(Alliance News) - Greatland Gold PLC said Tuesday that the Newcrest campaign on Greatland's Havieron gold-copper project in Paterson, Australia has seen excellent drill results.
In March, Greatland signed a farm-in agreement with Newcrest Mining Ltd, for the latter to develop the Havieron project, with the right to acquire up to a 70% interest by spending up to USD65 million.
The drill results defined a series of higher-grade zones within a broad envelope of mineralisation, as well as extended mineralisation to the north by an additional 100 metres.
Three drill holes HAD012, HAD013 and HAD014 intersected significant widths of mineralisation and higher grade zones within those intersections, including an interval of 43 metres at 7.9 grammes per tonne of gold, and 0.83% copper from 900 metres in HAD012.
Phase one of the drilling programme will be delivered in September, after which Newcrest will start phase two, which includes plans for a significant increase in the amount of step out and infill drilling.
In addition, a fifth drill rig is expected to start operations this month.
"We are delighted by these excellent results and by Newcrest's ongoing commitment to the exploration programme at Havieron. These results have defined a series of higher-grade zones within a broad envelope of mineralisation and provide further support to our view that Havieron has the potential to become a truly significant, underground mining operation in one of the most mining-friendly jurisdictions in the world," said Chief Executive Officer Gervaise Heddle.
Shares in Greatland Gold were up 4.2% at 1.82 pence on Tuesday in London.
Greatland Gold (GGP)