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(Sharecast News) - Precious and base metals exploration and development company Greatland Gold announced the start of the underground decline at the Havieron Gold-Copper Project on Wednesday.
The AIM-traded firm said the start of the decline by Newcrest Mining, as manager of the joint venture, followed receipt of the necessary regulatory approvals to begin construction activities in December.
"This is a momentous step in the development of Havieron as a world-class gold-copper mine," said chief executive officer Shaun Day.
"I am delighted by progress on site and this fast-tracked milestone is indicative of the potential scale of the deposit and the opportunity seen by our partners Newcrest."
Day said that by providing access to the top of the orebody, the decline set Havieron on course to become a "large, multi-commodity, bulk tonnage" underground mining operation.
"Alongside the ongoing growth drilling, the next key milestone will see the completion of a pre-feasibility study and we are on track to deliver this in the second half of 2021."
At 1105 BST, shares in Greatland Gold were up 7.89% at 21.15p.
19 Oct 2021 10:49
Newcrest Australia programme with London-listed Greatland progresses
Newcrest Australia programme with London-listed Greatland progresses
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