Greatland Gold (LON:GGP) revealed the results from its Havieron drill campaign on Tuesday.

According to the update, the results indicate that Havieron has the potential ‘to become a large, multi-commodity, bulk tonnage, underground mining operation’.

Greatland Gold said they believe that the results reveal that the company can “significantly extend” the known mineralisation intersected in the first drilling campaign.

As well as this, the company believe the results indicate that it can also establish new peak grades for copper and cobalt, including 12.38% copper (previously 8.45%) and 4,104ppm cobalt (0.4% cobalt).

Gervaise Heddle, Chief Executive Officer, commented:

“We are very pleased by these excellent results which further demonstrate the potential for Havieron to become a multi-commodity, bulk tonnage, underground mining operation of truly significant scale. These excellent gold and copper assay results flesh out the world-class intersection recorded at HAD005 and reveal a new peak copper grade for the system of 12.4% (HAD006). We are also very excited to see significant widths of elevated cobalt (in excess of 500ppm) in three of the reported drill holes (HAD006, HAD008 and HAD009).”

“We expect to re-commence drilling at Havieron in March 2019 and currently two rigs are booked with provision for additional capacity, if required, during the year. We look forward to providing further updates to shareholders regarding our plans for 2019 in the coming weeks.”

Greatland Gold is a precious metal exploration company. Alongside Havieron, its projects include Ernest Giles, Paterson, Panaroma and Firetower.

The firm is primarily focused in metal exploration in Australia. Greatland Gold is listed on the AIM market of the London Stock Exchange.

Greatland Gold shares are down -17.08% as of 11:18AM (GMT).