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Greatland Gold Shares Slide Despite “Excellent” Drilling Results

Sam Boughedda trader
Updated 29 Apr 2021

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greatland gold

Shares of precious and base metals exploration company Greatland Gold (LON: GGP) are trading lower on Thursday, despite the company reporting “excellent” growth drilling results at the Havieron deposit in the Paterson region of Western Australia.

Greatland Gold’s share price is currently trading at 22.12p, down 4.52% from Wednesday’s close.

“Results from Growth Drilling continue to support the potential for resource expansion of the Havieron gold-copper mineralised system, particularly within and around the Northern Breccia, and below the Inferred Mineral Resource estimate in the South East Crescent Zone and adjacent Breccia Zones.,” said Greatland. 

The high-grade infill drilling results have provided Greatland with additional confidence of both geological and grade continuity within the existing resource shell. 

The 2021 growth drilling programme will initially focus on the North West Crescent and Northern Breccia zone and aims to support the potential expansion of the existing Inferred Mineral Resource.

There is also ongoing drilling at the Eastern Breccia zone, while new targets outside of the immediate vicinity of the Havieron deposit have been identified. 

Greatland also noted that, following its announcement on 21 January 2021, earthmoving activities for constructing the box cut and decline have commenced.

Source: IG

Shaun Day, CEO of Greatland Gold, commented: “We are very pleased with another set of excellent results which continue to highlight the world-class potential of Havieron. 

“The latest results from the Infill and Growth Drilling campaigns further support the delivery of an Indicated Mineral Resource as well as the potential expansion of the Havieron gold-copper mineralised system.

“Alongside this, the joint venture continues to advance earthmoving activities with the box cut and surface works nearing completion and the portal and decline progressing to plan.”

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.