Greatland Gold (AIM:GGP) 12.25p, Mkt Cap £497m – Drilling continues to expand the known mineralised extent of Havieron

Greatland Gold plc (AIM: GGP)  provide an exploration and development update at the Havieron gold-copper project in the Paterson region of Western Australia.

“The existing high grade mineralised zone of the South East Crescent now extends a further 100 metres below the previous Mineral Resource estimate.”

  • Greatland Gold reported that it had completed 6,174m more drilling since April’s last update. This has allowed the company to continue expanding the mineralized envelope of its Havieron project, which is 30% owned by Greatland Gold. The Paterson district in WA has seen the South East Crescent zone extend to over 1,000m in depth while remaining open at depth.
  • Further drilling is planned to extend “up to 400 metres below” the Updated Mineral Resources in the South East Crescent area.
  • The “High-grade results in the Northern Breccia strengthen the potential for additional high-grade sulfuride mineralization adjacent to the South East Crescent Zone.”
  • Today’s announcement highlights the following results:
    • An intersection of the South East Crescent Zone at 85.8m, from hole HAD-133W9 at an average grade of 3.0g/t of gold and 0.06% Copper. The intersection at hole HAD-133W9 was also shallower, measuring 25.3m from 1,471m. It averaged 1.1g/t of gold and 0.08% Copper;
    • An intersection of the Northern Breccia Zone measuring 149.9m from hole HAD055W4 at a depth of 875.4m. This averaged 2.7g/t Gold and 0.12% Copper and 13.9m with 22.8g/t Gold and 0.46% Copper from 1,013.4m depth.
    • An intersection measuring 39.6m in width, also from the Northern Breccia Zone, with an average of 2.8g/t Gold and 0.07% Copper from a depth of 983.6m. HAD-055W5 also included a section of 0.5m with an average grade of 96.0g/t Gold and 0.10% Copper from 1,020.7m.
  • Shaun Day, Greatland Gold’s managing director, welcomed the expansion of Havieron’s mineralized envelope. He said that the existing high-grade mineralised zone in the South East Crescent is now 100 metres lower than our Mineral Resource estimate. The sheer scale of Havieron is evident in the continuous mineralization observed at over 1,000m vertically with the system still open at depth em>
  • He stated that “With an extensive growth drilling program planned over the next twelve months, there is tremendous potential for further expanding the Havieron resource to unlock the true value of the wider system.”
  • According to the company, the exploration decline has reached 377.5m as of May. It is now experiencing “better soil conditions”.
  • Today’s announcement confirmed that The Feasibility Study will still be delivered in the December 2022 quarter.
  • Newcrest Mining and the joint venture have now completed more than 240,000m in drilling in 295 holes over the past six months. They are continuing to grow with seven drill rigs “targeting a large growth drilling program in the twelve months to 30 June 2023 which could again expand the Havieron resources”. The indicated resource, 35mt, has an average grade of 2.8g/t of gold and 0.4% copper. The remainder is classified as inferred.
  • Greatland Gold explains the history of the project by stating that in 2018 the discovery was made through the drilling of a deep magnet geophysical anomaly. This anomaly revealed “gold ore and copper ore below 420m of post mineralisation cover”.

Drilling continues at Havieron to expand the mineralized envelope. More than 1,000m of the vertical area has been defined at the South East Crescent Zone, which remains open at depth. We are looking forward to the Feasibility Study, which will be completed in the last quarter of 2022.

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