Shares of Greatland Gold plc (LON: GGP) spiked 7.8% higher after the company reported that excellent infill drilling results at the Havieron project confirm the continuity of higher-grade mineralisation within the South East Crescent and Breccia.
Today’s announcement was based on assay results for 18 drill holes since the company’s last update on 10 December 2020. The company also referred to the “Quarterly Exploration Report” released by Newcrest Mining Ltd (“Newcrest”) earlier today, which supports its findings.
The Havieron project is located in the Paterson region of Western Australia and the firm intends to drill up to 65,000 metres within the project over the next six months with different targets for each of the various project zones.
Greatland gold reported that drilling since May 2019 has outlined an ovoid shaped zone of variable brecciation with breccia mineralisation having been identified internally and externally to the Crescent Zone.
The company’s drilling activities in Q4 2020 at Havieron were focused on ongoing infill drilling of the South East Crescent and Breccia Zone to support the potential delivery of an Indicated Mineral Resource in the two zones.
Gervaise Heddle, Greatland Gold’s CEO, commented: “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. The latest drill results increase our confidence in the continuity of higher-grade mineralisation and support the potential delivery of an Indicated Mineral Resource.”
Adding:
“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.”
Greatland gold share price
Greatland gold shares spiked 7.8% higher to trade at 29p having risen from Wednesday’s closing price of 26.9p, but later gave up most of its gains.