By Anthony O. Goriainoff

Greatland Gold PLC said Thursday that a statement released by its joint-venture partner Newcrest Mining Ltd. earlier in the day only reiterated results, and that drilling results at the Havieron gold-copper project in Australia supported the asset's upgrade.

The London-listed company said that in the 11 months since Feb. 5, 2021, the joint venture has consistently announced excellent drill results from the Havieron gold-copper project in Australia.

The company said that Newcrest's statement only reiterated previously announced results from a Stage 1 pre-feasibility study, or PFS, published in October. It added that the Stage 1 study used Feb. 5 as a cutoff for drilling information, and that the drill results issued since weren't incorporated in the release.

Greatland said that since that cutoff date, the volume and quality of drilling data were outstanding and continued to support the potential for a significant upgrade of the mineral resource.

The company said that it believes the PFS revealed only the "tip of the iceberg" for Havieron's potential, and that this asset is a unique opportunity to bring a low-risk, low-capital-expenditure Tier 1 gold-copper mine into production.

Shares at 0816 GMT were down 0.50 pence, or 3.6%, at 13.30 pence.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

February 17, 2022 03:44 ET (08:44 GMT)

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