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.
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.