expanded mineral resource estimate.”

At 1511 GMT, shares in Greatland Gold were down 2.88% at 7.77p.

Reporting by Josh White for Sharecast.com.