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Greatland Gold reveals latest ‘excellent’ drill results from Havieron project

The latest batch of results from Newcrest's Phase 1 drilling have impressed and the mining major is now preparing for a larger Phase 2 programme

Greatland Gold PLC - Greatland Gold reveals latest ‘excellent’ drill results from Havieron project
Newcrest is earning 70% of the project by spending US$65mln

Greatland Gold PLC (LON:GGP) has reported what are described as ‘excellent’ drill results from the Havieron project, in Western Australia, where work has been focussing on higher-grade zones.

The drilling took place within a "broad envelope" of mineralisation, the company noted, and included highlight results where grades were up to 7.9 grams per tonne across a 43 metre intersection.

WATCH: Greatland Gold's Gervaise Heddle talks through further 'outstanding' results from Havieron

Havieron is led by major mining partner Newcrest which expects to complete the current phase of drilling in September, with a second phase anticipated shortly thereafter.

Phase 2 drilling will aim to significantly increase the number of both ‘step-out’ and ‘infill’ holes at the project, it added. This programme will be supported with the addition of a fifth rig which will join in September.

"We are delighted by these excellent results and by Newcrest's ongoing commitment to the exploration programme at Havieron,” said Gervaise Heddle chief executive.

“These results have defined a series of higher-grade zones within a broad envelope of mineralisation and provide further support to our view that Havieron has the potential to become a truly significant, underground mining operation in one of the most mining-friendly jurisdictions in the world.”

Heddle added: "We are very pleased that Newcrest has successfully advanced Phase 1 and is now initiating Phase 2 of their Havieron exploration programme which includes plans for a significant increase in the amount of drilling.

“We look forward to providing further updates on Newcrest's drilling campaign at Havieron and Greatland's ongoing exploration activities across the Paterson."

Newcrest in March this year inked a farm-in deal which gave it the right to acquire up to 70% by spending up to US$65mln.

Greatland shares were up 4% to 1.82p on Tuesday morning.

-- Adds share price --

Quick facts: Greatland Gold PLC

Price: 11.36 GBX

Market: AIM
Market Cap: £420.87 m

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