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Greatland keen to get drills turning again

Greatland Gold says results from the second drill campaign at 100%-owned Havieron in Western Australia show the potential for it to become a multi-commodity, bulk tonnage underground mining project.
Greatland keen to get drills turning again Greatland keen to get drills turning again Greatland keen to get drills turning again Greatland keen to get drills turning again Greatland keen to get drills turning again

The Havieron licence is part of Greatland's Paterson project

Staff reporter

Four holes were drilled, with all intersecting mineralisation and three ended in mineralisation, which CEO Gervaise Heddle said supported the view that mineralisation continued at depth well below the current limit of drilling, as suggested by the results of recent geophysical modelling.

Highlights from the results included 367.1m at 1.15g/t gold, 0.44% copper, 176 parts per million cobalt, or 367.1m at 2g/t gold equivalent from one hole, including 150.5m at 2.25g/t gold, 0.67% copper, 224ppm cobalt, or 150.5m at 3.5g/t gold equivalent.

At another hole, a standout intersection was 89m at 1.97g/t gold, 0.8% copper, 362ppm cobalt, or 89m at 3.6g/t gold equivalent.

The gold equivalent values were calculated using a gold price of US$1,200 per ounce, copper price of $2.80 per pound and cobalt price of $33,000 per tonne.

Greatland shares (AIM:GGP) dropped 13.37% to 2.1p on the news, with about 12% of the company's stock changing hands.

But the company said the results "significantly extend the known mineralisation intersected in the first drilling campaign and establish new peak grades for copper and cobalt, including 12.38% copper (previously 8.45%) and 4,104ppm cobalt (0.4% cobalt)".

Heddle said the gold and copper assay results had revealed a new peak copper grade for the system of 12.4%

"We are also very excited to see significant widths of elevated cobalt (in excess of 500ppm) in three of the reported drill holes," he said.

He said drilling at Havieron was expected to restart in March, with two rigs booked and provision for additional capacity, if required, during the year.