Greatland Resources Share News (GGP)

(Sharecast News) - Greatland Gold updated the market on its Havieron project in Western Australia on Monday - a joint venture with Newcrest Mining, which holds a 70% stake.

The AIM-traded firm said significant progress had been made in the development of the decline at Havieron.

As of 16 June, the total development had exceeded 2,400 metres, including over 1,700 metres of advance in the main access decline.

In addition to the decline development, Greatland had reported exciting drilling results from the South East Crescent area within the Havieron project.

The ongoing infill drilling had consistently encountered high-grade gold and copper mineralisation in the lower levels of the South East Crescent.

Greatland said the results would be incorporated into the feasibility study, currently underway.

Some notable results from the drilling included 32 metres at 6.6 grams per tonne of gold and 0.26% copper from a depth of 1,317 metres; 46 metres at 4.2 grams of gold per tonne and 0.16% copper from a depth of 1,229 metres; 62 metres at 2.2 grams of gold per tonne and 0.06% copper from a depth of 1,349 metres; and 148 metres at 1.7 grams of gold per tonne and 0.25% copper from a depth of 1,205 metres.

"We continue to be very pleased with the ongoing progress of the Havieron development which has now surpassed a total of more than 2,400 metres," said managing director Shaun Day.

"Our most recent drilling affirms the impressive widths and high grade nature of the South East Crescent."

Day said confirmation of continuous mineralisation through the link zone, which connects the South East Crescent with the Eastern Breccia, was "particularly encouraging".

"The Havieron team is focused on incorporating these impressive results into an optimised Feasibility Study."

At 1008 BST, shares in Greatland Gold were up 2.18% at 6.57p.

Reporting by Josh White for Sharecast.com.