The metals exploration firm said it believed the laboratory assay results “significantly” extend the known mineralisation intersected by its first drilling campaign at the site, as well as establishing new peak grades for copper and cobalt at 12.38% copper from 8.45% previously and 0.4% cobalt at 4,104 parts per million.
Highlights from the drilling results included:
Drill hole HAD006:
367.1m at 1.15 grams per tonne (g/t) gold, 0.44% copper and 176ppm cobalt from 471m, including:
• 150.5m at 2.25g/t gold, 0.67% copper and 224ppm cobalt from 471.5m
Drill hole HAD008:
89m at 1.97g/t gold, 0.8% copper, 362ppm cobalt
Greatland added that drill holes HAD006, HAD007 and HAD009 all ended in mineralisation.
Gervaise Heddle, chief executive, said every hole drilled in the campaign had intersected mineralisation, supporting the company’s view that “mineralisation continues at a depth well below the current limit of drilling, as suggested by the results of recent geophysical modelling”.
Heddle added that the firm expected to re-commence drilling at the project in March and two rigs were booked with provision for additional capacity if required during the year.
In early trading Tuesday, shares were down 14.6% at 2p.