Greatland Gold: Drilling Results Point to New Australia Target Area

By Anthony O. Goriainoff

Greatland Gold PLC said Thursday that drilling results at the Havieron deposit by Newcrest Mining Ltd. in Australia have identified a fourth potential new target area.

Exploration activities at Havieron are operated by Newcrest under a farm-in agreement with Greatland.

The London-listed precious and base metals miner said drilling results highlight the potential for a new region not previously recognized--the Eastern Breccia--and extends mineralization externally to the ovoid-shaped crescent sulfide zone.

Exploration programs at Havieron continue, with infill drilling to deliver an initial inferred mineral resource and step out drilling to define the extent of the mineralized system, the company said. It added that environmental and baseline studies to support the potential commencement of decline at Havieron by the end of 2020 or early 2021 are progressing.

"As Newcrest's growth-drilling program further expands the footprint of the mineralized system at Havieron, infill drilling has continued in order to support the estimation of an initial inferred mineral resource from the southeast crescent and adjacent breccia mineralization," Chief Executive Gervaise Heddle said.

Shares at 0856 GMT were up 0.88 pence, or 3.7%, at 24.38 pence

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

October 29, 2020 05:12 ET (09:12 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.