The Greatland Gold plc (LON: GGP) share price fell 2.1% after releasing an exploration update for the Scallywag and Patterson South projects. The company also released a development update for the Havieron project, triggering a slight decline in its share price.
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The mining and exploration company noted that it had completed diamond drilling at Scallywag, drilling the A35, A34, Swan, Pearl and Ramses targets. Greatland Gold also revealed that it had completed the maiden drilling campaign at the Patterson South project with five RC holes at Decka and a single diamond hole at Stingray.
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The firm is awaiting assay results for the holes drilled at Scallywag and Patterson South. The company also revealed that it had made significant progress in developing its Havieron project, reaching 2,510 metres of underground development as of 20 July 2023.
Greatland Gold noted that the decline had progressed successfully past the middle aquifer, a significant de-risking event for the decline development. The decline development included support excavations for ventilation, services and materials handling. The company noted that dewatering rates past the middle aquifer at Havieron were in line with expectations.
Greatland told investors it had completed the drilling at its 100%-owned Scallywag project after drilling 10 holes for 3,241 metres—most of the drilling targeted conductors from ground electromagnetic (EM) surveys.
Greatland also revealed that it had completed its maiden drilling campaign at the Paterson South Project, which commenced on 26 June 2023. The project is a farm-in and joint venture arrangement with Rio Tinto Exploration (RTX).
Greatland’s Managing Director, Shaun Day, commented: “We are pleased with the continued underground progress at the Havieron underground, with development advancing to 2,510 metres. During the quarter, Greatland progressed an exploration drilling campaign at Scallywag and rapidly mobilised to drill targets at our new Paterson South Project which is a farm-in and joint venture arrangement with Rio Tinto Exploration. We await the results from these drill programmes and look forward to updating the market in due course as we continue to make good progress across our portfolio of assets.”
*This is not investment advice.
Greatland Gold (GGP) share price.
The Greatland Gold (GGP) share price fell 2.1% to trade at 7.00p, from Monday’s closing price of 7.15p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.