REG - Greatland Gold PLC - Havieron gold-copper project update

Greatland GoldAnnouncement

17/02/2022 07:00

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RNS Number : 9835B  Greatland Gold PLC  17 February 2022

 
17 February 2022

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Greatland Gold plc
("Greatland" or "the Company")

 

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."

 

 

Enquiries:

 

 Greatland Gold PLC                                                        +44 (0)20 3709 4900

 Shaun Day                                                                 info@greatlandgold.com (mailto:info@greatlandgold.com)

                                                                           www.greatlandgold.com (http://www.greatlandgold.com)

 SPARK Advisory Partners Limited (Nominated Adviser)                       +44 (0)20 3368 3550

 Andrew Emmott/James Keeshan

 Berenberg (Joint Corporate Broker and Financial Adviser)                  +44 (0)20 3207 7800

 Matthew Armitt/ Varun Talwar/ Detlir Elezi

 Canaccord Genuity (Joint Corporate Broker and Financial Adviser)          +44 (0)20 7523 8000

 James Asensio/Patrick Dolaghan

 Hannam & Partners (Joint Corporate Broker and Financial Adviser)          +44 (0)20 7907 8500

 Andrew Chubb/Matt Hasson/Jay Ashfield

 SI Capital Limited (Joint Broker)                                         +44 (0)14 8341 3500

 Nick Emerson/Alan Gunn

 Luther Pendragon (Media and Investor Relations)                           +44 (0)20 7618 9100

 Harry Chathli/Alexis Gore

 

 

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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