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(Sharecast News) - Exploration and development company Greatland Gold reported further "outstanding" infill drilling results from the Havieron deposit in Western Australia's Paterson region on Thursday, with all 26 new drill holes intersecting mineralisation.
The AIM-traded firm said its recent drilling activities were primarily focused on infill drilling of the South East Crescent and Breccia Zone.
It said the infill drilling was conducted to support the delivery of an indicated mineral resource estimate in the adjacent zones.
The best new results included hole HAD112, which showed 196.1 metres at 1.7 grams of gold per tonne and 0.28% copper from 545.9 metres, including 18.5 metres at 4.9 grams of gold per tonne and 0.60% copper from 595 metres.
At hole HAD122, it reported 97 metred at 3.9 grams of gold per tonne and 0.50% copper from 500 metres, including 15 metres at 9.7 grams of gold per tonne and 1.8% copper from 500 metres, while on hole HAD123, it highlighted 169.5 metres at 3.4 grams of gold per tonne and 0.33% copper from 711.5 metres, including 58.9 metres at 6.2 grams of gold per tonne and 0.23% copper from 736.1 metres, which itself included 3.1 metres at 95 grams of gold per tonne and 0.50% copper from 781.8 metres.
Finally, on hole HAD127 it reported 79.3 metres at 4.5 grams of gold per tonne and 1.4% copper from 537 metres, including 41.7 metres at 8.4 grams of gold per tonne and 2.6% copper from 549 metres, and at hole HAD130 it highlighted 109.4 metres at 5.9 grams of gold per tonne and 0.63% copper from 622 metres, including 24 metres at 17 grams of gold per tonne and 1.4% copper from 630 metres.
Greatland said the latest results provided additional confidence of both geological and grade continuity within the existing resource shell, which would support the delivery of an indicated mineral resource estimate in both the South East Crescent and Breccia zones.
The company said the 2021 growth drilling programme priorities were the North West Crescent and Northern Breccia, where drilling was aimed at providing support for the potential expansion of the existing inferred mineral resource estimate.
At the Eastern Breccia, drill testing and interpretation of the geological and mineralisation controls of the zone was ongoing, and at the South East Crescent and Breccia, it said it was targeting potential resource definition of extensions below the existing resource shell and lateral extensions adjacent to the existing high-grade resource shell.
New targets outside of the immediate vicinity of the Havieron deposit, but within the Havieron joint venture area, had been identified with the potential to conduct drill testing of those targets in the future, the board added.
It said earthmoving activities to prepare for the construction of the box cut and decline had started, with excavation of the box cut beginning on 8 February.
Work was continuing to investigate the potential to achieve commercial production at Havieron within three years of the start of the box cut and decline.
"We are pleased to once again observe high grades of gold and copper at extensive widths, with all drill holes intercepting mineralisation," said chief executive officer Shaun Day.
"The results are outstanding and further highlight the world-class potential of Havieron.
"Additionally, these results layer onto existing data to further increase our confidence in the continuity of higher-grade mineralisation and support the delivery of an indicated mineral resource estimate."
Day said alongside that, Greatland's joint venture partner Newcrest was on track to push forward with an "exciting" 2021 growth drilling programme.
"We are yet to define the full size of Havieron and, subject to further exploration success, this programme has the potential to significantly expand the mineralised footprint.
"We look forward to a busy and exciting period over the next few months in the Paterson with growth drilling and early works programmes continuing apace at Havieron and the Juri joint venture commencing exploration activities."
At 1108 GMT, shares in Greatland Gold were up 0.35% at 23.58p.
24 Aug 2022 17:50
IN BRIEF: Greatland Gold to raise USD30 million through placing
Greatland Gold PLC - London-headquartered mine developer and explorer focused on Western Australia - Proposes to raise a minimum of USD30 million through a placing at a price of 8.2 pence per share. This will be conducted through a bookbuild process, it explains, and launches immediately. The issue price represents a 13% discount to the firm's closing price on Wednesday.
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