Shares of Greatland Gold (LON: GGP) are down over 3% on Thursday despite Newcrest Mining reporting “excellent” results from growth drilling at the Havieron gold-copper project.
Based in the Paterson region of Western Australia, exploration activities at the project are operated by Newcrest under a Joint Venture Agreement with Greatland.
Greatland said the results continue to support the potential for resource expansion within the Havieron gold-copper mineralised system.
There were “high-grade intercepts below the December 2020 Initial Inferred Mineral Resource shell in the South East Crescent Zone and adjacent Breccia Zones, and around the Northern Breccia,” the company stated.
HAD133 returned 85m at 11g/t, a result that was highlighted by the company's former CEO, Gervais Heddle.
— Gervaise Heddle (@gervaiseheddle) June 10, 2021
New drill intercepts from within the 2020 Initial Inferred Mineral Resource shell support geological and grade continuity.
The 2021 growth drilling is progressing into FY2022, focusing on the North West Crescent and Northern Breccia zone, providing support for the potential expansion of the existing Inferred Mineral Resource Estimate.
In the Eastern Breccia zone, drill testing and interpretation of the geological and mineralisation controls is ongoing. There have also been new targets identified outside of the immediate vicinity of the Havieron deposit, but within the Havieron Joint Venture area, with the potential to conduct drill testing of these targets in the future.
Shaun Day, CEO of Greatland Gold plc, commented: “These latest drilling results add further extensions to the high-grade mineralisation at Havieron while evolving the deposit beyond the existing resource shell. With each new set of excellent intercepts, we demonstrably advance the potential size and value of the gold-copper orebody at Havieron.
“Development on site continues at pace with surface earthworks nearing completion and the underground decline underway. As the Joint Venture progresses, ongoing exploration continues to enhance the potential scale of the gold-copper mineralised system at Havieron.”
Despite the encouraging announcement, Greatland Gold's share price is currently down 4.81% at 20.77p.
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