(Sharecast News) - Gold and copper explorer and developer Greatland Gold released a positive exploration and development update for its flagship Havieron gold-copper project in the Paterson region of Western Australia on Thursday - 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, with total development now exceeding 2,025 metres, including more than 1,600 metres of advance in the main access decline as of 19 April.
It said the drilling results were also promising, with high-grade gold and copper mineralisation continuing to be intersected within the SE Crescent resource and outside the current mineral resource at the Eastern Breccia target.
Recent drilling results included 54 metres at 8.5 grams of gold per tonne and 0.32% copper from 1,421 metres in the SE Crescent resource, and 31.1 metres at 4.9 grams of gold per tonne and 0.13% copper from 1,635 metres in the Eastern Breccia target.
"The Havieron team continues to deliver strong results at the project," said managing director Shaun Day.
"Total development has now surpassed 2,025 metres, and pleasingly, decline development is continuing in line with the schedule."
Day said the company's most recent drilling activities highlighted the high-grade nature of the SE Crescent zone.
"In addition, drilling has delivered high grade intercepts outside of the present Havieron mine plan, including additional gold and copper mineralisation intersected at the northern limits of Eastern Breccia zone."
At 1204 BST, shares in Greatland Gold were down 1.77% at 7.91p.
Reporting by Josh White for Sharecast.com.
Greatland Gold (GGP)