(Alliance News) - Shares in Greatland Gold PLC rose on Wednesday following encouraging drilling results from Haverion deposit in Paterson, Western Australia.
Shares in the precious and base metals explorer and developer were 11% higher at 4.65 pence on Wednesday in London.
Greatland said the drilling has expanded and demonstrated the continuity of high-grade mineralisation, which extends over a strike length of 450 metres, to vertical depth of 600 metres and remains open at depth.
Best new results include HAD022, with 142 metres at 1.9 grams per tonne of gold and 0.38% copper in 534 metres, and HAD042, with 124 metres at 3.9g/t gold and 0.62% copper in 734m.
The results to date supports the potential for both high grade selective and bulk mining methods, which are being evaluated.
Looking ahead, Greatland expects drilling activity to ramp up for delivering a maiden resource in the second half of 2020, and partner Newcrest Mining Ltd to complete stage two of the farm-in by the end of March.
"We are delighted by this sixth consecutive set of excellent results from Newcrest's drilling campaign, which continue to demonstrate the continuity of high-grade mineralisation and expand the mineralised footprint. These latest results represent one of the best sets of drilling results at Havieron since Newcrest began its exploration campaign and reinforce the potential to accelerate the timetable for commercial production," said Chief Executive Officer Gervaise Heddle.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Greatland Gold (GGP)