(Sharecast News) - Greatland Gold updated the market on its flagship gold-copper project, Havieron, on Thursday.
The AIM-traded company's project, located in the Paterson province of Western Australia, is a joint venture between Greatland and Newcrest Mining, with the latter holding a 70% stake.
It said significant progress had been recently made in the development of Havieron, with total development exceeding 1,850 metres.
That included a more-than-1,520 metre advance of the main access decline - a key milestone in the project's development.
The company also reported that improved geotechnical conditions had enabled increased productivity, resulting in development outperforming the current schedule by 10%.
Additionally, recent drilling results confirmed the presence of high-grade gold and copper mineralisation outside the current mineral resource.
The results included Northern Breccia, which returned 29.9 metres at 3.9 grams of gold per tonne and 0.01% copper from 945.1 metres, and Eastern Breccia, which returned 57 metres at 2.1 grams of gold per tonne and 0.19% copper from 1,262 metres.
"The Havieron team continues to deliver strong results at the project," said managing director Shaun Day.
"Total development has now surpassed 1,850 metres, and pleasingly, decline development is continuing ahead of the current schedule.
"Our most recent drilling activities highlight the potential of high grade mineralisation outside the Southeast Crescent which could add significant value to the mine plan at Havieron with additional gold and copper mineralisation intersected at the Northern and Eastern Breccia zones."
At 1527 GMT, shares in Greatland Gold were up 3.2% at 7.42p.
Reporting by Josh White for Sharecast.com.
Greatland Gold (GGP)