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Greatland Gold (LON: GGP) shares are down on Thursday despite the company stating that drilling activities at the Havieron gold-copper project continue to support the potential for resource expansion.
Newcrest Mining, Greatand's joint venture partner for the project, has now completed a total of 184,081m of drilling from 212 holes to date, with all seven of the latest holes continuing to intersect significant mineralisation.
“Growth drilling continues to confirm extensions to the high-grade South East Crescent and the Northern Breccia mineralisation below and around the initial Inferred Mineral Resource estimate,” stated Greatland.
Drill hole HAD138 (Northern Breccia) reported 84.5m at 2.0 grams per ton of gold and 0.05% copper from 683m, including 12.7m at 6.0 grams per tonne of gold and 0.01% copper from 685.3m.
A further 15 growth drill holes have been completed with samples awaiting assay, with these holes part of the growth drilling programme targeting the North West Crescent and Northern Breccia, the Eastern Breccia, South East Crescent and Breccia, and new targets outside of the immediate Havieron vicinity.
Shaun Day, CEO of Greatland Gold, commented: “There is a tremendous amount of activity and excitement with the progress across the Havieron gold-copper project. In addition to the intensity of the drilling programme, the decline development is now maintaining 24-hour operations and the surface support infrastructure is nearing completion.
“The drilling programme keeps on delivering with every hole continuing to hit significant mineralisation while also growing the scale of the project. Drilling has identified several exciting results from the South East Crescent, extending the high grade mineralisation beneath the initial Inferred Resource estimate.”
Greatland Gold's shares are currently down 3.31% at 18.48p.
Greatland Gold shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Greatland Gold shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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