17th Sep 2018 11:36
LONDON (Alliance News) - Precious metals miner Greatland Gold PLC said Monday it started its second drilling campaign at the Havieron project in the Paterson region of western Australia.
The campaign consists of ten core holes to 600 metres each to further determine the extent and direction of the high grade zone of mineralisation.
The first drilling campaign revealed positive results during April and May, including 121 metres at 2.93 grams per tonnes of gold at 492 metres.
Chief Executive Officer Gervaise Heddle said: "We are excited to be on the ground and pushing forward with our second major drilling campaign at Havieron following the excellent results from the first campaign which established a zone of high grade gold mineralisation peaking at almost 4.5 ounces gold per tonne.
"The results from the first drill programme, combined with independent geophysical modelling, indicate that Havieron has the potential to represent a very large mineralised system."
DDH1 Drilling Pty Ltd has been appointed to conduct the upcoming drill programme.
For the drilling at Havieron, Greatland paid AUD250,000, or GBP142,045, to DDH1 in new Greatland shares. It issued to DDH1 a total of 11.4 million ordinary shares, plus 11.4 million warrants with a 2.0p exercise price and an exercise period of 12 months.
Greatland shares were trading down 2.7% at 1.10 pence each.
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