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Greatland Gold Plc (GGPL)

London
Currency in GBP
Disclaimer
6.560
+0.090(+1.39%)
Real-time Data

GGPL Price Commentary

Wow, what a day, traders' dream! Scally results did not throw up anything like the early drills from Havieron. however - Scally is a big tenement and important to remember that much drilling normally goes on before a discovery is made - this campaign at Scally to date so far has been relatively small and shallow. Personally I am not too fussed - I believe some unnecessary hype was built up around Scally and people let expectations run away from themselves. Not writing Scally off just yet and looks like there will be a follow up campaign.  Why I am not fussed - consider the underlying value of GGP and its fundamentals have not changed. GGP has one of the biggest gold discoveries of recently years, Havieron, which is only going to increase in size as it's still open in all directions and at depth, in a safe and mining friendly country, Australia, with possibly the best JV partner suitable for deep, bulk gold and copper mining: Newcrest.
Furthemore, a huge growth drilling campaign is set to start at Havieron this year, likely with an increase in the number of rigs and the approvals for work to start on the box-cut and decline have been approved. Before this was confirmed, Berenberg released a note with a target price of 33p. What it will be 6-9 months from now after further drilling and resource updates, the pre-feasbility study and the new drilling campaigns have started at Rudall, Scallyway and the Juri JV is anyone's guess. But, I suspect it will be higher than our recent ATH of 38p. the next update from Newcrest for Havieron is next week, either the evening of 27th/28th January. GLA
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