Greatland Gold Shares Unmoved Despite Positive Update

Key points:
Greatland Gold releases Havieron update
High grade intercepts were identified
Greatland Gold shares are so far flat on the day

Greatland Gold (LON: GGP) shares rose at the start of Thursday’s session after the company released an update on the exploration and development at the Havieron gold-copper project in the Paterson region of Western Australia.

Noting an earlier release from joint venture partner Newcrest Mining Limited, GGP told investors that they identified new high-grade intercepts in Northern Breccia and between the South East Crescent and the Eastern Breccia. This has increased the potential for the two zones to link.

Greatland Gold shares initially gained 2% at the start of the session before declining 2%. At the time of writing, it is flat on the day at 8.3p. So far, in 2022, it is down over 49%.

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The AIM-listed company also reported “significant new growth drilling results,” including one at 81.3 metres at 3.2 grams per tonne of gold and 0.29% copper from a depth of 1,357.2m in Northern Breccia.

Greatland Gold GGP Shares

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“The growth drilling programme at Havieron continues to deliver outstanding results as high-grade extensions to the mineralisation are identified across the expanse of the ore body,” stated Shaun Day, Managing Director of Greatland Gold. “New intersections between the South East Crescent and the Eastern Breccia increases the potential for a continuous high-grade mineralised zone linking these two previously separate areas.”

The company also revealed that the feasibility study remains in progress but has been extended beyond December, allowing it time to “maximise value and de-risk the project.” In addition, further optimisation work has begun, which the company believes will contribute to offsetting the potential inflation impact.

Meanwhile, ground conditions improved during the September quarter, with 916 metres as of 12 October, while the advance rates for the exploration decline have grown, with the highest daily average advancement rates being set during September following the shift to the development face drill and blasting.

“It is particularly pleasing to observe the acceleration in the advancement of the decline, which provides increasing confidence of the project being delivered on schedule,” added Day.