Shares of AIM stock Greatland Gold (LON: GGP) are creeping higher on Wednesday after the company announced the commencement of the underground decline at the Havieron Gold-Copper Project.
The Havieron Project is based in the Paterson region of Western Australia. In March 2019, Greatland signed a four-stage $65 million farm-in agreement with Newcrest Operations, a subsidiary of Newcrest Mining, to explore and develop Greatland’s Havieron gold-copper resource.
The two companies signed a joint venture agreement in November 2020, which governs the ownership and operations of the Havieron project.
The growth drilling program in place for 2021 focuses on the extension and definition of specific zones adjacent to the current inferred resource.
Commenting on today's announcement, Shaun Day, CEO of Greatland, said: This is a momentous step in the development of Havieron as a world-class gold-copper mine. I am delighted by progress on-site and this fast-tracked milestone is indicative of the potential scale of the deposit and the opportunity seen by our partners Newcrest.
“By providing access to the top of the orebody, the decline sets Havieron on course to become a large, multi-commodity, bulk tonnage, underground mining operation. Alongside the ongoing growth drilling, the next key milestone will see the completion of a Pre-Feasibility Study and we are on track to deliver this in the second half of 2021.”
Greatland Gold's share price is currently up 3.41% at 20.27p at the time o this publication. For the year-to-date, it has fallen 45.80%.
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Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.