GGP has released results from its maiden drilling program testing the West Dome Underground project. The drill program has returned some impressive intersections, with the average result from 16 of the 19 holes drilled 23.2m @ 2.95g/t Au and 1.07% Cu. Mineralisation is now defined over a strike of 700m and remains open both along strike and down dip. These results have lifted the priority of West Dome Underground as a potential ore source, with a second drilling program set to commence shortly. We note that our base case production forecasts for Telfer only include ore mined from the West Dome open pit and current stockpiles. The addition of an underground development at West Dome could materially lift our production forecasts for Telfer. We reiterate our BUY rating on GGP and £0.17 price target.
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