(Alliance News) - Greatland Gold PLC on Wednesday said that improved ground conditions at Havieron have led to record rates of advancement, as it reported higher grade extensions at the asset.
Greatland Gold is a London-headquartered mining development and exploration company, focused primarily on precious and base metal mining in Western Australia and Tasmania. The Havieron gold-copper deposit, located in Paterson, is the company's flagship project.
As at January 18, the development of decline at the deposit has accelerated, with 1,519 metres advanced. Greatland added that improved ground conditions and the transition to drilling and blasting have substantially accelerated development.
Drilling has also continued to define high grade material within the Eastern Breccia and Northern Breccia intercepts.
At Eastern Breccia, notable results included 42.0 metres at 2.4 grammes per tonne of gold, and 0.4% of copper from 1,542 metres.
At Northern Breccia, results included 137.0 metres at 1.0 grammes per tonne of gold, and 0.1% of copper from 1,110 metres.
In 2023, the drilling campaign will focus on growth targets and ongoing resource infill for the lower South East Crescent zone.
Greatland said it would continue to test geophysical targets, while also ramping up drilling activities after the wet season. Three rigs are scheduled to be on site in February 2023.
"Tremendous progress has been achieved in advancing the decline in recent months. The improved ground conditions has enabled record rates of advancement," said Managing Director Shaun Day.
"Results from the growth drilling programme towards the end of 2022 continued to identify higher grade extensions to the mineralisation in the Northern Breccia and Eastern Breccia. The success of the drilling programme supports the expectation for Havieron to deliver an expanded mineral resource estimate."
Greatland Gold shares were trading 2.8% lower at 7.97 pence each in London on Wednesday morning.
By Holly Beveridge; Alliance News reporter
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Greatland Gold (GGP)