AIM-quoted Greatland Gold (LON: GGP) has updated the market on the progress at Havieron and its exploration drilling. The share price dipped 1.41% to 7p, although buyers have returned and this is above the low for the day.
The Havieron decline development has reached 2,510 metres and it has passed the middle aquifer. No significant water issues were found, which is good news and reduces the risk.
The current surface drilling campaign has ended. Management says that Greatland Gold will move to quarterly reporting of exploration and development at Havieron and Juri, which is in line with Newcrest Mining. Newcrest Mining has 70% of Havieron and 51% of the Juri joint venture, where it has taken on the management of the venture.
Greatland Gold will continue to report separately on its own exploration and development projects.
Exploration
Diamond drilling has been completed on five targets at 100%-owned Scallywag, while the maiden drilling at Paterson South has also ended. The latter is a farm-in and joint venture with Rio Tinto Exploration.
The data from the assays from Scallywag is being processed and this will be reported in the near future. Drilling on the Rameses target was not completed because the drill hole was not structurally accessible.
Paterson South drilling was on the tenement adjoining the Havieron mining lease and it targeted magnetic anomalies and airborne electromagnetics derived conductors.
