By Jaime Llinares Taboada

 

Greatland Gold PLC said Thursday that its Havieron project in Australia has been estimated to contain 3.4 million ounces of gold and 160,000 tons of copper.

The London-listed group and its joint venture partner Newcrest Mining Ltd. have estimated an ore content of 52 million metric tons with gold grades of 2.0 grams per ton and 0.31% copper, for a combined resource of 4.2 million gold equivalent ounces. However, there is potential to expand the resource estimate because mineralization remains open within four target regions.

"The initial resource estimate is centred on just the south east crescent and adjacent breccia, and a portion of the northern breccia, suggesting that there is significant potential to increase the inferred resource over time as we work to establish a full picture of Havieron's potential right across the four target areas, all of which still remain open," Chief Executive Gervaise Heddle said.

The joint venture has planned further exploration drilling for 2021.

Greatland Gold has a 60% interest in Havieron, but Newcrest is entitled to expand its stake to 60% as it has met the $45 million expenditure target. As a result, Greatland Gold will see its interest reduced to 40%

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

December 10, 2020 03:07 ET (08:07 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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