Greatland Gold (AIM:GGP) unveiled “outstanding” results on Wednesday representing what it says is one of the best set of drilling results at Havieron since its farm-in partner Newcrest began its exploration campaign.
The AIM-listed natural resource company said analytical results from its 100% owned Havieron deposit in Western Australia had shown three holes reporting in excess of 400 gold gram-metres and one result reporting 500 gold gram-metres.
Greatland told investors that drilling at the site was continuing to expand and demonstrates ‘the continuity of high-grade mineralisation.’
The encountered mineralisation now extends over a strike length of 450m, to vertical depths of 600m and remains open at depth and to the northwest, this morning’s statement outlined.
Shares in Greatland Gold were trading 17.2% at 4.9p during Wednesday trading.
The results to date support the potential for both high-grade selective and bulk mining methods, which the group says are currently being evaluated.
“These latest results represent one of the best sets of drilling results at Havieron since Newcrest began its exploration campaign and reinforce the potential to accelerate the timetable for commercial production,” said Gervaise Heddle, CEO of Greatland Gold.
Drilling will continue at the site with the objective of delivering a maiden resource estimate in the second half of 2020.
Newcrest is expected to complete stage two of its farm-in by the end of March and is currently investigating the potential to start an exploration decline by the end of 2020 or early 2021 to achieve commercial production within two to three years from commencement of decline.
“We are planning to be very active with our own systematic exploration campaign across the Paterson, which will focus on drill testing many of the high-priority targets we identified last year,” added Heddle.
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