Greatland Gold Shares Rise on Deposit Expansion in Australia

By Adriano Marchese

Greatland Gold PLC (GGP.LN) shares rose in early trade Thursday after the company said a drilling campaign at its Havieron deposit in Western Australia continues to expand the extent of mineral deposits and demonstrates continuity of mineralization.

At 1058 GMT, shares were up 0.58 pence, or 20%, at 3.49 pence.

The AIM-listed metal exploration-and-development company said that Newcrest Mining Ltd. (NCM.AU), with which it has a farm-in agreement, found grades that were "unique for this region" and that the company will progress and accelerate its evaluation of the opportunity there.

The company said there is an additional 20,000 to 30,000 meters of drilling planned over the next two quarters to support the potential delivery of a maiden resource by the end of 2020.

"These latest drill results and the initial observed dimensions of the deposit provide further evidence that Havieron represents a significant gold-copper discovery," Chief Executive Gervaise Heddle said.

Newcrest has the right to acquire up to a 70% interest in a 12-block area of the Havieron deposit with investment of up to $65 million, the company added.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

January 30, 2020 05:27 ET (10:27 GMT)

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