REG - Greatland Gold PLC - Havieron Mineral Resource Estimate Update
21/12/2023 07:15
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RNS Number : 5933X Greatland Gold PLC 21 December 2023
Greatland Gold plc (AIM: GGP)
E: info@greatlandgold.com
W: https://greatlandgold.com
: twitter.com/greatlandgold
NEWS RELEASE | 21 December
2023
Havieron Mineral Resource Estimate Update
Exceptional Mineral Resource growth continues at Havieron
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
MARKET ABUSE REGULATIONS. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
Greatland Gold plc (AIM:GGP) ("Greatland" or the "Company") is pleased to
provide an updated Mineral Resource Estimate for Havieron, its flagship
gold-copper project located in the Paterson Province of Western Australia.
Highlights
§ Estimated Mineral Resources (including Ore Reserves) increased to 8.4Moz
AuEq(1) (7.0Moz Au plus 275kt Cu), an increase of 1.9M oz AuEq(1) from
Greatland's 2022 Mineral Resource Estimate:
- 29% increase in total gold equivalent content to 8.4M oz AuEq(1).
- 28% increase in total gold content to 7.0M oz Au.
§ Continuous mineralisation confirmed between the Eastern Breccia and main
Havieron Breccia domains with the definition of a new high grade "Link Zone".
§ Drilling since Greatland's previous Mineral Resource Estimate (MRE) update
in March 2022 targeted the lower portion of the mineral system and has
increased the ounce per vertical metre (OPVM) profile of these lower levels in
line with the upper levels of the deposit. The updated MRE now averages 7,900
OPVM (gold equivalent) over the top 1,000 metres vertically.
§ The MRE update includes a 32% increase in contained gold equivalent metal
in the higher confidence Indicated MRE category, which can now be considered
in the updated Ore Reserve Estimate that will be part of the Feasibility
Study.
The updated MRE incorporates approximately 93,000 metres additional drilling
completed since the December 2021 drilling cut-off for Greatland's March 2022
MRE.
Updated Mineral Resource Statement for the Havieron Deposit (100%) (# *)
Classification Tonnage Grade Metal AuEq Metal
Mt Au (g/t) Cu (%) Au (Moz) Cu (Kt) AuEq (Moz)
Indicated 50 2.6 0.33 4.1 168 5.0
Inferred 81 1.1 0.13 2.9 107 3.4
Total Mineral Resource 131 1.7 0.21 7.0 275 8.4
# Grades are reported to one (gold) and two (copper) decimal places to reflect
appropriate precision in the estimate, and this may cause apparent
discrepancies in totals. Results represent 100% of the Mineral Resource for
Havieron. Mineral Resources in the South East Crescent and Link Zone are
reported within a A$80 Net Smelter Return(2)/t ("NSR(2)/t(")) shell while
Mineral Resources in the Breccias are reported within a A$50 NSR(2)/t shell.
Resources are inclusive of Reserves.
* The updated Mineral Resource Estimate assumes selective mining of the South
East Crescent and Link Zone and bulk extraction in the Breccias and are
reported inside A$80 or A$50 NSR(2)/t shells respectively.
Greatland Managing Director, Shaun Day, commented:
"We are delighted by the continued growth in the Havieron Mineral Resource
Estimate. The growth journey in the resource has been very significant with
the total gold equivalent Mineral Resource content having increased from 4.4M
oz in the October 2021 MRE, to 6.5M oz in the March 2022 MRE, and now to 8.4M
oz in 2023.
The updated MRE now averages over 7,900 ounces per vertical metre (gold
equivalent) over 1,000 metres vertically, which is testament to the quality of
the Havieron ore body.
The high grade South East Crescent Zone Mineral Resource is now defined over a
1,200 vertical metres (another 200 metres deeper than in the March 2022 MRE
update) and remains open at depth.
It was particularly pleasing to delineate additional ounces in the lower third
of the current extents of the mineralised system, with around 70% of the MRE
increase identified in the extensions to this part of the ore body.
Another promising aspect of this update is the definition of the Link Zone,
between the Eastern Breccia and main Havieron Breccia; whilst previously
interpreted as separate domains, we have now confirmed mineralisation is
continuous and the breccias are now defined as a singular continuous Breccia
domain.
This update further demonstrates the quality and scale of Havieron, and the
compelling investment proposition for Greatland. We are excited to see the
impact of the significant growth in the Indicated category on the updated Ore
Reserve Estimate that will underpin the Feasibility Study which is ongoing and
expected to be completed in 2024."
Important notes
Mineral Resource estimates are expressions of judgement based on knowledge,
experience and industry practice. They are also based on a number of
material assumptions (such as future commodity prices and foreign exchange,
cut off grades) which may prove to be incorrect. Estimates which were valid
when originally made may alter significantly when new information or
techniques becomes available. In addition, by their very nature, Mineral
Resource estimates are imprecise and depend to some extent on interpretations,
which may prove to be inaccurate. Unless and until actually mined and
processed, no assurance can be given that any estimated tonnage, grades and
recovery levels will be realised.
This announcement and the updated Mineral Resource Estimate for the Havieron
Project contained in it have been prepared solely by Greatland based on
relevant available information and have not been reviewed or approved by
Greatland's Havieron joint venture partner, Newmont Corporation (Newmont).
Newcrest Operations Limited, a subsidiary of Newmont, is the manager of
the Havieron Joint Venture and holds the majority 70% joint venture interest.
Whilst the information in this announcement pertaining to the estimation and
reporting of the Mineral Resources has been reviewed and approved by a
Competent Person(3) and the updated Mineral Resource estimate has been
independently reviewed by SRK Consulting (Australasia) Pty Ltd(4), the Company
considers that it is possible that, in preparing any future Mineral Resource
estimate or Ore Reserve estimate for the Havieron project, Newmont may adopt
different interpretations, assumptions, parameters or plans, or make different
judgements, to those used or made by Greatland in the updated Mineral Resource
Estimate contained in this announcement.
Forward Looking Statements
This document includes forward looking statements and forward looking
information within the meaning of securities laws of applicable jurisdictions.
Forward looking statements can generally be identified by the use of words
such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate",
"believe", "continue", "objectives", "targets", "outlook" and "guidance", or
other similar words and may include, without limitation, statements regarding
estimated reserves and resources, certain plans, strategies, aspirations and
objectives of management, anticipated production, study or construction dates,
expected costs, cash flow or production outputs and anticipated productive
lives of projects and mines.
These forward looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, performance and
achievements or industry results to differ materially from any future results,
performance or achievements, or industry results, expressed or implied by
these forward-looking statements. Relevant factors may include, but are not
limited to, changes in commodity prices, foreign exchange fluctuations and
general economic conditions, increased costs and demand for production inputs,
the speculative nature of exploration and project development, including the
risks of obtaining necessary licences and permits and diminishing quantities
or grades of reserves, political and social risks, changes to the regulatory
framework within which Greatland operates or may in the future operate,
environmental conditions including extreme weather conditions, recruitment and
retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on assumptions as to the financial,
market, regulatory and other relevant environments that will exist and affect
Greatland's business and operations in the future. Greatland does not give any
assurance that the assumptions will prove to be correct. There may be other
factors that could cause actual results or events not to be as anticipated,
and many events are beyond the reasonable control of Greatland. Forward
looking statements in this document speak only at the date of issue. Greatland
does not undertake any obligation to update or revise any of the forward
looking statements or to advise of any change in assumptions on which any such
statement is based.
Footnotes:
(1) The gold equivalent (AuEq) is based on assumed prices of US$1,700/oz Au
and US$3.75/lb Cu for Mineral Resource and metallurgical recoveries based on
block metal grade, reporting approximately at 87% for Au and 87% for Cu which
in both cases equates to a formula of approximately AuEq = Au (g/t) + 1.6* 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.
(2) The Net Smelter Return ("NSR") is calculated using metal prices of
US$1,700/oz Au and US$3.75/lb Cu, metallurgical recoveries based on block
metal grade reporting approximately at 87% for Au and 87% for Cu, an USD:AUD
exchange rate of 0.72, as well as treatment and refining costs, payables and
royalties.
(3) See Competent Person's Statement below for details.
(4) See Section titled "Independent Review of the Mineral Resource Update".
Contact
For further information, please contact:
Greatland Gold plc
Shaun Day, Managing Director | info@greatlandgold.com
Nominated Advisor
SPARK Advisory Partners
Andrew Emmott / James Keeshan / Neil Baldwin | +44 203 368 3550
Corporate Brokers
Berenberg | Matthew Armitt / Jennifer Lee | +44 203 368 3550
Canaccord Genuity | James Asensio / George Grainger | +44 207 523 8000
SI Capital Limited | Nick Emerson / Sam Lomanto | +44 148 341 3500
Media Relations
UK - Gracechurch Group | Harry Chathli / Alexis Gore / Henry Gamble |
+44 204 582 3500
Australia - Fivemark Partners | Michael Vaughan | +61 422 602 720
About Greatland
Greatland is a mining development and exploration company focused primarily on
precious and base metals.
The Company's flagship asset is the world-class Havieron gold-copper project
in the Paterson Province of Western Australia, discovered by Greatland and
presently under development in joint venture with world gold major, Newmont
Corporation.
Havieron is located approximately 45km east of Newmont's existing Telfer mine.
The box cut and decline to the Havieron orebody commenced in February 2021.
Total development now exceeds 3,060m including over 2,110m of advance in the
main access decline (as at 22 November 2023). Subject to a positive
feasibility study and Decision to Mine, Havieron is intended to leverage the
existing Telfer infrastructure and processing plant. Access to Telfer will
de-risk the development and reduce capital expenditure.
Greatland has a proven track record of discovery and exploration success and
is pursuing the next generation of tier-one mineral deposits by applying
advanced exploration techniques in under-explored regions. Greatland has a
number of exploration projects across Western Australia and in parallel to the
development of Havieron is focused on becoming a multi-commodity miner of
significant scale.
Further Information on the Updated Mineral Resource at Havieron
Havieron Project
The project comprising the Havieron Au-Cu deposit is centred on a deep
magnetic anomaly 45km east of Telfer (Figure 1) in the Paterson Province of
Western Australia on the traditional lands of the Martu people. The Project is
held in a joint venture between Greatland and Newcrest Operations Limited, a
wholly owned subsidiary of Newmont Corporation (Newmont), where Newmont
currently holds a 70% joint venture interest (Greatland 30%).
The Martu people and the Jamukurnu-Yapalikurnu Aboriginal Corporation (JYAC,
formerly WDLAC) are key project stakeholders. The Martu hold exclusive
possession native title rights and interests over more than 140,000km(2) of
land, including to all points around the Telfer mine and Havieron Project. The
Indigenous Land Use Agreement (ILUA) with JYAC, centred on the Telfer mine,
extends to the Havieron project.
The Havieron project is located within granted Mining Lease M45/1287 and has
received the necessary regulatory approvals for the construction of a box cut,
exploration decline and certain associated surface infrastructure.
Construction commenced in January 2021, and total development now exceeds
3,060m including over 2,110m of advance in the main access decline (as at 22
November 2023), with the decline now at a depth of approximately 340 vertical
metres with 80 vertical metres remaining to the base of the Permian layer.
A pre-feasibility study for Havieron was completed in October 2021, and a
feasibility study is ongoing with several value enhancing options being
assessed to maximise value and de-risk the project.
Figure 1. Location of the Havieron Project, approximately 45km east of Telfer,
Western Australia.
Drilling Overview
Drilling at Havieron commenced during mid-2019 with a total of 368 drill holes
for 295,657m considered suitable to inform the MRE. This total excludes
non-exploration drilling (e.g. geotechnical, hydrological, etc), and drilling
considered not suitable (e.g. holes which failed to reach target).
An additional 92,648m of drilling has been incorporated into this updated MRE
relative to the March 2022 MRE. This additional drilling comprised a
combination of growth and resource conversion drilling, both of which have
been extremely successful in increasing the MRE.
The growth drilling has resulted in a 29% increase in contained gold
equivalent metal in this updated MRE, with additional ounces defined within
the Northern Breccia, Eastern Breccia and South East Crescent. A new high
grade zone has also been defined, the "Link Zone" which confirms continuous
mineralisation between the Northern Breccia, South East Crescent and the
Eastern Breccia.
The Resource conversion drilling targeted the upgrade of previously defined
Inferred South East Crescent MRE into the higher confidence Indicated
category, and has increased South East Crescent Indicated MRE material from
26Mt to 36Mt, a greater than 30% increase to the previous March 2022 MRE. The
importance of this conversion is that the Indicated MRE category can underpin
Ore Reserve Estimates, whereas the Inferred MRE category cannot due to its
lower confidence.
Updated Mineral Resource Estimate
The updated MRE for the Havieron Deposit prepared by Greatland (Table 1)
("Updated Mineral Resource") is based on drilling completed to 6 June 2023,
comprising 368 holes for 295,657m, inclusive of 107 holes for 92,648m which
are additional to the drilling data incorporated in Greatland's March 2022 MRE
released on 3 March 2022.
Table 1: Updated Mineral Resource Estimate tabulation for the Havieron deposit
(100%) (# *)
Domain Classification Tonnage Grade Metal AuEq Metal
Mt Au (g/t) Cu (%) Au (Moz) Cu (Kt) AuEq (Moz)
South East Crescent Indicated 36 3.0 0.42 3.5 150 4.2
Inferred 8 2.1 0.19 0.6 15 0.6
Link Zone Indicated 2 2.7 0.20 0.1 3 0.2
Inferred 5 1.4 0.26 0.2 12 0.3
Breccia Indicated 13 1.3 0.11 0.5 14 0.6
Inferred 68 0.9 0.12 2.1 79 2.5
Total Mineral Resource 131 1.7 0.21 7.0 275 8.4
# Grades are reported to one (gold) and two (copper) decimal places to reflect
appropriate precision in the estimate, and this may cause apparent
discrepancies in totals. Results represent 100% of the Mineral Resource for
Havieron. Mineral Resources in the South East Crescent are reported within a
A$80 Net Smelter Return(2)/tonne ("NSR/t") shell while Mineral Resources in
the Breccias are reported within a A$50 NSR/t shell. Resources are inclusive
of Reserves.
* The Updated Mineral Resource Estimate assumes selective mining of the South
East Crescent Zone and bulk extraction in the Breccias and are reported inside
A$80 or A$50 NSR(2)/t shells respectively.
The updated MRE is reported as Indicated and Inferred Mineral Resources in
accordance with the 2012 edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). The
reported updated Mineral Resources are inclusive of Ore Reserves. Refer to
details in Appendix 1 (JORC Table 1 - Sections 1 to 3) for information
relating to data collection and resource estimation.
The updated MRE represents a significant increase on the MRE previously
announced by Greatland in March 2022, including a:
§ 43% increase in total (Indicated plus Inferred) tonnes;
§ 28% increase in total gold ounces; and
§ 29% increase in total gold equivalent ounces.
Material differences between the Updated Mineral Resource and the previously
announced March 2022 Mineral Resource are as follows:
§ A further 92,648 metres of infill drilling completed in the approximately
18 months since December 2021 to 6 June 2023 when surface drilling ceased.
§ Drilling has confirmed continuous mineralisation exists between the
Northern Breccia, South East Crescent and the Eastern Breccia, in essence
confirming that the Eastern Breccia forms part of the same continuous breccia
body that hosts the main Havieron deposit. This has resulted in an increase in
the breccia Resources and the definition of a new high grade domain.
§ Drilling has provided adequate geological confidence to define a new
domain, the Link Zone, which is a moderately dipping approximately 30m wide by
200m long zone of mineralisation that extends northwards from the existing
South East Crescent Zone at the 4,000mRL down to the 3750mRL. This zone is
interpreted to encompass the high grade core of what has to date been referred
to as the Eastern Breccia.
§ Incrementally higher commodity prices have been used to calculate the NSR
values within the Mineral Resource estimate (US$1,700/oz Au and US$3.75/lb Cu
and a USD:AUD exchange rate of 0.72 for the updated MRE, compared with
US$1,600/oz Au and US$3.50/lb Cu and a USD:AUD exchange rate of 0.72 used in
the March 2022 MRE) which have resulted in more Mineral Resources being
reported above the NSR cut-offs, noting however that due to the high NSR value
throughout most of the South East Crescent Zone this change is not considered
to have resulted in a material change in the South East Crescent Zone
Resources.
The increase in the Breccia Mineral Resources within the Havieron Breccia is a
combination of additional drilling and the increased commodity prices.
The gold equivalent ounces per vertical metre (OPVM) of the updated MRE is
presented in Figure 2.
Figure 2. Schematic 3D view looking northwest, depicting the Greatland
Havieron December 2023 MRE (left hand figure) with OPVM charted to the right.
The OPVM for the March 2022 MRE is also charted (light grey dashed line).
Drilling intensity (grey horizontal bars) are a visual representation of the
extent of drilling that has informed the MRE by vertical level (not plotted to
the OPVM scale). The X axis scale (horizontal) is OPVM, while the Y axis
(vertical) is plotted as relative depth in metres RL (Reduced Level).
Havieron Geology
The Havieron deposit comprises an ovoid shaped zone of variable brecciation,
alteration and sulphide mineralisation (the Breccia Pipe). The mineralisation
trends northwest to southeast with approximate dimensions of 650m in length by
350m in width and 1,400m in depth along a northwest orientation. Bedding of
the surrounding country rocks outside of the Breccia Pipe strikes northwest to
southeast and dips approximately 40° to the southwest whereas inside the
breccia zone the dip steepens greater than 60° to sub-vertical.
The Breccia Pipe includes unmineralised to low-grade crackle breccia and a
series of mineralised cemented breccias (Figure 3). The highest-grade breccia
occurs on the margins of the Breccia Pipe and is termed the South East
Crescent Zone. The Breccia Pipe also includes relatively small dioritic
intrusions with brecciated contacts or wall rock clasts within the breccias.
The diorite intrusions are discontinuous; however, there appears to be a
strong spatial relationship between the presence and abundance of the diorite
dykes and/or clasts and the presence of gold and copper mineralisation. The
Breccia Pipe is intruded by a 20-30m wide, north-northeast trending, steeply
dipping post mineralisation dolerite dyke.
Gold and copper mineralisation at Havieron consists of breccia, vein and
massive sulphide replacement gold and copper mineralisation typical of
intrusion-related styles of mineralisation. Mineralisation is hosted by
metasedimentary rocks (meta-sandstones, meta-siltstones and meta-carbonate)
and intrusive rocks of an undetermined age. The main mineral assemblage
contains well developed pyrrhotite-chalcopyrite and lesser pyrite sulphide
mineral assemblages as breccia and vein infill, and massive sulphide lenses.
Figure 3. Plan view of the Havieron deposit geological model at 4600mRL (650m
below surface)
The Indicated Mineral Resource estimate includes material from the South East
Crescent Zone, adjacent Breccias and a small portion (2Mt) of the Link Zone
that abuts the South East Crescent. The Inferred Mineral Resource estimate is
comprised of South East Crescent Zone, Link Zone and portions of the broader
Breccia Zones that meet the criteria for classification.
Ordinary Kriging of 5m composites of gold and copper was undertaken into 20m x
20m x 20m blocks and re-blocked into a minimum of 4m x 4m x 4m blocks where
required. The Mineral Resource model was domained utilising the geological
units defining the South East Crescent Zone, Link Zone and the Cemented and
Crackle Breccias. Hard boundaries were used between the South East Crescent
Zone and Link Zones with the Breccia Zones and a transitional boundary of 10m
was used between the Breccia Zones. Kriging Neighbourhood Analysis was used to
define the search neighbourhood for gold. All grades were estimated
independently of each other and composite data was capped prior to estimation.
Within the Havieron Breccia complex over 99% of the resource estimation is
based entirely on interpolation with less than 1% extrapolated blocks (which
Greatland defines as the nearest informing composite being more than 30m away
and estimated by data from fewer than 4 drillholes). The Mineral Resource
model was validated via visual, statistical, and geostatistical methods.
The Indicated and Inferred Mineral Resource estimate has been constrained
using appropriate drill hole data spacing parameters and geological control.
Resource classification is based on a combination of geological confidence,
average weighted distance and slope of regression statistics for estimated
gold grades, and economic constraints (NSR). The Indicated Mineral Resource
classification within the South East Crescent Zone and Link Zone is reported
based on the evaluation of nominal thresholds of the average weighted distance
(45m) and slope of regression (>0.6) and with blocks lying within an A$80
NSR/t shell. The Inferred Mineral Resource classification within the South
East Crescent Zone and Link Zone is reported based on the evaluation of
nominal thresholds of the average weighted distance (75m) and slope of
regression (>0.3) and with blocks lying within an A$80 NSR/t shell.
The Indicated Mineral Resource classification within the Breccias is reported
on the evaluation of nominal thresholds of the average weighted distance (30m)
and slope of regression (>0.6) within an A$50 NSR/t value shell with no
internal selectivity, which assumes bulk mining and therefore includes
internal waste. The Inferred Mineral Resource classification within the
Breccias is reported on the evaluation of nominal thresholds of the average
weighted distance (75m) and slope of regression (>0.3) within an A$50 NSR/t
value shell with no internal selectivity, which assumes bulk mining and
therefore includes internal waste.
The NSR uses metal prices of US$1,700/oz Au and US$3.75/lb Cu, metallurgical
recoveries based on block metal grade, reporting approximately 87% for Au and
87% for Cu, a USD:AUD exchange rate of 0.72, as well as treatment and refining
costs, payables and royalties, similar to those applied for the March 2022
MRE.
Reasonable prospects for eventual economic extraction have been assessed
through ongoing mining and processing studies which suggest that selective
underground mining would be appropriate for exploitation of the South East
Crescent Zone, while less selective underground mining would be appropriate
for the exploitation of the mineralised Breccia Zones. There are no known
environmental, social, governmental / regulatory or legal barriers to
declaring this Mineral Resource.
Competent Person's Statement
Information in this announcement pertaining to the Reporting of Mineral
Resources is based on information compiled and approved by Mr Michael
Thomson, a Member of the Australian Institute of Geoscientists (AIG), who has
more than 20 years relevant industry experience. Mr Thomson is a full-time
employee of the Company and has a financial interest in Greatland. Mr
Thomson has sufficient experience relevant to the style of mineralisation,
type of deposit under consideration, and to the activity which he is
undertaking to qualify as a Competent Person as defined by the 2012 Edition
of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (the JORC Code) and under the AIM Rules - Note for
Mining and Oil & Gas Companies, which outline standards of disclosure for
mineral projects. Mr Thomson consents to the inclusion in this announcement
of the matters based on this information in the form and context in which it
appears.
Independent Review of the Mineral Resource Update
SRK Consulting (Australasia) Pty Ltd has completed an independent technical
assessment of the Updated Mineral Resource Estimate completed by Greatland for
the Havieron deposit. As part of that assessment SRK reviewed the Resource
modelling methods and parameters and found them to be reasonable and to take
into consideration all of the current exploration data and levels of technical
knowledge of the Havieron deposit.
SRK considers that the Mineral Resources have been reported in accordance with
guidelines and principles outlined in the 2012 edition of the Australasian
Code for the Reporting of Exploration Results, Mineral Resources and Ore
Reserves (the JORC Code, 2012 edition).
Appendix - JORC Code, 2012 Edition - Table 1
Section 1 - Sampling Techniques and Data
Criteria Commentary
Sampling techniques Samples are obtained from core drilling in Proterozoic basement lithologies.
PQ-HQ and NQ diameter core was drilled in 6m runs. Core was cut using an
automated core-cutter and half core sampled at nominal 1m intervals with
breaks for major geological changes. Sampling intervals range from 0.2 - 2.0m.
Cover sequences were not sampled.
Drilling techniques The Permian Paterson Formation cover sequence was drilled using mud rotary
drilling. Depths of cover typically observed as approximately 420m vertically
below surface. Steel casing was emplaced to secure the pre-collar.
Core drilling was advanced from the base of the cover sequence with PQ3, HQ3
and NQ2 diameter coring configuration.
Core from inclined drill holes is oriented on 3m and 6m runs using an
electronic core orientation tool (Reflex ACTIII or equivalent). At the end of
each run, the bottom of hole position is marked by the driller, which is later
transferred to the whole drill core run length with a bottom of hole reference
line.
Drill sample recovery Core recovery is systematically recorded from the commencement of coring to
end of hole, by reconciling against driller's depth blocks in each core tray
with data recorded in the database. Drillers depth blocks provided the depth,
interval of core recovered, and interval of core drilled.
Core recoveries were typically 100%, with isolated zones of lower recovery.
Cover sequence drilling using the mud-rotary drilling technique does not yield
recoverable samples.
Logging Geological logging recorded qualitative descriptions of lithology, alteration,
mineralisation, veining, and structure for all core drilled, including
orientation of key geological features.
Geotechnical measurements were recorded including Rock Quality Designation
(RQD) fracture frequency, solid core recovery and qualitative rock strength
measurements.
Magnetic susceptibility measurements were recorded every metre. The bulk
density of selected drill core intervals was determined at site on whole core
samples.
All geological and geotechnical logging was conducted at the Havieron site.
Digital data logging was captured on diamond drill core intervals only, and
all data validated and stored in an acQuire database.
All drill cores were photographed, prior to cutting and/or sampling the core.
The logging is of sufficient quality to support Mineral Resource estimates.
Sub-sampling techniques and sample preparation Sampling, sample preparation and quality control protocols are considered
appropriate for the material being sampled.
Core was cut and sampled at the Havieron core processing facility. Half core
samples of between 0.2 and 2.0 m were collected in pre-numbered calico bags
and grouped in plastic bags for dispatch to the laboratory. Sample weights
typically varied from 0.5 to 7kg. Sample sizes are considered appropriate for
the style of mineralisation. Drill core samples were freighted by air and road
to the laboratory.
Sample preparation was conducted at the independent ISO17025 accredited
Intertek Laboratory, Perth (Intertek). Samples were dried at 105(o)C, and
crushed to 95% passing 4.75mm, and the split to obtain up to 3kg sub-sample,
which was pulverised (using an LM5 ring pulveriser) to produce a pulped
product with the minimum standard of 95% passing 106μm. Routine grind size
analysis is conducted.
Duplicate samples were collected from crush and pulp samples at a rate of
1:20. Duplicate results show an acceptable level of variability for the
material sampled and style of mineralisation.
Periodic size checks (1:20) for crush and pulp samples and sample weights are
provided by the laboratory and recorded in the acQuire database.
Quality of assay data and laboratory tests Assaying of drill core samples was conducted at Intertek. All samples were
assayed for 48 elements using a 4-acid digestion followed by ICP-AES/ICP-MS
determination (method 4A/MS907), which is considered to provide a total assay
for copper. Gold analyses were determined by 50g fire assay with AAS finish
(method FA50N/AA), which is considered to provide a total assay for gold.
Sampling and assaying quality control procedures consisted of inclusion of
certified reference material (CRMs), coarse residue and pulp duplicates with
each batch (at least 1:20).
Assays of quality control samples were compared with reference samples in an
acQuire database and verified as acceptable prior to use of data from analysed
batches.
Laboratory quality control data, including laboratory standards, blanks,
duplicates, repeats and grind size results are captured in the acQuire
database and assessed for accuracy and precision for recent data.
Extended quality control programmes including pulp samples submitted to an
umpire laboratory and combined with more extensive re-submission programmes
have been completed.
Analysis of the available quality control sample assay results indicates that
an acceptable level of accuracy and precision has been achieved and the
database contains no analytical data that has been numerically manipulated.
The assaying techniques and quality control protocols used are considered
appropriate for the data to be used for reporting exploration drilling results
and for use in resource and reserve estimation.
Verification of sampling and assaying Sampling intervals defined by the geologist are electronically assigned sample
identification numbers prior to core cutting. Corresponding sample numbers
matching pre-labelled calico bags are assigned to each interval.
All sampling and assay information were stored in a secure acQuire database
with restricted access.
Electronically generated sample submission forms providing the sample
identification number accompany each submission to the laboratory. Assay
results from the laboratory with corresponding sample identification are
loaded directly into the acQuire database.
Assessment of reported significant assay intervals was verified by re-logging
of diamond drill core intervals and assessment of high resolution core
photography. The verification of significant intersections has been completed
by company personnel and the Competent Person/Qualified Person.
No adjustments are made to assay data, and no twinned holes have been
completed.
There are no currently known drilling, sampling, recovery, or other factors
that could materially affect the accuracy or reliability of the data.
Location of data points Drill collars were surveyed using real time kinematic (RTK) GPS, with an
accuracy of ±10mm E/N and ±20mm RL, for all drill holes reported.
Drill rig alignment was attained using an electronic azimuth aligner. Downhole
survey was collected at 6-12m intervals in the cover sequence, and every 6 to
30m in diamond drill core segments of the drill hole using single shot (Axis
Mining Champ Gyro). The single shot surveys have been validated using
continuous survey to surface (Axis Mining Champ) along with a selection of
drill holes re-surveyed by an external survey contactor using a DeviGyro tool
- confirming sufficient accuracy for downhole spatial recording.
A LIDAR survey was completed over the project area in Nov 2019 which was used
to prepare a DEM / topographic model for the project with a spatial accuracy
of +/- 0.1m vertical and +/- 0.3m horizontal. The topography is generally low
relief to flat, elevation within the dune corridors in ranges between 250-265m
Australian Height Datum (AHD) steepening to the southeast. All collar
coordinates are provided in the Geocentric Datum of Australian (GDA20 Zone
51). All relative depth information is reported in AHD +5000m.
Data spacing and distribution Within the South East Crescent and Breccia zone drill hole spacing ranges from
50 to 100m, to 50 by 50m within the resource extents. Outside the initial
resource boundary drill hole spacing ranges from 50 to 200m in lateral extent
within the breccia zone over an area of ~2km(2). The data spacing is
sufficient to establish the required degree of geological and grade
continuity.
Significant assay intercepts remain open. Further drilling is required to
determine the extent of currently defined mineralisation. Drilling intersects
mineralisation at various angles.
Orientation of data in relation to geological structure Drill holes exploring the extents of the Havieron mineral system intersect
moderately dipping carbonate and siliciclastic sedimentary facies, mineralised
breccia and sub-vertical intrusive lithologies. Geological modelling has been
interpreted from historic and Newcrest Operations Limited (Newcrest) drill
holes.
Variable brecciation, alteration and sulphide mineralisation is observed
within a footprint with dimensions of 650m x 350m trending in a north west
orientation and over 1400m in vertical extent below cover.
The subvertical southeast high grade arcuate crescent sulphide zone has an
average thickness of >20m and has been defined over a strike length of up
to 550m, and to over 1,000m in vertical extent below cover.
Drilling direction is oriented to intersect the steeply dipping high grade
sulphide mineralisation zones at an intersection angle of greater than 40
degrees. The drilled length of reported intersections is typically greater
than true width of mineralisation.
Sample security The security of samples is controlled by tracking samples from drill rig to
database.
Drill core was delivered from the drill rig to the Havieron core yard every
shift. On completion of geological and geotechnical logging, core processing
was completed by Newcrest personnel at the Havieron facility.
High resolution core photography and cutting of drill core was undertaken at
the Havieron core processing facilities.
Samples were freighted in sealed bags by air and road to the Laboratory, and
in the custody of Newcrest representatives. Sample numbers are generated
directly from the database. All samples are collected in pre-numbered calico
bags.
Verification of sample numbers and identification is conducted by the
laboratory on receipt of samples, and sample receipt advise issued to
Newcrest.
Details of all sample movements are recorded in a database table. Dates, Hole
ID sample ranges, and the analytical suite requested are recorded with the
dispatch of samples to analytical services. Any discrepancies logged at the
receipt of samples into the analytical services are validated.
Audits or reviews Internal reviews of core handling, sample preparation and assays laboratories
were conducted on a regular basis by both project personnel and owner
representatives.
In the Competent Person's opinion, the sample preparation, security and
analytical procedures are consistent with current industry standards and are
entirely appropriate and acceptable for the styles of mineralisation
identified and will be appropriate for use in the reporting of exploration
results and Mineral Resource estimates. There are no identified drilling,
sampling or recovery factors that materially impact the adequacy and
reliability of the results of the drilling program in place at Havieron.
Section 2 Reporting of Exploration Results
Criteria Commentary
Mineral tenement and land tenure status Havieron is entirely contained within mining tenement M45/1287, which is owned
by the Havieron Joint Venture participants, being Greatland Pty Ltd
(Greatland) and Newcrest, a wholly owned subsidiary of Newmont Corporation
(Newmont). Newcrest has previously entered into a Joint Venture Agreement
(effective 30 November 2020) and Farm-In Agreement (effective 12 March 2019)
with Greatland and Greatland Gold plc. Newcrest is the manager of the Havieron
Joint Venture and holds a 70% interest (Greatland holds a 30% interest).
Newcrest and Jamukurnu-Yapalikurnu Aboriginal Corporation (JYAC, formerly
WDLAC) are parties to an ILUA which relates to the access and use of native
title land for Newcrest's current operations at the Telfer mine and its
activities within a 60km radius around Telfer, and following the formation of
the Havieron Joint Venture, applies to Greatland and Newcrest in respect of
their activities at Havieron.
The mining tenement M45/1287 wholly replaces the 12 sub-blocks of exploration
tenement E45/4701 (former part of the exploration tenement on which the
Havieron Project is based) and was granted on 10 September 2020.
Exploration done by other parties Newcrest completed six core holes in the vicinity of Havieron from 1991 to
2003. Greatland completed drill targeting and drilling of nine Reverse
Circulation (RC) drill holes with core tails for a total of approximately
6,800m in 2018. Results of drilling programs conducted by Greatland have
previously been reported on the Greatland website.
Drilling has defined an intrusion-related mineral system with breccia and
massive sulphide-hosted higher-grade gold-copper mineralisation.
Geology Havieron is located within the north-western exposure of the
Palaeo-Proterozoic to Neoproterozoic Paterson Orogen (formerly Paterson
Province), 45 km east of the Telfer mine. The Yeneena Supergroup hosts the
Havieron prospect and consists of a 9km thick sequence of marine sedimentary
rocks and is entirely overlain by approximately 420m of Phanerozoic sediments
of the Paterson Formation and Quaternary aeolian sediments.
Gold and copper mineralisation at Havieron consist of breccia, vein and
massive sulphide replacement gold and copper mineralisation typical of
intrusion-related and skarn styles of mineralisation. Mineralisation is hosted
by metasedimentary rocks (meta-sandstones, meta-siltstones and meta-carbonate)
and intrusive rocks of an undetermined age. The main mineral assemblage
contains well developed pyrrhotite-chalcopyrite and pyrite sulphide mineral
assemblages as breccia and vein infill, and massive sulphide lenses. The main
mineralisation event is associated with
amphibole-carbonate-biotite-sericite-chlorite wall rock alteration. Drilling
has partially defined the extents of mineralisation which are observed over
650m by 350m within an arcuate shaped mineralised zone, and to depths of up to
1400m below surface.
Drill hole Information No assay result reported in this announcement.
Data aggregation methods No assay result reported in this announcement.
Relationship between mineralisation widths and intercept lengths No assay result reported in this announcement.
Diagrams As provided.
Balanced reporting Earlier results of exploration programs conducted by Newcrest and Greatland
have previously been reported.
Other substantive exploration data Nil
Further work The most recent round of growth drilling has been completed. No further
drilling in planned until underground drill access has been established.
Section 3 - Estimation and Reporting of Mineral Resources
Criteria Commentary
Database integrity Data logged or received by Newcrest are stored in an SQL acQuire(TM) database.
Assay and geological data are electronically loaded into acQuire and the
database is replicated in Newcrest's centralised database system
in Melbourne. In-built validation tools are used in the acQuire™ database
and data loggers are used to minimise keystroke errors, flag potential errors
and validate against internal library codes. Regular reviews of data quality
are conducted by site and corporate teams prior to resource estimation.
Final surveyed collars are checked against the original collar GPS pickup and
the Lidar topographic surface. Downhole surveys are checked visually and
statistically for outliers. Assay data is checked for negative, extreme,
missing and overlapping samples. Below detection assay values are set to half
the lower detection limit for estimation. Geological domains are reviewed
against core photography, geochemistry and Corescan data and checked for
overlaps and missing intervals. Data that is found to be in error is
investigated and corrected where possible. If the data cannot be corrected it
is removed from the data set used for resource modelling and estimation.
Newc
rest
prov
ides
Grea
tlan
d
with
a
'dat
a
pack
'
appr
oxim
atel
y
ever
y 6
week
s
cont
aini
ng
new
dril
ling
data
and
assa
y
resu
lts.
Assa
y
data
is
impo
rted
into
Grea
tlan
d's
SQL
data
base
dire
ctly
from
the
Labo
rato
ry
assa
y
repo
rts,
incl
udin
g
labo
rato
ry
QA/Q
C
data
.
Site visits The Competent Person for Mineral Resources visited Havieron site in November
2022, during which he inspected drilling, sampling, logging, selected drill
core, the core cutting facility and is satisfied that the data and information
generated and is suitable for resource estimation and subsequent reporting in
compliance with the JORC Code (2012).
Geological interpretation The geology model defines several mineralised zones, including a Crescent Zone
(containing the sulphide rich material in the area named the "South East
Crescent Zone") and several Breccia types (Cemented Breccia (CB) and Crackle
Breccia (CBX)), and several unmineralised zones (Dolerite Dyke, Calc-silicate
country rocks, Permian sequence and Cover). In addition, a new sulphide rich
Zone, the "Link Zone" has been defined in the lower sections of the mineral
system (3750 -4000mRL). These zones are based on grouped primary logging
domain codes interpreted from drill cores, mineralogical logs and assay data.
Greatland has incorporated much of the previously reported Actinolite Breccia
(ACB) zone into its CB and CBX zones on the bases of their similarity of
spatial grade distributions and geometries, and absence of sharp contrasts in
gold and copper grades between them. These zones have been modelled into 3D
solids in Leapfrog Geo 6.1 using vein, intrusive and erosional implicant
models.
The
incr
ease
d
pres
ence
of
~nor
thwe
st
tren
ding
,
stee
ply
dipp
ing
dior
ites
in
the
brec
cias
corr
espo
nds
to
an
incr
ease
in
grad
e.
Due
to
thei
r
disp
erse
d
natu
re
with
in
the
brec
cia
thes
e
dior
ites
have
not
been
mode
lled
,
Thei
r
impa
ct
is
repr
esen
ted
to a
larg
e
exte
nt
by
the
choi
ce
of
sear
ch
neig
hbou
rhoo
d
para
mete
rs.
The
conf
iden
ce
in
the
loca
tion
and
geom
etry
of
the
Sout
h
East
Cres
cent
Zone
is
gene
rall
y
high
but
decr
ease
s as
the
info
rmin
g
data
beco
mes
spar
se.
The
conf
iden
ce
in
the
loca
tion
and
geom
etry
of
the
brec
cias
in
the
Havi
eron
Brec
cia
zone
s is
vari
able
,
but
cons
ider
ed
mode
rate
in
the
dens
ely
dril
led
area
s.
The
conf
iden
ce
decr
ease
s
mark
edly
as
the
scal
e is
decr
ease
d.
As
such
,
this
mode
l is
not
a
suit
able
basi
s
for
asse
ssin
g
sele
ctiv
e
mini
ng
opti
ons
for
thes
e
zone
s.
The
conf
iden
ce
in
the
loca
tion
and
geom
etry
of
the
Dole
rite
Dyke
,
Calc
-Sil
icat
e
sedi
ment
s
and
Base
of
Perm
ian
is
very
high
.
The
inte
rpre
tati
on
is
base
d
main
ly
on
dril
l
hole
logg
ing
and
assa
y
data
as
prev
ious
ly
desc
ribe
d in
this
Tabl
e.
In
addi
tion
,
Grea
tlan
d
ackn
owle
dges
the
exte
nsiv
e
grou
nd
work
unde
rtak
en
by
Newc
rest
in
iden
tify
ing
and
inte
rpre
ting
the
geol
ogy
and
agre
es
with
the
broa
d
geol
ogic
al
doma
ins
defi
ned
in
the
geol
ogic
al
mode
l.
The
Sout
h
East
Cres
cent
Zone
is
gene
rall
y
very
well
defi
ned,
and
it
is
diff
icul
t to
gene
rate
an
alte
rnat
ive,
plau
sibl
e
and
mate
rial
ly
diff
eren
t
inte
rpre
tati
on
from
the
avai
labl
e
data
.
The
zone
is
typi
call
y
inte
rsec
ted
wher
e
expe
cted
by
new
dril
ling
.
Towa
rds
the
base
of
the
curr
ent
dril
ling
alte
rnat
e
inte
rpre
tati
ons
of
the
Sout
h
East
Cres
cent
are
plau
sibl
e
with
the
Link
Zone
poss
ibly
bein
g a
cont
inua
tion
of
the
Sout
h
East
Cres
cent
,
with
furt
her
dril
ling
requ
ired
to
conf
irm
this
rela
tion
ship
.
The
"Lin
k
Zone
" is
mode
rate
ly
well
dril
led
in
plac
es
with
the
grad
e
prof
ile
betw
een
this
zone
and
the
adja
cent
brec
cias
sugg
esti
ng
that
the
doma
in
is
vali
d.
Seve
ral
esti
mati
on
qual
ity
indi
cato
rs
(SOR
,
Krig
ing
effi
cien
cies
,
clos
est
dist
ance
and
aver
age
dist
ance
)
sugg
est
over
all
that
the
esti
mate
in
the
Link
Zone
is
well
-inf
orme
d.
Curr
entl
y
the
vast
majo
rity
of
this
mate
rial
has
been
clas
sifi
ed
as
infe
rred
unti
l
furt
her
work
is
comp
lete
d.
The
Brec
cia
zone
s
are
reas
onab
ly
well
defi
ned
at a
larg
e
scal
e
but
are
much
less
well
defi
ned
at
the
shor
t
scal
e
owin
g to
thei
r
low
geol
ogic
al
and
grad
e
cont
inui
ty.
Howe
ver,
it
is
diff
icul
t to
gene
rate
alte
rnat
ive,
plau
sibl
e
and
mate
rial
ly
diff
eren
t
zone
s
from
the
avai
labl
e
data
.
Geol
ogic
al
cont
rols
on
esti
mati
on
are
impl
icit
in
the
doma
inin
g
and
the
natu
re
of
thei
r
boun
dari
es.
In
addi
tion
,
the
~nor
thwe
st
stri
king
,
stee
ply
dipp
ing
tren
d of
the
dior
ites
is
refl
ecte
d in
the
choi
ce
of
sear
ch
para
mete
rs
with
in
the
brec
cia.
Fact
ors
affe
ctin
g
cont
inui
ty
both
of
grad
e
and
geol
ogy
incl
ude
the
chan
ge
in
type
and
inte
nsit
y of
brec
ciat
ion
and
brec
cia
fill
(vei
ning
)
acro
ss
the
Havi
eron
syst
em.
Grea
tlan
d
cons
ider
s
the
brec
ciat
ion
is
logg
ed
and
mode
lled
in
suff
icie
nt
deta
il
to
be
used
in
the
esti
mati
on.
Dimension Variable brecciation, alteration and sulphide mineralisation are observed with
a footprint with dimensions of 650m x 350m trending in a north west
orientation and over 1100m in vertical extent below ~420m of cover. The South
East Crescent Zone Mineral Resource extents are ~550m in unfolded plan
section, between 5-40m true width and 1200m in vertical extent, mineralisation
remains open at depth.
The
Link
zone
begi
ns
at
appr
oxim
atel
y
the
4000
mRL
(125
0m
belo
w
surf
ace)
and
has
curr
entl
y
been
defi
ned
down
to
3750
mRL.
The
Link
Zone
is a
mode
rate
ly
dipp
ing
appr
oxim
atel
y
30m
wide
by
200m
long
zone
of
mine
rali
sati
on.
The
Brec
cia
Mine
ral
Reso
urce
occu
rs
as a
50
-100
m
slee
ve
marg
inal
to
the
Sout
h
East
Cres
cent
Zone
Mine
ral
Reso
urce
and
also
with
pock
ets
with
in
the
grea
ter
brec
cia
pipe
.
Thes
e
pock
ets
with
in
the
core
of
the
brec
cia
tren
d
from
the
nort
h
west
near
the
top
of
the
syst
em,
down
ward
s
towa
rds
the
nort
h
east
in
the
lowe
r
leve
ls
of
the
syst
em
and
pote
ntia
lly
conn
ect
with
the
East
ern
Brec
cia
mate
rial
.
Estimation and modelling techniques Greatland used nominal 5m composites on a domain-wise basis for variography,
search neighbourhood optimisation and estimation, with the actual composite
length for each intersection adjusted to minimise the amount of 'short tails'.
A
geos
tati
stic
al
revi
ew
usin
g
the
data
up
to 6
July
2023
conf
irme
d
that
the
gold
and
copp
er
grad
e
dist
ribu
tion
s
show
ed
that
the
Brec
cia
Zone
s
are
mode
rate
ly
diff
usiv
e in
natu
re,
and
the
Sout
h
East
Cres
cent
Zone
is
rela
tive
ly
weak
ly
diff
usiv
e in
natu
re.
Even
thou
gh
the
Sout
h
East
Cres
cent
Zone
is
weak
ly
diff
usiv
e in
natu
re,
Ordi
nary
Krig
ing
(OK)
is
cons
ider
ed
an
appr
opri
ate
esti
mato
r
give
n
the
geol
ogic
al
sett
ing,
geol
ogic
al
obse
rvat
ions
from
the
logg
ing
data
,
geom
etry
of
the
doma
in
and
its
teno
r
rela
tive
to
the
like
ly
oper
atin
g
cut
-off
grad
e.
Comp
osit
e
data
for
gold
,
copp
er,
bism
uth,
nick
el,
coba
lt,
iron
,
sulp
hur,
calc
ium
and
magn
esiu
m
were
decl
uste
red
usin
g a
cell
-dec
lust
erin
g
appr
oach
for
each
doma
in.
Outl
ier
grad
es
were
deal
t
with
thro
ugh
top
cutt
ing
for
each
vari
able
on a
doma
in
-bas
is,
with
top
-cut
s
gene
rall
y
arou
nd
the
99th
perc
enti
le
of
the
decl
uste
red
dist
ribu
tion
.
Grea
tlan
d
eval
uate
d an
'aut
omat
ed
unfo
ldin
g'
meth
od
(und
erta
ken
in
Micr
omin
e(tm
))
for
the
Sout
h
East
Cres
cent
Zone
that
yiel
ded
robu
st
vari
ogra
ms
and
rela
tive
ly
high
conf
iden
ce
in
the
vari
ogra
m
mode
ls
and
esti
mate
s of
gold
and
copp
er
for
this
zone
(not
e
that
the
mode
l
bloc
ks
were
also
unfo
lded
,
with
the
resu
lt
that
pare
nt
-cel
l
esti
mati
on
coul
d
not
be
used
for
this
zone
).
This
meth
od
uses
an
unde
rlyi
ng
cont
roll
ing
surf
ace
that
repr
esen
ts
the
mid
-sur
face
of
the
soli
d
that
was
crea
ted
by
Grea
tlan
d.
Grea
tlan
d
also
used
a
'tre
nd
mode
l'
meth
od
(und
erta
ken
in
Micr
omin
e(tm
))
to
guid
e
the
esti
mati
on
of
grad
e
and
dens
ity
for
the
Sout
h
East
Cres
cent
,
Link
Zone
and
Brec
cia
zone
s.
This
appr
oach
gene
rate
s a
loca
lly
vary
ing
anis
otro
py
(LVA
)
for
each
bloc
k
that
orie
nts
the
sear
ch
elli
pse
and
vari
ogra
m
mode
l to
the
loca
l
geom
etry
.
This
appr
oach
does
not
expl
icit
ly
unfo
ld
the
comp
osit
e
data
or
bloc
k
mode
l,
but
does
hono
ur
pare
nt
bloc
ks
duri
ng
the
esti
mati
on.
Grea
tlan
d
eval
uati
on
of
the
Sout
h
East
Cres
cent
Zone
via
the
"aut
omat
ed
unfo
ldin
g"
meth
od
and
tren
d
mode
l
meth
od
resu
lted
in
an
esti
mate
with
less
than
1%
vari
ance
in
cont
aine
d
meta
l.
Each
meth
od
has
meri
t
but
due
to
the
limi
tati
on
of
the
unfo
ldin
g
meth
od
bein
g
unab
le
to
esti
mate
into
the
pare
nt
bloc
k
and
sign
ific
ant
sub
-cel
ling
pres
ent
due
to
the
geom
etry
of
the
SE
Crec
ent
the
LVA
meth
od
of
esti
mati
on
was
adop
ted
as
the
pref
erre
d
meth
od
for
esti
mati
on.
Both
appr
oach
es
will
cont
inue
to
be
eval
uate
d in
futu
re
esti
mate
s.
A
quan
tita
tive
krig
ing
neig
hbou
rhoo
d
anal
ysis
(QKN
A)
was
unde
rtak
en
on
gold
for
each
doma
in
with
the
aim
to
maxi
mise
the
slop
e-of
-reg
ress
ion
and
krig
ing
effi
cien
cy,
whil
st
mini
misi
ng
the
perc
enta
ge
of
nega
tive
weig
hts.
Larg
e
sear
ch
radi
i
were
used
but
with
maxi
mum
numb
er
of
poin
ts
cons
trai
nts
to
meet
thes
e
aims
.
Sear
ch
elli
psoi
ds
were
alig
ned
with
vari
ogra
m
mode
l
elli
pses
.
All
esti
mate
s
used
a
hard
boun
dary
betw
een
the
Sout
h
East
Cres
cent
Zone
and
Link
Zone
with
all
othe
r
doma
ins.
A
tran
siti
onal
boun
dary
of
10m
was
used
betw
een
the
Ceme
nted
and
Crac
kle
Brec
cias
to
refl
ect
the
vari
able
natu
re
of
this
boun
dary
.
Only
bloc
ks
5m
eith
er
side
of
the
Ceme
nt
and
Crac
kle
Brec
cia
boun
dari
es
were
allo
wed
to
util
ise
the
tran
siti
onal
boun
dary
data
,
the
rema
inde
r of
the
brec
cia
was
esti
mate
d
from
only
data
with
in
thei
r
resp
ecti
ve
doma
ins.
Dens
ity
was
esti
mate
d by
OK
on a
doma
in
-wis
e
basi
s
Whil
st
dens
ity
is
most
stro
ngly
corr
elat
ed
with
iron
(Fe)
and,
to a
less
er
exte
nt,
sulp
hur
(S),
it
is
also
sign
ific
antl
y
infl
uenc
ed
by
the
doma
in,
with
the
Sout
h
East
Cres
cent
doma
in
capt
urin
g
the
high
iron
and
sulp
hur
grad
es,
and
thus
dens
ity,
very
well
.
Gold
and
copp
er
were
esti
mate
d
with
2
pass
es,
less
than
0.05
% of
the
tota
l
mate
rial
clas
sifi
ed
was
esti
mate
d
duri
ng
the
seco
nd
pass
esti
mate
.
All
othe
r
elem
ents
(bis
muth
,
coba
lt,
nick
el,
sulp
hur,
iron
,
calc
ium,
magn
esiu
m)
and
dens
ity
were
esti
mate
d
usin
g
two
-pas
ses.
In
addi
tion
, a
high
er
grad
e
bism
uth
doma
in,
with
in
the
Sout
h
East
Cres
cent
was
defi
ned
to
esti
mate
d
bism
uth
sepa
rate
ly.
Less
than
1%
of
the
Mine
ral
Reso
urce
esti
mate
is
base
d on
comp
osit
es
with
a
clos
est
dist
ance
to
the
bloc
k of
more
than
30m
and
data
from
less
than
4
hole
s,
whic
h
Grea
tlan
d
has
used
to
defi
ne
extr
apol
atio
n.
Thes
e
bloc
ks
are
main
ly
on
the
edge
s of
the
doma
in.
Grad
es
and
dens
ity
were
esti
mate
d in
Micr
omin
e
2023
(tm)
soft
ware
.
The
sens
itiv
ity
of
the
Sout
h
East
Cres
cent
Zone
gold
esti
mate
s to
vari
ous
top
cut,
sear
ch
neig
hbou
rhoo
d
and
vari
ogra
m
mode
l
para
mete
rs
was
asse
ssed
with
vari
atio
ns
comm
ensu
rate
with
that
impl
ied
by
the
reso
urce
clas
sifi
cati
on.
Ther
e
has
been
no
prod
ucti
on
from
Havi
eron
.
Gold
and
copp
er
are
the
only
reve
nue
gene
rati
ng
prod
ucts
assu
med
to
be
reco
vere
d.
Ther
e is
suff
icie
nt
meta
llur
gica
l
test
work
to
supp
ort
thes
e
assu
mpti
ons
for
the
Sout
h
East
Cres
cent
,
Link
Zone
and
Havi
eron
Brec
cia
doma
ins.
The
reso
urce
does
not
incl
ude
any
by
-pro
duct
s.
A
pare
nt
bloc
k
size
of
20x2
0x20
m
(Eas
t,
Nort
h,
RL)
with
sub
-blo
cks
down
to
4x4x
4m
has
been
used
for
all
mine
rali
sed
doma
ins.
This
is
geos
tati
stic
ally
acce
ptab
le
for
the
Sout
h
East
Cres
cent
Zone
,
wher
e
the
data
dens
ity
rang
es
from
50
-100
m
Howe
ver,
this
size
is
cons
ider
ed
smal
l
for
the
Brec
cia
Zone
s,
even
thou
gh
pare
nt
-cel
l
esti
mati
on
was
used
for
such
.
Reso
urce
s in
this
doma
in
have
been
repo
rted
usin
g
NSR
-bas
ed
shel
ls
that
miti
gate
most
of
the
detr
imen
tal
effe
cts
of
the
bloc
k
size
.
The
Sout
h
East
Cres
cent
Zone
is
almo
st
excl
usiv
ely
esti
mate
d to
be
abov
e
the
cut
-off
grad
e
and
mini
mum
stop
ing
thic
knes
s
(aro
und
5m).
Plan
ned
stop
e
heig
hts
are
well
abov
e
the
bloc
k
vert
ical
dime
nsio
n
(20m
).
Chan
ge
-of
-sup
port
test
s
over
vari
ous
bloc
k
dime
nsio
ns
also
sugg
est
that
sele
ctiv
ity
issu
es
are
unli
kely
to
be
mate
rial
for
this
doma
in.
The
Brec
cia
Zone
s
are
main
ly
low
grad
e
and
the
mode
l
for
such
is
not
desi
gned
for
asse
ssin
g
sele
ctiv
e
mini
ng
opti
ons.
Chan
ge
-of
-sup
port
test
s
reve
aled
sign
ific
ant
diff
eren
ces
betw
een
mode
lled
and
theo
reti
cal
tonn
ages
and
grad
es
at
cut
-off
s
well
abov
e
the
repo
rtin
g
cut
-off
(A$5
0
NSR/
t).
Doma
ins
have
prin
cipa
lly
been
defi
ned
on
gold
grad
e,
with
copp
er,
iron
and
sulp
hur
grad
es
also
havi
ng a
sign
ific
ant
impa
ct.
Bism
uth
tend
s to
be
well
,
albe
it
vari
ably
,
corr
elat
ed
with
gold
and
so
the
gold
doma
ins
are
cons
ider
ed
appr
opri
ate
for
esti
mati
ng
bism
uth.
In
addi
tion
, in
the
uppe
r
part
s of
the
depo
sit
a
Bism
uth
doma
in
has
been
deve
lope
d
with
in
the
Sout
h
East
Cres
cent
to
impr
ove
the
esti
mate
in
thes
e
area
s.
Whil
e
copp
er
is
less
well
corr
elat
ed
to
gold
,
the
gold
doma
ins
are
cons
ider
ed
appr
opri
ate
for
esti
mati
ng
copp
er.
With
in
thes
e
doma
ins
all
grad
es
(gol
d,
copp
er,
bism
uth,
iron
,
sulp
hur,
nick
el,
coba
lt,
calc
ium
and
magn
esiu
m)
have
been
esti
mate
d
inde
pend
entl
y.
Give
n
that
each
of
thes
e
elem
ents
is
assa
yed
for
each
samp
le
co
-est
imat
ion,
such
as
co
-kri
ging
,
was
deem
ed
unne
cess
ary.
The
geol
ogic
al
inte
rpre
tati
on
cont
rols
the
reso
urce
esti
mate
s
thro
ugh
the
doma
inin
g,
boun
dary
cont
rols
betw
een
doma
ins,
and
unfo
ldin
g
tren
d
mode
llin
g as
prev
ious
ly
desc
ribe
d.
The
grad
e
dist
ribu
tion
s
for
gold
,
copp
er
and
bism
uth
are
stro
ngly
skew
ed.
In
addi
tion
,
the
very
high
grad
e
comp
osit
es
cann
ot
be
sub
-dom
aine
d
out
with
the
exis
ting
dens
ity
of
data
.
As
such
,
outl
ier
grad
es
were
cut
as
prev
ious
ly
desc
ribe
d.
The
esti
mate
d
bloc
k
grad
es
and
dens
itie
s
were
comp
ared
to
the
raw
and
comp
osit
e
grad
es
and
dens
itie
s
usin
g
swat
h
plot
s,
cros
s
-sec
tion
s
and
stat
isti
cal
anal
ysis
.
Ther
e is
no
reco
ncil
iati
on
data
for
Havi
eron
.
Moisture All tonnages are calculated and reported on a dry tonnes basis.
Cut-off parameters As Havieron is a multi-element deposit, a Net Smelter Return (NSR) cut-off is
adopted. The generic NSR formula is as follows:
NSR
(AUD
/t
proc
esse
d)
=
(Gol
d
Pric
e *
Ore
Gold
Grad
e *
Gold
Reco
very
*
Gold
Paya
bili
ty)
+
(Cop
per
Pric
e *
Ore
Copp
er
Grad
e *
Copp
er
Reco
very
*
Copp
er
Paya
bili
ty)
-
(Tre
atme
nt,
Refi
ning
,
Frei
ght,
Insu
ranc
e
and
Sell
ing
Cost
s) -
Pena
ltie
s -
Roya
ltie
s
The
NSR
calc
ulat
ion
for
Mine
ral
Reso
urce
s
take
s
into
acco
unt
reve
nue
fact
ors,
meta
llur
gica
l
reco
very
assu
mpti
ons,
tran
spor
t
cost
s,
refi
ning
char
ges,
pena
ltie
s
and
roya
lty
char
ges
at a
gold
pric
e of
US$1
,700
per
ounc
e,
copp
er
pric
e of
US$3
.75
per
poun
d
(US$
8,26
5/t)
and
an
USD:
AUD
exch
ange
rate
of
0.72
.
Comm
odit
y
pric
es
and
exch
ange
rate
fore
cast
s
were
base
d on
comb
inat
ion
of
peer
pric
ing
anal
ysis
and
brok
er
cons
ensu
s
fore
cast
data
.
The
nomi
nal
cut
-off
valu
e
for
reso
urce
repo
rtin
g
depe
nds
on
the
styl
e
and
geom
etry
of
mine
rali
sati
on
with
the
Sout
h
East
Cres
cent
Zone
bein
g
amen
able
to
stop
ing,
wher
eas
the
Brec
cia
Zone
s
requ
ire
a
less
sele
ctiv
e
(and
lowe
r
cost
)
mini
ng
meth
od.
The
cut
-off
s
were
deri
ved
afte
r
inco
rpor
atin
g
mini
ng,
haul
age,
proc
essi
ng
and
gene
ral
and
admi
nist
rati
on
cost
s.
The
marg
inal
cut
-off
for
SLOS
("su
b
-lev
el
open
stop
ing"
,
for
the
Sout
h
East
Cres
cent
Zone
) is
esti
mate
d at
A$80
NSR/
t,
and
acco
unts
for
mini
ng,
haul
age,
proc
essi
ng
and
gene
ral
and
admi
nist
rati
on
(G&a
mp;A
)
cost
s,
whic
h
are
base
d on
the
PFS
Econ
omic
Eval
uati
on
aver
age
Life
-of
-Min
e
(LOM
)
Cost
s.
The
Mine
ral
Reso
urce
was
defi
ned
base
d on
a
thre
shol
d of
A$80
NSR/
t
with
in
the
Sout
h
East
Cres
cent
Zone
.
The
vast
majo
rity
(>
;90%
) of
the
esti
mate
d
Sout
h
East
Cres
cent
Zone
mate
rial
repo
rts
abov
e
the
A$80
NSR/
t,
as
such
doma
inin
g
all
mate
rial
belo
w
this
cut
-off
is
not
prac
tica
ble.
Area
s of
Sout
h
East
Cres
cent
Zone
mate
rial
that
had
a
high
er
freq
uenc
y of
bloc
ks
belo
w
A$80
NSR/
t
were
remo
ved
from
the
clas
sifi
cati
on
and
grou
ped
with
the
adja
cent
Brec
cia
doma
ins.
The
cut
-off
for
the
Brec
cia
Zone
s
(ass
umin
g
SLC
or
"sub
leve
l
cavi
ng")
is
esti
mate
d at
A$50
NSR/
t,
and
acco
unts
for
mini
ng,
haul
age,
proc
essi
ng
and
G&am
p;A
cost
s,
whic
h
are
base
d on
the
PFS
anal
ysis
.
For
the
Brec
cia
Mine
ral
Reso
urce
s, a
smoo
thed
shel
l
was
gene
rate
d in
Leap
frog
(tm)
Vers
ion
2023
.1
base
d on
a
thre
shol
d of
A$50
NSR/
t
and
incl
udes
inte
rnal
belo
w
valu
e
cut
-off
bloc
ks
and
excl
udes
isol
ated
abov
e
cut
-off
bloc
ks.
As
the
Brec
cia
Reso
urce
s
are
cons
ider
non
-sel
ecti
ve
bulk
mini
ng
doma
ins
all
sub
-eco
nomi
c
mate
rial
with
in
the
fina
l
A$50
NSR/
t
shel
l
was
clas
sifi
ed
to
repr
esen
t
the
non
-sel
ecti
ve
natu
re.
Both
the
Sout
h
East
Cres
cent
Mine
ral
Reso
urce
s
and
Brec
cia
Mine
ral
Reso
urce
s
repr
esen
t
the
limi
t of
reas
onab
le
pros
pect
s of
even
tual
econ
omic
extr
acti
on.
The
A$80
NSR/
t
cut
-off
for
Sout
h
East
Cres
cent
Mine
ral
Reso
urce
s an
d
A$50
NSR/
t
cut
-off
for
Brec
cia
Mine
ral
Reso
urce
s ar
e
base
d on
the
curr
ent
unde
rsta
ndin
g of
the
Havi
eron
depo
sit
and
othe
r
benc
hmar
ked
oper
atio
ns.
Grea
tlan
d
used
smoo
thed
NSR
shel
ls
to
defi
ne
its
Brec
cia
Reso
urce
s
and
this
resu
lts
in
some
mate
rial
belo
w
the
nomi
nal
cut
-off
bein
g
incl
uded
in
the
reso
urce
s.
The
foll
owin
g
tabl
e
show
s
the
tota
l
and
prop
orti
on
of
the
Mine
ral
Reso
urce
tonn
ages
and
Cont
aine
d
Meta
l
abov
e
and
belo
w
the
nomi
nal
cut
-off
NSR
each
Doma
in/L
ode/
cate
gory
comb
inat
ion.
A
key
obse
rvat
ion
is
the
NSR
indi
cato
r
shel
ls
proc
ess
in
Leap
frog
(tm)
brin
gs
in
addi
tion
al
lowe
r
NSR
mate
rial
to
enca
psul
ate
high
er
grad
e
mate
rial
if
the
outc
ome
is
warr
ante
d,
in a
sens
e
buil
ding
in
some
degr
ee
of
expe
cted
dilu
tion
for
that
mate
rial
.
Zon
e
Cat
egor
y
Cut
Off
($NS
R)
Ton
nage
Abov
e
Ton
nage
Belo
w
Met
al
Abov
e
Met
al
Belo
w
Cre
scen
t
Ind
icat
ed
$80
91%
9%
98%
2%
Inf
erre
d
$80
84%
16%
94%
6%
Li
nk
Zone
Ind
icat
ed
$80
96%
4%
99%
1%
Inf
erre
d
$80
71%
29%
83%
17%
Br
ecci
a
In
dica
ted
$5
0
78%
22%
92%
8%
Inf
erre
d
$50
63%
37%
85%
15%
To
tal
74%
26%
92%
8%
Mining factors or assumptions The PFS showed that the South East Crescent Zone and immediately adjacent
diluent material is amenable to mining by sub-level open stoping (SLOS) with
minimum mining dimensions of 5mW x 15mL x 25mH. The updated resource model
supports that finding.
The
PFS
sugg
ests
that
the
Brec
cia
Zone
s
may
be
amen
able
to,
and
requ
ire
the
lowe
r
cost
s
of,
bulk
mini
ng
meth
ods
such
as
sub
-lev
el
cavi
ng
(SLC
).
SLC
is
like
ly
to
requ
ire
mini
mum
mini
ng
dime
nsio
ns
of
80mW
x
100m
L x
100m
H.
The
Mine
ral
Reso
urce
s
assu
me
ther
e
will
be
no
sign
ific
ant
perm
anen
t
pill
ars
in
the
reso
urce
volu
me,
alth
ough
it
is
poss
ible
that
a
pill
ar
will
need
to
be
left
betw
een
the
past
e
-fil
led
Sout
h
East
Cres
cent
Zone
stop
es
and
the
Brec
cias
,
and
whic
h
will
be
acco
unte
d
for
duri
ng
Ore
Rese
rve
esti
mati
on.
Metallurgical factors or assumptions It is anticipated that Havieron ore will be processed on a campaign basis
through the Telfer Treatment Plant circuit at a throughput of approximately
3 Mtpa. It is anticipated that metal will be recovered through conventional
flotation to produce a copper/gold concentrate and a gold doré through a
newly installed flotation tails carbon-in-leach (CIL) circuit. The technology
associated with the ore processing is conventional and the flowsheet is
similar to that utilised by other operations.
Meta
llur
gica
l
reco
very
assu
mpti
ons
are
base
d on
deta
iled
anal
ysis
and
labo
rato
ry
flot
atio
n
and
leac
h
test
work
comp
lete
d on
47
geo
-met
allu
rgic
al
vari
abil
ity
samp
les
duri
ng
the
Havi
eron
Conc
ept
Stud
y
(202
0)
and
Stag
e 1
PFS
(202
1)
with
good
spat
ial
cove
rage
of
the
Sout
h
East
Cres
cent
Zone
Doma
in.
Anot
her
38
geo
-met
allu
rgic
al
vari
abil
ity
samp
les
have
been
test
ed
duri
ng
the
Feas
ibil
ity
Stud
y
incr
easi
ng
the
spec
ial
cove
rage
.
Of
the
87
samp
les,
29
samp
les
are
loca
ted
in
the
Brec
cia
Zone
s,
56
samp
les
are
loca
ted
in
the
Sout
h
East
Cres
cent
Zone
Doma
in.
Base
d on
thes
e
samp
les,
meta
llur
gica
l
reco
veri
es
for
gold
are
anti
cipa
ted
to
aver
age
appr
oxim
atel
y
87%
and
reco
veri
es
of
copp
er
are
expe
cted
to
aver
age
appr
oxim
atel
y
87%
thro
ugho
ut
the
life
of
the
proj
ect.
Note
that
Grea
tlan
d
does
not
have
any
meta
llur
gica
l
test
work
resu
lts
for
the
East
ern
Brec
cias
and
it
is
assu
med
that
they
have
simi
lar
meta
llur
gica
l
prop
erti
es
to
thei
r
corr
espo
ndin
g
Brec
cias
.
Environmental factors or assumptions Detailed environmental studies have been undertaken in the Project area and
include flora and vegetation, fauna, subterranean fauna, waste rock
characterisation, soil and landform study, surface hydrology assessment, a
basic hydrogeological assessment and a greenhouse gas emissions study.
The
Proj
ect
has
been
desi
gned
to
reco
gnis
e
biod
iver
sity
valu
es
and,
thro
ugh
cons
ulta
tion
with
Mart
u
and
thei
r
nati
ve
titl
e
corp
orat
ion
(JYA
C),
mini
mise
the
impa
cts
to
site
s
and
land
scap
es
of
cult
ural
sign
ific
ance
.
The
foot
prin
t
for
the
Proj
ect
has
been
mini
mise
d
thro
ugh
the
use
of
exis
ting
trac
ks
and
area
s of
dist
urba
nce,
as
well
as
util
isin
g
the
exis
ting
Telf
er
mine
infr
astr
uctu
re
to
proc
ess
the
ore
and
disp
ose
of
the
tail
ings
mate
rial
.
Wast
e
rock
char
acte
risa
tion
has
been
unde
rtak
en
and
show
s
that
it
cont
ains
mate
rial
whic
h
has
pote
ntia
lly
acid
form
ing
(PAF
)
and
meta
llif
erou
s
drai
nage
,
in
addi
tion
to
disp
ersi
ve
or
sali
ne
mate
rial
.
The
port
ion
of
PAF
mate
rial
is
less
than
1%
of
tota
l
wast
e
volu
mes.
Wast
e
dump
s
have
been
desi
gned
for
the
life
of
mine
that
have
inco
rpor
ated
cell
s to
safe
ly
enca
psul
ate
the
PAF
mate
rial
.
The
wast
e
dump
is
to
be
loca
ted
near
the
boxc
ut
to
mini
mise
haul
age
dist
ance
and
cons
ider
ing
the
loca
l
surf
ace
terr
ain
and
envi
ronm
enta
l
and
cult
ural
aspe
cts.
A
stag
ed
appr
oach
for
appr
oval
s is
bein
g
unde
rtak
en,
with
Stag
e 1
curr
entl
y
appr
oved
,
whic
h
has
allo
wed
the
deve
lopm
ent
of
the
boxc
ut,
decl
ine
and
serv
ice
corr
idor
.
Thes
e
appr
oval
s
also
allo
w
for
a
wast
e
rock
dump
,
evap
orat
ion
pond
s
and
supp
orti
ng
infr
astr
uctu
re
such
as
offi
ces
and
work
shop
s.
Stag
e 2
appr
oval
s
are
expe
cted
to
cons
ist
of a
SLOS
unde
rgro
und
mine
,
perm
anen
t
infr
astr
uctu
re
corr
idor
,
asso
ciat
ed
infr
astr
uctu
re
and
chan
ges
to
Telf
er
mine
appr
oval
s to
acce
pt
Havi
eron
tail
ings
in
exis
ting
tail
ings
stor
age
faci
liti
es.
Bulk Density Havieron has an extensive database of bulk density measurements based on the
Archimedes method (water immersion) of 10-20cm samples taken at 10-50m
intervals down the hole. Whilst the geology, and thus density, can change
rapidly down the hole, the number of measurements means that the data set is
likely to be representative for the purposes of this estimate.
Most
of
the
core
in
the
mine
rali
sed
zone
s is
very
comp
eten
t
and
of
low
to
negl
igib
le
poro
sity
.
Bulk
dens
ity
is
esti
mate
d
into
bloc
ks
usin
g OK
on a
doma
in
-spe
cifi
c
basi
s.
The
vari
abil
ity
of
dens
ity
is
rela
tive
ly
low
in
the
Brec
cia
zone
s
and
the
scop
e
for
an
esti
mati
on
rela
ted
bias
is
very
low,
even
at
the
loca
l
scal
e.
The
vari
abil
ity
of
dens
ity
in
the
Sout
h
East
Cres
cent
zone
is
high
er
and,
whil
st
loca
l
esti
mati
on
-rel
ated
bias
es
may
occu
r,
it
is
unli
kely
that
a
sign
ific
ant
glob
al
bias
exis
ts.
Classification Resources preliminarily classified on the basis of the quality and quantity of
data, the geological and grade continuity, and the confidence in the gold
grade estimates. Data quality is implicitly accounted for by excluding
unreliable data from the estimate.
Conf
iden
ce
in
the
esti
mate
was
init
iall
y
asse
ssed
usin
g
the
'Slo
pe
-of
-reg
ress
ion'
,
'Ave
rage
Dist
ance
to
info
rmin
g
comp
osit
es',
'Clo
sest
Dist
ance
to
info
rmin
g
comp
osit
es',
'Kri
ging
Effi
cien
cy',
'Num
ber
of
Info
rmin
g
Dril
l
Hole
s',
and
'Num
ber
of
Info
rmin
g
Comp
osit
es'
stat
isti
cs
stor
ed
duri
ng
esti
mati
on.
The
sche
ma
was
then
simp
lifi
ed
to
only
acco
unt
for
the
'Slo
pe
-of
-reg
ress
ion'
and
'Ave
rage
Dist
ance
for
info
rmin
g
comp
osit
es'
stat
isti
cs.
Shel
ls
base
d on
thes
e
two
stat
isti
cs
were
comp
uted
at
vari
ous
thre
shol
ds
for
each
of
the
doma
ins.
The
chos
en
nomi
nal
para
mete
rs
were
:
Domain Category Slope Average Distance
CRS Indicated >0.6 <45m
CRS Inferred >0.3 <75m
Breccias Indicated >0.6 <30m
Breccias Inferred >0.3 <75m
This
appr
oach
led
to
some
bloc
ks
not
meet
ing
thes
e
crit
eria
to
be
incl
uded
and
some
meet
ing
thes
e
crit
eria
to
be
excl
uded
from
the
shel
ls.
Furt
herm
ore,
some
edge
s
were
manu
ally
trim
med
to
ensu
re
cont
inui
ty
of
clas
sifi
cati
on.
The
fina
l
clas
sifi
cati
on
then
cons
ider
ed
the
'rea
sona
ble
pros
pect
s of
even
tual
econ
omic
extr
acti
on',
and
spec
ific
ally
the
mine
abil
ity
by
the
prop
osed
meth
od,
the
reco
vera
bili
ty
by
the
prop
osed
proc
essi
ng
meth
od,
and
the
like
liho
od
that
the
reso
urce
woul
d be
abov
e
the
cut
-off
.
Seve
ral
earl
y
dril
l
hole
s
were
deem
ed
to
be
of
low
reli
abil
ity
and
were
excl
uded
from
the
esti
mati
on.
All
rema
inin
g
data
are
cons
ider
ed
suit
able
for
the
purp
oses
of
reso
urce
esti
mati
on.
Geol
ogic
al
and
grad
e
cont
inui
ty
in
the
Sout
h
East
Cres
cent
Zone
can
reas
onab
ly
be
assu
med
in
most
plac
es,
and
impl
ied
else
wher
e.
When
comb
ined
with
the
dens
ity
and
orie
ntat
ion
of
data
, as
well
as
the
like
liho
od
and
impa
ct
of
any
mise
stim
atio
n,
this
supp
orts
the
assi
gned
Indi
cate
d
(ass
umed
)
and
Infe
rred
(imp
lied
)
reso
urce
s
clas
sifi
cati
on.
Geol
ogic
al
and
grad
e
cont
inui
ty
in
the
Brec
cia
zone
s is
typi
call
y
much
lowe
r.
Howe
ver,
the
data
dens
ity
is
mode
rate
-hig
h in
the
sout
hern
part
s of
the
Brec
cias
adja
cent
to
the
Sout
h
East
Cres
cent
Zone
and
geol
ogic
al
and
grad
e
cont
inui
ty
can
be
reas
onab
ly
assu
med.
As
such
,
some
of
this
mate
rial
has
been
assi
gned
as
Indi
cate
d
reso
urce
s.
The
rema
inde
r of
the
Brec
cia
Zone
has
been
assi
gned
as
Infe
rred
reso
urce
s as
the
cont
inui
ty
of
geol
ogy
and
grad
e
can
only
be
impl
ied
from
the
avai
labl
e
data
.
The
conf
iden
ce
in
the
esti
mate
s
of
the
Brec
cia
zone
s
decr
ease
s
rapi
dly
as
the
cut
-off
is
incr
ease
d
and
sign
ific
ant
misr
epre
sent
atio
n of
tonn
ages
,
grad
es
and
loca
tion
abov
e
elev
ated
cut
-off
s in
this
mode
l is
like
ly,
and
so
the
clas
sifi
cati
on
is
stri
ctly
only
appl
icab
le
at
the
repo
rtin
g
cut
-off
A$50
NSR/
t.
The
clas
sifi
cati
on
appr
opri
atel
y
refl
ects
the
view
s of
the
Comp
eten
t
Pers
on.
Audits or reviews SRK Consulting (Australasia) Pty Ltd has completed an independent technical
assessment of the 2023 Mineral Resource estimates completed by Greatland for
the Havieron gold and copper deposit. As part of that assessment, SRK reviewed
the resource modelling methods and parameters and is of the opinion that they
are reasonable and take into consideration all of the current exploration data
and levels of technical knowledge of the Havieron deposit. SRK considers that
the Mineral Resources have been reported in accordance with guidelines and
principles outlined in the 2012 edition of the Australasian Code for the
Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC
Code, 2012 edition).
Discussion of relative accuracy / confidence Greatland has conducted Change-of-Support studies using the Discrete Gaussian
Method for the South East Crescent Zone and Breccia Zones. These studies
revealed that the estimates for the South East Crescent Zone are robust within
the context of the likely operating cut-off value. The studies also revealed
that the estimates for the Breccia Zones are reasonable at the likely
operating cut-off (A$50 NSR/t), but this accuracy rapidly diminishes as the
cut-off is increased.
Ther
e is
no
hist
oric
al
prod
ucti
on
from
Havi
eron
.
Mining factors or assumptions
The PFS showed that the South East Crescent Zone and immediately adjacent
diluent material is amenable to mining by sub-level open stoping (SLOS) with
minimum mining dimensions of 5mW x 15mL x 25mH. The updated resource model
supports that finding.
The PFS suggests that the Breccia Zones may be amenable to, and require the
lower costs of, bulk mining methods such as sub-level caving (SLC). SLC is
likely to require minimum mining dimensions of 80mW x 100mL x 100mH. The
Mineral Resources assume there will be no significant permanent pillars in the
resource volume, although it is possible that a pillar will need to be left
between the paste-filled South East Crescent Zone stopes and the Breccias, and
which will be accounted for during Ore Reserve estimation.
Metallurgical factors or assumptions
It is anticipated that Havieron ore will be processed on a campaign basis
through the Telfer Treatment Plant circuit at a throughput of approximately
3 Mtpa. It is anticipated that metal will be recovered through conventional
flotation to produce a copper/gold concentrate and a gold doré through a
newly installed flotation tails carbon-in-leach (CIL) circuit. The technology
associated with the ore processing is conventional and the flowsheet is
similar to that utilised by other operations.
Metallurgical recovery assumptions are based on detailed analysis and
laboratory flotation and leach test work completed on 47 geo-metallurgical
variability samples during the Havieron Concept Study (2020) and Stage 1 PFS
(2021) with good spatial coverage of the South East Crescent Zone Domain.
Another 38 geo-metallurgical variability samples have been tested during the
Feasibility Study increasing the special coverage. Of the 87 samples, 29
samples are located in the Breccia Zones, 56 samples are located in the South
East Crescent Zone Domain. Based on these samples, metallurgical recoveries
for gold are anticipated to average approximately 87% and recoveries of copper
are expected to average approximately 87% throughout the life of the
project. Note that Greatland does not have any metallurgical testwork
results for the Eastern Breccias and it is assumed that they have similar
metallurgical properties to their corresponding Breccias.
Environmental factors or assumptions
Detailed environmental studies have been undertaken in the Project area and
include flora and vegetation, fauna, subterranean fauna, waste rock
characterisation, soil and landform study, surface hydrology assessment, a
basic hydrogeological assessment and a greenhouse gas emissions study.
The Project has been designed to recognise biodiversity values and, through
consultation with Martu and their native title corporation (JYAC), minimise
the impacts to sites and landscapes of cultural significance. The footprint
for the Project has been minimised through the use of existing tracks and
areas of disturbance, as well as utilising the existing Telfer mine
infrastructure to process the ore and dispose of the tailings material.
Waste rock characterisation has been undertaken and shows that it contains
material which has potentially acid forming (PAF) and metalliferous drainage,
in addition to dispersive or saline material. The portion of PAF material is
less than 1% of total waste volumes. Waste dumps have been designed for the
life of mine that have incorporated cells to safely encapsulate the PAF
material. The waste dump is to be located near the boxcut to minimise haulage
distance and considering the local surface terrain and environmental and
cultural aspects.
A staged approach for approvals is being undertaken, with Stage 1 currently
approved, which has allowed the development of the boxcut, decline and service
corridor. These approvals also allow for a waste rock dump, evaporation ponds
and supporting infrastructure such as offices and workshops.
Stage 2 approvals are expected to consist of a SLOS underground mine,
permanent infrastructure corridor, associated infrastructure and changes to
Telfer mine approvals to accept Havieron tailings in existing tailings storage
facilities.
Bulk Density
Havieron has an extensive database of bulk density measurements based on the
Archimedes method (water immersion) of 10-20cm samples taken at 10-50m
intervals down the hole. Whilst the geology, and thus density, can change
rapidly down the hole, the number of measurements means that the data set is
likely to be representative for the purposes of this estimate.
Most of the core in the mineralised zones is very competent and of low to
negligible porosity.
Bulk density is estimated into blocks using OK on a domain-specific basis.
The variability of density is relatively low in the Breccia zones and the
scope for an estimation related bias is very low, even at the local scale.
The variability of density in the South East Crescent zone is higher and,
whilst local estimation-related biases may occur, it is unlikely that a
significant global bias exists.
Classification
Resources preliminarily classified on the basis of the quality and quantity of
data, the geological and grade continuity, and the confidence in the gold
grade estimates. Data quality is implicitly accounted for by excluding
unreliable data from the estimate.
Confidence in the estimate was initially assessed using the
'Slope-of-regression', 'Average Distance to informing composites', 'Closest
Distance to informing composites', 'Kriging Efficiency', 'Number of Informing
Drill Holes', and 'Number of Informing Composites' statistics stored during
estimation. The schema was then simplified to only account for the
'Slope-of-regression' and 'Average Distance for informing composites'
statistics. Shells based on these two statistics were computed at various
thresholds for each of the domains. The chosen nominal parameters were:
Domain
Category
Slope
Average Distance
CRS
Indicated
>0.6
<45m
CRS
Inferred
>0.3
<75m
Breccias
Indicated
>0.6
<30m
Breccias
Inferred
>0.3
<75m
This approach led to some blocks not meeting these criteria to be included and
some meeting these criteria to be excluded from the shells. Furthermore,
some edges were manually trimmed to ensure continuity of classification.
The final classification then considered the 'reasonable prospects of eventual
economic extraction', and specifically the mineability by the proposed method,
the recoverability by the proposed processing method, and the likelihood that
the resource would be above the cut-off.
Several early drill holes were deemed to be of low reliability and were
excluded from the estimation. All remaining data are considered suitable for
the purposes of resource estimation.
Geological and grade continuity in the South East Crescent Zone can reasonably
be assumed in most places, and implied elsewhere. When combined with the
density and orientation of data, as well as the likelihood and impact of any
misestimation, this supports the assigned Indicated (assumed) and Inferred
(implied) resources classification.
Geological and grade continuity in the Breccia zones is typically much
lower. However, the data density is moderate-high in the southern parts of
the Breccias adjacent to the South East Crescent Zone and geological and grade
continuity can be reasonably assumed. As such, some of this material has
been assigned as Indicated resources. The remainder of the Breccia Zone has
been assigned as Inferred resources as the continuity of geology and grade can
only be implied from the available data. The confidence in the estimates
of the Breccia zones decreases rapidly as the cut-off is increased and
significant misrepresentation of tonnages, grades and location above elevated
cut-offs in this model is likely, and so the classification is strictly only
applicable at the reporting cut-off A$50 NSR/t.
The classification appropriately reflects the views of the Competent Person.
Audits or reviews
SRK Consulting (Australasia) Pty Ltd has completed an independent technical
assessment of the 2023 Mineral Resource estimates completed by Greatland for
the Havieron gold and copper deposit. As part of that assessment, SRK reviewed
the resource modelling methods and parameters and is of the opinion that they
are reasonable and take into consideration all of the current exploration data
and levels of technical knowledge of the Havieron deposit. SRK considers that
the Mineral Resources have been reported in accordance with guidelines and
principles outlined in the 2012 edition of the Australasian Code for the
Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC
Code, 2012 edition).
Discussion of relative accuracy / confidence
Greatland has conducted Change-of-Support studies using the Discrete Gaussian
Method for the South East Crescent Zone and Breccia Zones. These studies
revealed that the estimates for the South East Crescent Zone are robust within
the context of the likely operating cut-off value. The studies also revealed
that the estimates for the Breccia Zones are reasonable at the likely
operating cut-off (A$50 NSR/t), but this accuracy rapidly diminishes as the
cut-off is increased.
There is no historical production from Havieron.
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