(Sharecast News) - Precious and base metals explorer and developer Greatland Gold updated the market on the Havieron gold-copper project in the Paterson region of Western Australia on Thursday.
The AIM-traded firm said there was potential for further resource growth, as drilling continued to identify and expand the high-grade extensions to the mineralisation in the Eastern Breccia, South East Crescent Zone and Northern Breccia.
It said exploration drilling was underway to test regional geophysical targets outside of the main Havieron system on the Havieron mining lease, adding that six drill rigs were presently on site.
Greatland reported recent development of the exploration decline, with 916 metres complete as at 12 October.
It said record daily average rates of advancement were recently achieved, which it put down to the transition to drill and blasting of the development face in advancing the exploration decline.
Looking at the feasibility study, the company said technical work to support the development of the study continued during the quarter.
It said that while the study remained in progress, it would be extended beyond the December quarter to allow further time to maximise value and de-risk the project.
The extended study would seek to de-risk the project by capturing the ongoing successful growth drilling campaign, and allow potential resource conversion to increase production potential and mine life at Havieron.
Further optimisation work was underway as part of the feasibility study, which the board said would contribute to offsetting any potential impact of inflation.
Greatland said significant new growth drilling results at Northern Breccia included 81.3 metres at 3.2 grams of gold per tonne and 0.29% copper from 1,357.2 metres on hole HAD098W5, itself including 53.3 metres at 3.5 grams of gold per tonne and 0.30% copper from 1,360.5 metres.
Hole HAD086W6, meanwhile, included 12.9 metres at 3.5 grams of gold per tonne and 0.49% copper from 1,356.1 metres, and 20.7 metres at 4.4 grams of gold per tonne and 0.10% copper from 1,380.3m.
At Eastern Breccia, the firm said hole HAD145AW5 included 11.3 metres at 2.4 grams of gold per tonne and 0.53% copper from 1,686 metres, and 38 metres at 1.9 grams of gold per tonne and 0.17% copper from 2,038 metres, including 23 metres at 2.5 grams of gold per tonne and 0.16% copper from 2,053 metres.
"The growth drilling programme at Havieron continues to deliver outstanding results as high-grade extensions to the mineralisation are identified across the expanse of the ore body," said managing director Shaun Day.
"New intersections between the South East Crescent and the Eastern Breccia increases the potential for a continuous high grade mineralised zone linking these two previously separate areas.
"It is particularly pleasing to observe the acceleration in the advancement of the decline, which provides increasing confidence of the project being delivered on schedule."
Day said the Havieron feasibility study would be extended, with a view to maximise value and further de-risk the project as Greatland's understanding of the ore body evolved.
"The ongoing drilling programme and advancement of the decline are complemented by Greatland's strengthened balance sheet position and augmented expertise within our board of directors."
At 1313 BST, shares in Greatland Gold were down 0.6% at 8.25p.
Reporting by Josh White at Sharecast.com.
Greatland Gold (GGP)