Key points:
- Greatland Gold shares rise over 1% Thursday
- Greatland said Havieron is progressing at ‘record rates'
- On August 31 the exploration decline was 685m
Greatland Gold shares are up just over 1% in early Thursday trading after the company announced that the acceleration of the decline development at the Havieron gold-copper project in Western Australia set new record advance rates in August.
Greatland revealed that on August 31, they had an exploration decline advance of 685 metres, representing a 196 metres advance since the last report on July 21. Greatland added that “monthly and weekly development records were set during August reflecting the transition to full face drill and blast in advancing the exploration decline along with improved geotechnical conditions.”
There are currently six drilling rigs on site, with growth drilling results continuing to identify high-grade mineralised extensions in the Eastern Breccia, South-East Crescent Zone, and Northern Breccia.
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Meanwhile, mineralised intercepts were identified between the South East Crescent and the Eastern Breccia, raising the potential for a link between the two zones.
The AIM-listed company declared that the schedule for the first ore continues to be reviewed and will be updated with the release of the Feasibility Study, which is on track for completion during the December 2022 quarter.
Greatland Gold Managing Director Shaun Day stated that the “growth drilling program at Havieron continues to deliver outstanding results as high-grade extensions to the mineralisation are identified across the expanse of the ore body.”
He added that with six drill rigs all focusing on growth, it demonstrates the company's commitment to “unlock the expansion potential within the Havieron system together with ongoing exploration of adjacent structures.”
“The notable acceleration of the decline development is welcomed with improved ground conditions at depth resulting in record advance rates. The improved conditions have enabled completion of the transition to full drill and blast development, which positions the team well for further acceleration in development rates.”