By Samuel Indyk
Investing.com – Greatland Gold Plc (LON:GGPL), the UK-listed metals miner with operations in Australia, announced “outstanding” results from its infill drilling at Havieron, intersecting high-grade mineralisation and further improving grade distribution within the drilling zone.
The drilling included the best intersection recorded at Havieron to date, 120.7m at 9.3g/t gold and 0.18% copper from 1349.3m (HAD065W2), in addition to other notable intercepts such as 45.7m at 6.5g/t gold, 0.70% copper from 934.8m (HAD054W4).
Back in December, the company announced an initial resource estimate of 3.4mln oz of gold and 160,000 tonnes of copper from the project.
Development Funding
The company also announced it had secured funding for Greatland’s joint venture costs at Havieron, including Early Works and Growth Drilling, up to the feasibility study, through a USD 50mln loan facility on commercial terms, agreed with Newcrest Mining Ltd (ASX:NCM).
The company said it was well capitalised going forward with cash equivalents of £5.9mln.
“We are very pleased with developments in the first six months as we worked with our partners to reach key milestones at Havieron - delivering the initial Inferred Mineral Resource estimate and securing US$50 million of development funding via a Loan Agreement with Newcrest,” said Greatland Gold CEO Shaun Day.
“At Havieron, additional mineralised zones were identified and further drilling returned the best intercept recorded to date. This gives us great excitement for the significant, 65,000m growth drilling programme now underway.”
Outlook
The company will now focus on a “multi-pronged” exploration programme across the Paterson province.
“Alongside the potential for rapid development at Havieron, Newcrest and Greatland are preparing for the imminent launch of the exploration programme at the Juri JV which will initially focus on drilling several high-priority targets,” Day said.
“Additionally, we will be ramping up exploration activities across our multiple 100% owned targets in the Paterson. The goal for both these campaigns will be to map out large intrusive structures similar to the Havieron discovery.”