logo-loader
viewGreatland Gold PLC

Greatland Gold shines as it unveils ‘outstanding’ drilling results at Havieron

The miner said the numbers represented “one of the best set of drilling results” at the project since its farm-in partner Newcrest began exploring the site

Greatland Gold PLC - Greatland Gold shines as it unveils ‘outstanding’ drilling results at Havieron

Greatland Gold PLC’s (LON:GGP) shares surged on Wednesday as the firm unveiled what it said were “outstanding drill results” from its Havieron project in Western Australia.

The AIM-listed miner said the numbers represented “one of the best set of drilling results” at the project since its farm-in partner Newcrest began exploration at the site, with three holes reporting in excess of 400 gold gram-metres and one result reporting 500 gold gram-metres.

WATCH: Greatland Gold CEO highlights 'some of the best results ever seen' at Havieron

The company said drilling at the site was continuing to expand and demonstrate “the continuity of high-grade mineralisation” and that results to date supported potential for “both high-grade selective and bulk mining methods”.

Looking ahead, Greatland said it will continue to ramp up drilling activity at the site to deliver a maiden resource estimate in the second half of 2020, while several environmental, geotechnical and metallurgical studies are continuing to support the estimate and future permitting requirements.

Meanwhile, Newcrest is also expected to complete stage two of its farm-in by the end of March and is investigating the potential to start an exploration decline by the end of 2020 or early 2021 to achieve commercial production with two to three years from the commencement of the decline.

"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”, said Greatland’s chief executive Gervaise Heddle.

He added that Greatland was “planning to be very active with [its] own systematic exploration campaign” across the Paterson region, where Havieron is located, and will focus on drill testing “high-priority targets” identified last year.

The news sent Greatland’s shares surging 17.2% to 4.9p in early trading.

Quick facts: Greatland Gold PLC

Price: 12.45 GBX

AIM:GGP
Market: AIM
Market Cap: £468.11 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Greatland Gold PLC named herein, including the promotion by the Company of Greatland Gold PLC in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Morning Report: FTSE 100 under pressure as Centrica says it's to cut 5,000 jobs

Headlines from the Proactive UK newsroom. FTSE 100 was under pressure as US Fed chair Jerome Powell last night said it will be a hard road back from the coronavirus crisis. The blue-chip index tumbled 155 to 6,173. Centrica is to cut 5,000 jobs as part of plans for what it calls a simpler,...

4 weeks, 1 day ago

2 min read