Greatland Gold upbeat on latest drilling at Havieron

(Sharecast News) - Precious and base metals exploration and development company Greatland Gold updated the market on Newcrest's drilling campaign at its Havieron deposit, in the Paterson region of Western Australia, on Thursday, reporting "exceptional" drill results.
The AIM-traded firm said the results further demonstrated improved continuity in the high-grade crescent sulphide zone, and extended the strike length of mineralisation to 550 metres in the upper 200 metres of that zone.

It said it also provided further confirmation of the potential for a bulk tonnage target in the adjacent breccia hosted mineralisation.

Greatland said the strike extension, drilling 220 metres to the north west of previous intersections, had intersected "significant" mineralisation, being 82.1m at 2.4 grams of gold per tonne and 0.08% copper from 557.6 metres on hole HAD066, indicating the potential to expand the high-grade crescent zone.

Among the best new results, it reported 58 metres at 6.2 grams of gold per tonne and 0.49% copper from 588 metres on hold HAD057W2, including 10.1 metres at 20 grams of gold per tonne and 0.79% copper from 631.9m.

At hole HAD059, ir reported 109 metres at 6.3 grams of gold per tonne and 0.71% copper from 668 mertes, including four mertes at 78 grams of gold per tonne and 1.2% copper from 718 metres.

Hole HAD059W2 featured 166 metres at 2.8 grams of gold per tonne and 0.23% copper from 794 metres, including 29 metres at 12 grams of gold per tonne and 0.19% copper from 912 metres, while hole HAD062 reported 132.2 metres at 4.3 grams of gold per tonne and 0.49% copper from 557.8 metres, including 4.5 metres at 66 grams of gold per tonne and 2.6% copper from 573.5 metres.

Greatland also reported 101 metres at 4.6 grams of gold per tonne and 0.36% copper from 636 metres, including 26.9 metres at 16 grams of gold per tonne and 1.0% copper from 640.1 metres at hole HAD063, while at hole HAD066, it said there was 82.1 metres at 2.4 grams of gold per tonne and 0.08% copper from 557.6 metres, including 1.5 metres at 86 grams of gold per tonne and 0.87% copper from 586.5 metres.

Finally, at hole HAD071, it flagged 45.3 metres at 8.9 grams of gold per tonne and 0.63% copper from 588.7 metres, including 16.9 metres at 20 grams of gold per tonne and 1.2% copper from 598.2 metres.

Looking at the next steps, the firm said nine rigs were operational as drilling activity continued towards the goal of delivering a maiden resource in the second half of the 2020 calendar year.

A step-out drilling programme, testing the depth and lateral extent of mineralisation, was ongoing, while Newcrest was planning about 80,000 metres of drilling at Havieron over the next 12 months.

Environmental and baseline studies were also progressing, to support the fast-tracking of decline commencement at Havieron by the end of 2020 or early in 2021, subject to market and operating conditions and the receipt of all necessary permits, consents and approvals.

Greatland also said it was investigating the potential to achieve commercial production within two to three years from the start of decline.

"We are delighted to report the eighth consecutive set of excellent results from Newcrest's drilling campaign at Havieron, including some of the best results to date," said chief executive officer Gervaise Heddle.

"The crescent zone of high-grade mineralisation has been extended and its continuity once again improved by outstanding infill results."

Meanwhile, Heddle noted that the extension drilling programme had now started, with early results "very promising", as step out drill hole HAD066 intersected "significant" mineralisation 220 metres north west of the previous high-grade results, and mineralisation remaining open to the north west and at depth.

"These latest results, some of which are truly spectacular, sharpen our collective focus on the near-term objective of a maiden resource at Havieron, and further reinforce the potential to accelerate the timetable for commercial production."

At 1242 BST, shares in Greatland Gold were up 7.22% at 12.33p.