REG - Greatland Gold PLC - Havieron Update

Greatland GoldAnnouncement

24/10/2023 07:30

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RNS Number : 0890R  Greatland Gold PLC  24 October 2023

Greatland Gold plc (AIM: GGP)

E: info@greatlandgold.com

W: https://greatlandgold.com

: twitter.com/greatlandgold

 

 

NEWS RELEASE | 24 October 2023

 

 

Havieron Update

 

Program alterations to optimise and de-risk development through the lower
aquifer

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
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REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE
PUBLIC DOMAIN.

 

Greatland Gold plc (AIM:GGP) (Greatland or the Company) provides the following
update on activities and progress at Havieron, the world class gold-copper
project located in the Paterson Province of Western Australia.

 

Decline development at Havieron now exceeds 2,030 metres (as at 8 October
2023). There are 770 metres of development remaining before the decline
reaches the base of the Permian cover and top of the Havieron orebody. The
decline is now approaching the lower confined aquifer (LCA), with
approximately 280 metres of development remaining before it is intersected.

 

The decline has previously successfully developed through two shallower
aquifers at vertical depths of 50 and 250 metres. Water from these aquifers
has been pumped to surface evaporation facilities. Ground conditions
encountered outside of these aquifers, which represents the majority of the
decline, have allowed good development progress.  The LCA is the final
aquifer that the underground decline passes through before reaching the
Havieron orebody.  Advancement through the LCA is a key milestone and
de-risking event in the decline development.

 

Ahead of the decline reaching the LCA, depressurisation drilling has commenced
and groundwater is being pumped to the surface. This water management has
indicated potential for greater volumes of water to be managed at surface than
originally modelled. In order to increase the confidence in water management
from the LCA, further hydrological drilling, data collection and evaluation
will be completed.

 

To allow this work to occur prior to the decline intersecting the LCA,
development will continue to advance in the short term before a temporary
pause in decline development prior to entering the LCA, commencing later this
quarter. This work should ensure a more efficient entry into, and development
through, the LCA and likely reduce subsequent water management operating
costs. Depressurisation works will continue and be expanded, which experience
from the upper two aquifers has demonstrated is highly effective in improving
the aquifer ground conditions prior to decline development. In terms of
underground activities, ventilation system development will continue to be
advanced in parallel with LCA water management, which is another key milestone
and de-risking event.

 

Feasibility Study works will continue, incorporating the further hydrological
drilling, data collection, and enhanced understanding of the LCA and water
management requirements. Various other value enhancing workstreams continue to
be progressed as part of the Feasibility Study which Greatland now expects to
be completed by the September 2024 quarter given Newcrest's continued
preference for the study to incorporate the understandings from development
through the LCA.

 

Figure 1: Havieron decline development schematic (looking northwards). The
stope design shown is Greatland's draft Havieron March 2022 Ore Reserve mine
design.

 

Greatland Managing Director, Shaun Day, commented: "Havieron is an outstanding
orebody which has been developed on an expedited basis in parallel with
finalisation of the Feasibility Study. Through this approach production can be
brought forward to enhance the value of the asset. At the same time it is
essential that we continue to set the project up for long-term success by
optimising and de-risking the current development phase, while maintaining an
accelerated pathway to production."

 

"We view Newmont's imminent involvement as our Havieron Joint Venture partner
as a tremendous positive and look forward to working together to deliver the
full potential of Havieron for all stakeholders."

 

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

greatlandgold@sparkapl.com  |  +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 ASX gold major, Newcrest
Mining Limited (which is the subject of an approved takeover by Newmont
Corporation that is due to complete on 6 November 2023).

 

Havieron is located approximately 45km east of Newcrest's existing Telfer gold
mine. The box cut and decline to the Havieron orebody commenced in February
2021. Total development now exceeds 2,820m including over 2,030m of advance in
the main access decline (as at 8 October 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 reduces 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.

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