Greatland Gold PLC (AIM:GGP, OTC:GRLGF) said the development of the mine decline at its 30% joint venture Havieron has accelerated in recent weeks as ground conditions improved.
Havieron, in Western Australia, is being developed by partner and 70% owner Newcrest, which said the decline had reached a depth of 1,519 metres (m) as of 18 January 2023 after record rates of progress recently.
Exploration results from drilling in the Eastern and Northern Breccia areas were also released by Newcrest, indicating more extensions of higher-grade gold mineralisation at depths between 1,110m and 2,956m, Greatland said.
Drilling in 2023 will focus on infilling in the South Crescent Zone, the company added, with three rigs scheduled to be on-site in February.
Work is continuing on the feasibility study for the project with timings to be assessed as this progresses, Greatland noted.
In a statement, Shaun Day, Greatland’s managing director, commented: "Tremendous progress has been achieved in advancing the decline in recent months. The improved ground conditions have enabled record rates of advancement."
"Results from the growth drilling programme towards the end of 2022 continued to identify higher grade extensions to the mineralisation in the Northern Breccia and Eastern Breccia.
"The success of the drilling programme supports the expectation for Havieron to deliver an expanded mineral resource estimate," he added.