Greatland Gold PLC (LON:GGP) said further infill drilling results were "outstanding" at its Havieron project in Australia.
It intersected high-grade mineralisation and further improved grade distribution within the crescent zone. The drilling also returned the best ever result: 120.7m at 9.3 grammes per tonne gold and 0.18% copper.
"At Havieron, additional mineralised zones were identified and further drilling returned the best intercept recorded to date," said chief executive Shaun Day. "This gives us great excitement for the significant, 65,000m growth drilling programme now underway."
That drilling programme is expected to be completed by the end of June, while a pre feasibility study for Havieron and an indicated resource estimate are anticipated at the latter part of the year.
In December, the AIM-listed company announced an initial inferred mineral resource estimate of 3.4 mln ounces of gold and 160,000 tonnes of copper from the project.
The exploration and development company released the update alongside its interim results which saw its pretax losses widen to £2.67mln from £2.62mln. Greatland said it is well financed with £5.9mln in cash as at the end of December 2020, allowing it to carry out its exploration programme across its key projects over the next 12 months.