Greatland Gold PLC (LON:GGPL) (AIM:GGP, OTC:GRLGF) highlighted a positive exploration and development update released for the Havieron gold-copper project in Western Australia by joint venture partner Newcrest Mining Limited (ASX:NCM).
New high-grade mineralised intercepts were identified in Northern Breccia and between the South East Crescent and the Eastern Breccia, increasing the potential for these two zones to link, said Greatland.
"The growth drilling programme at Havieron continues to deliver outstanding results as high-grade extensions to the mineralisation are identified across the expanse of the ore body,” said Greatland managing director Shaun Day.
"New intersections between the South East Crescent and the Eastern Breccia increases the potential for a continuous high grade mineralised zone linking these two previously separate areas.”
Significant new results from two holes drilled at Northern Breccia include 81.3 metres (m) at 3.2 grammes a tonne gold (g/t) and 0.29% copper from a depth of 1,357.2m; and 20.7m at 4.4g/t gold and 0.10% copper from 1,380.3m.
Development of the exploration decline saw ground conditions improve during the September quarter, with 916m complete as at 12 October 2022. Record, daily average rates of advancement were set in September after the transition to drill and blasting of the development face.
"It is particularly pleasing to observe the acceleration in the advancement of the decline, which provides increasing confidence of the project being delivered on schedule,” said Day.
Work on a feasibility study for the project continued to progress, but the study will now be extended beyond the December 2022 quarter to allow further time to maximise value and de-risk the project.
The extended study will seek to de-risk the project by capturing the ongoing successful growth drilling campaign and allow potential resource conversion to increase production potential and mine life of Havieron, said Greatland.
Further optimisation work is underway as part of the study which will contribute to offsetting any potential impact of inflation, it added.
Greatland has a 30% interest in the project.