The Greatland Gold plc (LON: GGP) share price fell 8.24% after releasing an update about its Havieron gold-copper project in Western Australia. The company noted that it had significantly progressed in developing the project, drilling over 1,840 metres deep.
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The precious and base metals-focused mining development and exploration company revealed that the decline had progressed well through improved ground conditions since successfully developing through the middle aquifer in late July.
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The company also highlighted the release of an announcement by Newcrest Mining titled “Annual Mineral Resources and Ore Reserves Statement – as of 30 June 2023”, which includes mineral resource estimates from the Havieron project.
Greatland Gold informed investors that Newcrest Mining included the Mineral Resource Estimate (MRE) in its estimates from Greatland’s March 2022 MRE. The same data had been incorporated into Newcrest's ASX announcement titled “Annual Mineral Resources and Ore Reserves Statement – as of 30 June 2022”, dated 19 August 2022.
The precious and base metals mining and exploration company has completed over 80,000 metres of growth drilling at Havieron since the March 2022 MRE was released. Still, investors muted reaction to the news indicates that they were unimpressed by the report.
The drilling at Havieron since the March 2022 MRE has focused on defining the extent of mineralisation in the lower levels of the SE Crescent (3,600 – 4,200mRL); resource definition within the lower levels of the mineralised system, with a focus on the Eastern Breccia; and extending the mineral system below the existing resource.
Greatland expects to complete a new and updated mineral resource estimate (MRE) incorporating the new drill results by Q4 2023.
Shaun Day, Greatland’s Managing Director, commented: “The underground development at Havieron is making good progress as we continue to advance to the top of the orebody. We are working towards the publication of an updated MRE, which will incorporate data from a further 80,000 metres of growth drilling at Havieron since our March 2022 MRE update. We are targeting completion and announcement of an updated MRE during the December 2023 quarter and look forward to updating the market in due course.”
Geatland Gold (GGP) share price.
The Greatland Gold (GGP) share price fell 8.24% to trade at 6.79p, from Thursday’s closing price of 7.40p.
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