Greatland Gold Shares Edge Lower Despite Positive Havieron Update

Greatland Gold (LON: GGP) shares have edged lower Thursday, despite the company saying in an update that the “growth drilling programme at Havieron continues to confirm and expand the high-grade extensions.”

Greatland Gold shares are down 1.25% at the time of writing.

In its Havieron update, Greatland revealed that the exploration decline reached a “significant milestone” during November with 1,000 metres of decline development, with the accelerated advancement rate reflecting improved ground conditions.

Meanwhile, it was revealed that in the Eastern Breccia and the Northern Breccia, growth drilling continues to confirm and expand the extensions to known mineralisation.

Greatland Gold has six drill rigs on site ahead of a scheduled wind down over the summer wet season.

“Havieron achieved a significant milestone with the exploration decline development extending beyond the 1,000 metre mark,” commented Shaun Day, Managing Director of Greatland Gold. “The last twelve months of impressive growth drilling results supports the expectation for Havieron to deliver an expanded mineral resource estimate.”

Included in the “significant” new growth drilling results was one in Eastern Breccia of 82 metres at 2.1 grammes per tonne of gold and 0.25% copper from 1,508m.

Greatland Gold shares are down over 50% in 2022.