Update re Havieron gold-copper project
Greatland Gold plc (AIM: GGP) a mining development and exploration company with a focus on tier-one gold-copper deposits provides an update on the Havieron gold-copper project in the Paterson region of Western Australia.
The Company notes the release of an ASX announcement titled “Annual Mineral Resources and Ore Reserves Statement” by Newcrest Mining Ltd (“Newcrest”) earlier today, which provided an annual statement of Newcrest’s Resources and Reserves.
Greatland notes that this statement, so far as it relates to Havieron, only restates the previously released statement contained within the Stage 1 South East Crescent Pre-Feasibility Study (“PFS”), announced on 12 October 2021. The Company reiterates this Stage 1 study was at a ‘point in time’ using a 5 February 2021 cut-off for drilling information.
In the approximately 11 months since this drilling cut-off date, the Havieron JV and the Company has consistently announced excellent drill results which are not incorporated in today’s release by Newcrest. Other recent highlights include:
· Drilling results since the release of the PFS continue to support the potential for resource expansion at Havieron with 90,000 metres of growth drilling targeted to be completed during Newcrest’s FY22 to 30 June 2022;
· Potential for an upgrade of a significant portion of the Inferred Mineral Resource estimate to an Indicated Mineral Resource estimate;
· Infill drilling of a further 38,088 metres completed since 5 February 2021 to 31 December 2021 within the South East Crescent Zone validating both geological and grade continuity of the Mineral Resource estimate;
· Growth drilling to over 250m below the existing Mineral Resource estimate continued to return high grade results with the South-East Crescent Sulphide zone at depth now having a vertical extent of over 900m;
· The most significant result at Havieron outside of the South East Crescent Zone was announced in January 2022 and confirmed the potential for high grade mineralisation within the separate Eastern Breccia trending corridor;
· Growth drilling of 21,182 metres completed since 5 February 2021 to 31 December 2021, includes testing of new geophysical targets 2km outside of the Havieron system and multiple high grade targets including the Northern Breccia and North West Pod; and
· Feasibility Study is progressing and forecasted to be delivered in the December 2022 quarter.
Newcrest provided an update with respect to the advancement of the decline with 277 metres complete as at 25 January 2022. Newcrest noted that the advancement of the decline has been impacted with more challenging ground conditions than expected and geotechnical investigation indicates that ground conditions may continue to have an impact on development. Further updates will be provided once this work is complete.
In parallel, and further to its update on 21 December 2021, the Company has continued discussions with Newcrest regarding the potential exercise of Newcrest’s option to acquire an additional 5% interest in the Havieron JV from Greatland. An update will be provided as and when appropriate.
Shaun Day, Chief Executive Officer of Greatland Gold plc, commented: “When reflecting on the volume and quality of drilling data since the cut-off date for the PFS, the results are outstanding and continue to support the potential for a significant upgrade of the Mineral Resource.
“The growth drilling programme has demonstrated the potential for resource additions outside of the existing Inferred Mineral Resource limits. With drill rigs in 2022 all focused on growth targets, including new targets outside the known Havieron system, there is ongoing progress and genuine interest in understanding the size and scale of Havieron.
” Over the last year our belief has strengthened that the PFS only revealed the tip of the iceberg for Havieron’s potential and that this world class asset is a globally unique opportunity for bringing a low risk, low capex tier-one gold-copper mine into production . ”
Greatland Gold PLC
+44 (0)20 3709 4900
Notes for Editors:
Greatland Gold plc (AIM:GGP) is a mining development and exploration company with a focus on precious and base metals. The Company’s flagship asset is the world-class Havieron gold-copper deposit in the Paterson region of Western Australia, discovered by Greatland and presently under development in Joint Venture with Newcrest Mining Ltd.
Havieron is located approximately 45km east of Newcrest’s Telfer gold mine and, subject to positive decision to mine, will leverage the existing infrastructure and processing plant to significantly reduce the project’s capital expenditure and carbon impact for a low-cost pathway to development. An extensive growth drilling programme is presently underway at Havieron with a maiden Pre-Feasibility Study released on the South-East crescent on 12 October 2021. Construction of the box cut and decline to develop the Havieron deposit commenced in February 2021.
Greatland has a proven track record of discovery and exploration success. It is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions. The Company is focused on safe, low-risk jurisdictions and is strategically positioned in the highly prospective Paterson region. Greatland has a total six projects across Australia with a focus on becoming a multi-commodity mining company of significant scale.
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