(Alliance News) - Shares in Greatland Gold PLC on Tuesday eased as it announced it would need to pause development at Havieron to allow further hydrological drilling, data collection and evaluation will be completed.
The Western Australia-focused exploration and development company said progress continued to be made at Havieron, the gold-copper project located in the Paterson province of Western Australia.
The firm said depressurisation drilling has commenced and groundwater is being pumped to the surface. This water management has indicated potential for greater volumes of water to be managed at surface than originally modelled. In order to increase the confidence in water management from the lower confined aquifer, further hydrological drilling, data collection and evaluation will be completed.
To allow this work to occur, development will continue to advance in the short term before a temporary pause in decline development. This work should ensure a more efficient entry into, and development through, the LCA and likely reduce subsequent water management operating costs, Greatland said.
Feasibility study works will continue, incorporating the further hydrological drilling, data collection, and enhanced understanding of the LCA and water management requirements, the firm added. Various other value enhancing workstreams continue to be progressed as part of the feasibility study which Greatland now expects to be completed by the September 2024 quarter.
Shares in Greatland Gold fell 4.0% to 7.20 pence in London.
By Jeremy Cutler, Alliance News reporter
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Greatland Gold (GGP)