New results from the Greatland Gold (LSE:GGP) Haveiron project in Western Australia show further evidence of high-grade gold.
Farm-in partner Newcrest Mining (ASX:NCM) reported an intercept from infill drilling of 120.7m at 9.3g/t gold and 0.18% copper.
Other results from the latest set of drill holes across the main target areas include 116m at 2.9g/t from 1136m, including 13m at 13g/t gold and 0.17% copper.
And a potential new fourth target area, called the “Eastern Breccia” has now been identified. Newcrest’s ongoing campaign at Haveiron identified the zone by growth drilling from two drill holes, Greatland said.
Three drill holes at this new zone were reported in a 29 October ASX market update called the Newcrest Quarterly Exploration Report.
They show a 14-metre section at 19g/t gold along with 98.2 meters at 1.9g/t gold and 0.14% copper.
CEO Gervaise Heddle said his company was “delighted” by the drilling results, noting that they “further reinforce the potential for a bulk tonnage mining operation at Haveiron”.
It’s the latest piece of good fortune for the London miner, which picked up the rights to Haveiron in 2016 through a AUD$750,000 cash and shares deal. Since then, the AIM-listed explorer has attracted a massive retail following.
The GGP share price has gained 22.5% since the start of September 2020 and is up 1,238% in the year to date. That’s probably because Greatland has on its hands one of the most exciting mineral discoveries in Australia in years.
Newcrest’s work programme at Haveiron’s continues to expand the project’s footprint, Heddle said, with breccia mineralisation identified “outside of the ovoid-shaped Crescent sulphide zone to the east, north-west and south-east.”
Greatland is now looking to deliver an initial Inferred Mineral Resource estimate for the South East Crescent before the end of 2020. This would give investors an idea of exactly how much gold could be in the company’s grasp underneath the Australian desert.
The drill results announced on Wednesday represent even better numbers than the best results from the June 2020 update — 109m at 6.3g/t gold. At the time, Heddle told the market these were “outstanding” and “the best results from the project to date”.
Drilling also began in August at Scallywag, a 100% owned property 6 kilometers down the road from Haveiron. Investors are keenly awaiting potential bombshell results from here too.
Now step-out drilling is set to continue to determine the extent of the mineralised system at Haveiron.
Greatland discovered significant gold and copper mineralisation through their 2018 exploration drilling campaign, under 400m of cover.
The spiking Greatland Gold share price really took off in March 2019, when the firm agreed a $65 million farm-in with Australian major Newcrest, with drilling beginning a month later. To date Newcrest have completed 111,000m of drilling from 120 holes.
Author: Mark Sheridan
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