Greatland Gold PLC (LON:GGP) has highlighted a transformational year in its final results, with the Havieron gold-copper deposit proving to be a “game changer” as a campaign led by operator Newcrest continued to unearth high-grade results.
Newcrest has so far drilled some 100,000 metres at the project since May 2019.
“A series of excellent drill results to date from Havieron have continued to extend the footprint of mineralisation, and an initial resource is on track to be delivered before the end of calendar 2020,” Greatland chairman Alex Borrelli said in the results statement.
“Subsequent to the year-end, a Mining Lease was granted for the Havieron deposit and work continues at a rapid pace to support the potential commencement of early works activities at Havieron in late 2020 or early 2021,” he added.
Borrelli continued: “Our success at Havieron has not dimmed our appetite for discoveries and we are excited by our other exploration prospects, particularly in the Paterson region where Greatland has an entrenched position and is leading a wave of new investment and exploration in the region.”
The pre-revenue company reported a GBP5.14mln loss for the twelve months ended June 30, 2020, and it finished the financial year with GBP6.02mln of cash and equivalents.