Greatland Gold PLC (AIM:GGP) Havieron Exploration and Development Update

Growth drilling programme continues to expand the Havieron footprint with high grade mineralised extensions in all tested target zones

New high-grade mineralised intercept to the east of the Eastern Breccia Mineral Resource reinforces its potential to host Crescent style high grade mineralisation

High grade results in the Northern Breccia demonstrate the potential for further high-grade sulphide mineralisation outside the South East Crescent Zone

Greatland Gold plc (AIM:GGP), a mining development and exploration company with a focus on precious and base metals, is pleased to provide an exploration and development update at the Havieron gold-copper project in the Paterson region of Western Australia. The Company notes the release of an ASX announcements titled “Quarterly Exploration Report” and “Quarterly Report” by Newcrest Mining Ltd (“Newcrest”) earlier today included results previously released in Greatland’s announcement of 10 March 2022 along with the following new results.

Highlights

  • Seven drill rigs currently operational, all focused on growth targeting:
  • Eastern Breccia: defining the mineralised footprint and extensions of the Eastern Breccia including definition of higher-grade zones identified in HAD104^^ and the new intersection in HAD145W1
  • South East Crescent: targeting extensions to the South East Crescent below the Updated Mineral Resource1 in addition to lateral extensions adjacent to the existing high-grade Updated Mineral Resource
  • Northern Breccia: expansion of high-grade mineralised zones within the Northern Breccia
  • North West Pod: expansion of high-grade mineralised zones within the North West Pod
  • New Targets: drilling is continuing to target geophysical targets outside of the main Havieron system

New drilling results

Drilling into the Eastern Breccia returned an intercept approximately 100m to the north of previously reported high grade mineralisation (HAD104), and 100m east of the Eastern Breccia Resource outlined in the Updated Mineral Resource. This hole reinforces the potential for the north west trending Eastern Breccia corridor to host Crescent style high grade mineralisation:

  • HAD145AW1 returned 150.1m @ 3.7g/t Au & 0.15% Cu or 3.95g/t AuEq2 from 1,827.9m
  • Including 42.3m @ 8.6g/t Au & 0.4% Cu or 9.26g/t AuEq2 from 1,854m
  • High grade results in the Northern Breccia reinforce the potential for further high-grade sulphide mineralisation outside the SE Crescent Zone:
  • HAD085W6 intersected 52m @ 3.0g/t Au & 0.09% Cu or 3.14g/t AuEq2 from 1,327m
  • Including 17.9m @ 7.7g/t Au & 0.07% Cu or 7.8g/t AuEq2 from 1,361.1m within the footprint of the Updated Mineral Resource
  • Early Works advancing: Construction activities by Newcrest are progressing including:
  • Exploration decline has advanced 313 metres as at 20 April 2022
  • Drilling of the blind bore ventilation shaft is now complete, and liners have been installed to design depth. This milestone successfully marks a significant reduction in risk to construction

Newcrest has advised the development of the exploration decline experienced poor ground conditions in the March 2022 quarter. Advance rates were significantly impacted by unfavourable geotechnical and hydrogeological conditions requiring extensive local and surface dewatering, pre-excavation ground treatment and substantial ground support installation. Changes in the design of the decline have brought forward the first downward spiral to the current chainage which will allow the decline to transition into better ground conditions sooner. As a result of this change, development rates are expected to improve in the June 2022 quarter. Newcrest advise that first ore is now expected in the second half of FY24.

Drilling of the blind bore ventilation shaft is now complete and liners have been installed to design depth. This milestone successfully marks a significant reduction in risk to construction.

Newcrest is reviewing the overall project performance and schedule including any impact of inflationary pressures as part of the Feasibility Study.

§ Feasibility Study work by Newcrest is progressing and key contracts have been awarded. The Feasibility Study is still forecasted to be delivered in the December 2022 quarter3.

Shaun Day, Managing Director of GreatlandGold plc, commented: “The early results from the 2022 growth drilling programme are tremendous with high grade mineralised extensions identified across all tested target zones.

Whilst growth drilling at the Eastern Breccia continues to define the mineralised footprint and extensions of the Breccia, a new high grade intercept has reinforced the potential for the Eastern Breccia corridor to host Crescent style high grade mineralisation. This demonstrates the ongoing potential for the expansion of the Havieron footprint below and adjacent to the existing mineralisation.

With ongoing drilling focusing on growth there is substantial potential to further demonstrate the depths and extents of the high-grade mineralisation, that remain open along strike and at depth at Havieron.”

1 Refers to Greatland’s Updated Mineral Resource as announced on 3rd March 2022

2 The gold equivalent (AuEq) is based on assumed prices of US$1,450/oz Au and US$3.23/lb Cu for Ore Reserve and assumed prices of US$1,600/oz Au and US$3.50/lb Cu for Mineral Resource and metallurgical recoveries based on block metal grade, reporting approximately at 88% for Au and 84% for Cu which in both cases equates to a formula of approximately AuEq = Au (g/t) + 1.5 * Cu (%). It is the company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold

3 Newcrest market update to Australian Stock Exchange on 12th October 2021

Significant New Results (intercepts are reported as downhole width not true width)

Eastern Breccia

  • HAD093A
  • 76.7m @ 1.9g/t Au & 0.07% Cu from 1,306.1m
  • including 18.2m @ 3.7g/t Au & 0.17% Cu from 1,347.8m
  • HAD145AW1
  • 59.2m @ 0.91g/t Au & 0.14% Cu from 1,633m
  • 32.9m @ 1.5g/t Au & 0.63% Cu from 1,730.4m
  • 150.1m @ 3.7g/t Au & 0.15% Cu from 1,827.9m
  • including 42.3m @ 8.6g/t Au & 0.4% Cu from 1,854m
  • HAD152
  • 63m @ 0.98g/t Au & 0.13% Cu from 1,767m

South East Crescent

  • HAD133W6^
  • 173.2m @ 1.9g/t Au & 0.18% Cu from 1,424.6m
  • including 43.1m @ 3.7g/t Au & 0.34% Cu from 1,425.9m

Northern Breccia

  • HAD085W6
  • 64.4m @ 2.1g/t Au & 0.06% Cu from 1,174.3m
  • including 23.7m @ 5.3g/t Au & 0.1% Cu from 1,199.6m
  • 52m @ 3.0g/t Au & 0.09% Cu from 1,327m
  • including 17.9m @ 7.7g/t Au & 0.07% Cu from 1,361.1m
  • HAD093A
  • 273.6m @ 1.1g/t Au & 0.14% Cu from 886.6m

In addition to this release, a PDF version of this report with supplementary information can be found at the Company’s website:https://greatlandgold.com/investors/regulatory-news/

Enquiries:

Greatland Gold PLC

Shaun Day

+44 (0)20 3709 4900

info@greatlandgold.com

www.greatlandgold.com


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