Every hole in the latest drill campaign at Greatland Gold PLC’s (LON:GGP) Havieron licence in Western Australia has yielded “significant visible mineralisation”.
Most gold is found in such small traces that assays have to be sent to a lab for the presence of any of the precious metal to be confirmed, so to see it in the cores is always a good sign.
Results for the first hole (HAD005) of the drill programme returned a combined 275 metre (m) intercept at 4.77 grams per tonne (g/t) gold and 0.61% copper.
IN-DEPTH: Greatland’s stunning gold-copper intercept at Havieron
That included an upper zone of 118m at 3.08g/t gold and 0.84% copper from 459m and a lower zone of 157m at 6.04g/t gold and 0.44% copper from 660m.
Lab results for the four other holes won’t be available for a few weeks yet, but Greatland said the observation of mineralisation is considered material “because it demonstrates the presence of a significant mineralised system at Havieron”.
Work at the project, which sits in an area well-staked by the likes of Rio Tinto PLC (LON:RIO) and Newcrest Mining Limited (ASX:NCM), is expected to continue until mid-December, by which point the team will stand down before re-starting work in the New Year.
Big Boys are in town
“We are very pleased to see significant visible mineralisation in all holes of the current drilling campaign,” said chief executive Gervaise Heddle.
“We believe that these observations, when combined with recently reported assay results and the results from new geophysical modelling, provide further evidence to support our view that Havieron has the potential to represent a very large mineralised system.”
Heddle added: “We are also encouraged to have seen the greatly increased level of activity in the Paterson by major industry participants which has served to highlight the value of Greatland's strategic position in the region.”
Shares were broadly flat at 1.77p in early deals on Tuesday.