TIDMGGP
RNS Number : 2437L
Greatland Gold PLC
09 September 2021
--
9 September 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
Greatland Gold plc
( " Greatland " or "the Company " )
Havieron Development and Exploration Update
Excellent Growth Drilling results continue to support potential
for resource expansion with additional mineralisation identified
below the Crescent Zone and in the Northern and
Eastern Breccias
New growth drilling results outside initial resource area
include:
-- 133m @ 7.0g/t Au & 0.05% Cu - HAD133W1
-- 29.1m @ 9.7g/t Au & 0.29% Cu - HAD140
-- 87m @ 1.8g/t Au & 0.05% Cu - HAD141
Early works progressing well with the decline advanced to over
120m from Portal
Highlights
-- Further significant results from Growth Drilling under the
Crescent Sulphide Zone and around the Northern Breccia continue to
support potential for resource expansion.
-- HAD133W1 reported 133m @ 7.0g/t Au & 0.05% Cu from
1,446m, including 55.9m @ 9.7g/t Au & 0.04% Cu from 1,449.5m,
from within the South East Crescent 250m below the base of the
initial Inferred Mineral Resource estimate. This intercept at 945
grams meters constitutes a top four Havieron intercept.
-- Higher grade zones in the Northern Breccia to the north west
of the initial Inferred Mineral Resource estimate were returned
from HAD140: 29.1m @ 9.7g/t Au & 0.29% Cu from 813.2m; and
HAD141: 87m @ 1.8g/t Au & 0.05% Cu from 1,328m including 17.8m
@ 5.7g/t Au & 0.14% Cu from 1,378.5m.
-- Eastern Breccia extended to over 600m in strike length.
-- Growth Drilling progressing into FY22
-- A further eight growth drill holes have been completed with
samples awaiting assay, anticipated to be received and reported in
the next update.
-- These holes are part of the ongoing Growth Drilling
programme, targeting:
-- Northern Breccia: Zone of initial focus aimed at providing
support for the potential expansion of the existing Inferred
Mineral Resource.
-- Eastern Breccia: Drill testing and interpretation of the
geological and mineralisation controls.
-- South East Crescent and Breccia: Ongoing targeting of
potential resource definition below the existing resource shell and
lateral extensions adjacent to the existing high-grade resource
shell .
-- 10 Infill holes have been completed in the South East
Crescent, with samples awaiting assay, anticipated to be received
and reported in the next update .
-- Early Works advancing: Construction activities are
progressing well with achievements including:
-- Exploration decline commenced on 14 May 2021 and has advanced
over 120 metres.
-- Power station and magazine are operational.
-- Refuelling station and workshop nearing completion.
Best New Results(1) (not previously reported)
South East Crescent and Breccia
-- HAD133W1
-- 133m @ 7.0g/t Au & 0.05% Cu from 1,446m, including
-- 55.9m @ 9.7g/t Au & 0.04% Cu from 1,449.5m
Northern Breccia
-- HAD140
-- 29.1m @ 9.7g/t Au & 0.29% Cu from 813.2m
-- HAD141
-- 87m @ 1.8g/t Au & 0.05% Cu from 1,328m, including
-- 17.8m @ 5.7g/t Au & 0.14% Cu from 1,378.5m
-- HAD057W7
-- 23m @ 5.7g/t Au & 0.70% Cu from 613m (South East
Crescent), including
-- 15m @ 8.6g/t Au & 0.96% Cu from 613m
-- 70m @ 2.2g/t Au & 0.03% Cu from 906m (Northern Breccia),
including
-- 12.8m @ 5.3g/t Au & 0.02% Cu from 962.7m
(1) All widths reported here and below are downhole widths,
generally greater than true widths.
Greatland Gold plc (AIM:GGP), a leading mining development and
exploration company with a focus on precious and base metals, is
pleased to provide an update on the drilling campaign at the
Havieron gold-copper deposit in the Paterson region of Western
Australia. The Company notes the release of an ASX announcement
titled "Exploration Update" by Newcrest Mining Ltd ("Newcrest")
earlier today.
Drilling activities since the last update include new results
from the Growth Drilling programme, which continue to support the
potential for resource expansion of the Havieron gold-copper
system.
The latest results comprise assays for twelve new drill holes
from the Growth Drilling programme (not previously reported), with
six holes returning significant assay intercepts in excess of 100
gram metres Au (Au ppm grade x length metres) with HAD133W1 at 133m
@ 7.0g/t Au & 0.05% Cu for 945 gram meters being a top four
Havieron intercept, and all holes intersecting mineralisation. A
further 18 holes have been completed and await assays, anticipated
to be received and reported in the next update.
A total of 194,456m of drilling from 230 drill holes has been
completed since Newcrest commenced exploration activity (excluding
holes in progress or drill holes which have not been sampled).
Shaun Day, Chief Executive Officer of Greatland Gold plc,
commented: "The Growth Drilling campaign at Havieron continues to
deliver excellent results with significant intercepts of high-grade
gold and copper outside the existing resource shell. These assay
results have once again extended known mineralisation below the
main South East Crescent zone and to the north-west in the Northern
Breccia, adding further scale and value to the Havieron
orebody.
With nearly 200,000 metres of drilling now completed, including
extensive Growth Drilling in recent months, we have significantly
enhanced our understanding of the orebody and the likelihood of
delivering an upgrade to the Mineral Resource Estimate in the
near-term.
Early works for the mine development are progressing to plan
with the decline now advanced to over 120 metres from the Portal
towards the top of the orebody.
The pace of construction activities and surface infrastructure
at Havieron is intended to expedite future mining operations,
enabling early free cash flows to be re-invested into further
development. This supports our belief that the low-risk profile of
Havieron makes it a globally unique opportunity for bringing a
tier-one gold-copper mine into production. "
In addition to this release, a PDF version of this report with
supplementary information can be found at the
Company's website: www.greatlandgold.com/media/jorc/
Enquiries:
Greatland Gold PLC +44 (0)20 3709
Shaun Day 4900
info@greatlandgold.com
www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated
Adviser) +44 (0)20 3368
Andrew Emmott/James Keeshan 3550
Berenberg (Joint Corporate Broker and Financial
Adviser) +44 (0)20 3207
Matthew Armitt/Jennifer Wyllie/Detlir Elezi 7800
Canaccord Genuity (Joint Corporate Broker
and Financial Adviser) +44 (0)20 7523
James Asensio/Patrick Dolaghan 8000
Hannam & Partners (Joint Corporate Broker
and Financial Adviser) +44 (0)20 7907
Andrew Chubb/Matt Hasson/Jay Ashfield 8500
SI Capital Limited (Joint Broker) +44 (0)14 8341
Nick Emerson/Alan Gunn 3500
Luther Pendragon (Media and Investor Relations) +44 (0)20 7618
Harry Chathli/Alexis Gore/Joe Quinlan 9100
Further Information on Newcrest Drilling and Operations at
Havieron
Exploration activities at Havieron are operated by Newcrest
under a Joint Venture Agreement with Greatland. The Havieron
copper-gold deposit is centered on a magnetic anomaly located 45km
east of Telfer, and where exploration drilling by Greatland during
2018 resulted in the discovery of gold and copper mineralisation
under 420m of post mineralisation cover. Newcrest commenced
drilling at Havieron during the June 2019 quarter and has completed
194,456m of drilling from 230 drill holes to date (excluding holes
in progress, abandoned holes, or drill holes which have not been
sampled).
Drilling activities have produced a further 10,375m of drilling
from 18 drill holes, all awaiting assays. The latest assay results
include results for twelve drill holes drilled in the previous
period, with six holes returning significant assay intercepts in
excess of 100 gram metres Au (Au ppm grade x length metres).
Drilling activity during the period utilised up to eight drill
rigs and was focused on potential resource growth at the South East
Crescent, Northern Breccia and Eastern Breccia, with infill
drilling in the South East Crescent Zone to support the potential
conversion of the existing Inferred Resource to Indicated.
Drilling completed included:
-- South East Crescent Zone Growth - assay results reported for
two drill holes, with one new drill hole completed, awaiting
assays;
-- South East Crescent Zone Infill - ten new drill holes
completed, awaiting assays;
-- Northern Breccia - assay results reported for eight drill
holes, four new drill holes completed, awaiting assays; and
-- Eastern Breccia - assay results reported for two drill holes,
three new drill holes completed, awaiting assays.
Significant new results are presented in the highlights above,
and full drilling results are presented in Appendix II.
At the South East Crescent growth drilling targeting higher
grade mineralisation at depth was conducted during the reporting
period. Drilling is being conducted on 75m x 75m spacing and has
been extended to 250m below the initial Inferred Mineral Resource
extents. Results from two drill holes have been received, with
significant results returned from HAD133W1.
Results include:
-- HAD133W1
-- 133m @ 7.0g/t Au & 0.05% Cu from 1,446m. T his intercept
at 945 grams meters constitutes a top four Havieron intercept
-- including 55.9m @ 9.7g/t Au & 0.04% Cu from 1,449.5m
-- including 20m @ 11g/t Au & 0.04% Cu from 1,519m
HAD133W1 has extended the high-grade mineralisation 250m below
the base of the Inferred Mineral Resource estimate. This intercept
is 150m below previously reported hole HAD133 (85m @ 11g/t Au &
0.29% Cu from 1,345m including 13m @ 32g/t Au & 0.46% Cu from
1,363m and including 14.5m @ 32g/t Au & 0.33% Cu from
1,396.5m). Assay results from one further hole HAD086W2 are
pending. Drilling to assess the extent of the mineralisation below
the South East Crescent Inferred Resource is ongoing.
HAD057W7 drilled to test lower target positions in the Northern
Breccia also traversed the South East Crescent Zone within the
initial Inferred Mineral Resource footprint. Results from this hole
demonstrates good alignment with modelled grade and thickness
within the South East Crescent zone, and supports the geological
model including continuity of high grade.
Results include:
-- HAD057W7
-- 23m @ 5.7g/t Au & 0.70% Cu from 613m (in the South East
Crescent zone)
-- including 15m @ 8.6g/t Au & 0.96% Cu from 613m
-- 70m @ 2.2g/t Au & 0.03% Cu from 906m (in the Northern
Breccia)
-- Including 12.8m @ 5.3g/t Au & 0.02% Cu from 962.7m
A further 10 infill holes within the South East Crescent zone
were completed, all awaiting assays. This drilling is designed to
infill the South East Crescent Inferred Resource volume to 50m x
50m spacing to support the potential upgrade of a significant
portion of the Inferred Resource to Indicated.
At the Northern Breccia, results from eight drill holes were
returned and a further four new drill holes were completed
(currently awaiting assays). The focus of the drilling in this zone
is to expand the mineralisation and support potential resource
growth. The latest drilling (75m x 75m) has extended the
mineralised breccia footprint around the Inferred Mineral Resource
extents with reported drill holes supporting extensions to breccia
mineralisation. Drilling has confirmed and increased the continuity
of mineralisation as a north-west mineralised corridor which has
been identified up to 300m in length, and 100m wide, between 4300 -
4100mRL and remains open at depth. Higher grade mineralisation has
been identified internal to the mineralised breccia corridor.
Results include:
-- HAD089W3
-- 106.8m @ 0.96g/t Au & 0.12% Cu from 911.2m
-- including 15m @ 2.8g/t Au & 0.21% Cu from 978m
-- HAD099W2
-- 126.7m @ 0.66g/t Au & 0.07% Cu from 643.3m
-- including 12.1m @ 1.3g/t Au & 0.12% Cu from 647.1m
-- HAD138W1
-- 157.4m @ 0.93g/t Au & 0.21% Cu from 937.6m
-- including 16.1m @ 5.9g/t Au & 0.12% Cu from 1,043m
-- HAD140
-- 29.1m @ 9.7g/t Au & 0.29% Cu from 813.2m
-- HAD141
-- 87m @ 1.8g/t Au & 0.05% Cu from 1,328m
-- including 17.8m @ 5.7g/t Au & 0.14% Cu from 1,378.5m
At the Eastern Breccia two holes have returned assays (HAD084W1
and HAD141) with results from three drill holes pending. Drilling
has targeted along strike from prior reported drill holes HAD083
and HAD084, over a strike length of approximately 600m. HAD141 has
returned a mineralised intercept 200m to the north west of HAD084.
Drill testing and interpretation of the geological and
mineralisation controls of the Eastern Breccia Zone is ongoing.
Results include:
-- HAD141
-- 23m @ 1.7g/t Au & 0.01% Cu from 1,875m
Havieron Resource and Background Information
Drilling since May 2019 has outlined an ovoid shaped zone of
variable brecciation, alteration and sulphide mineralisation with
dimensions of 650m x 350m trending in a north west orientation.
Breccia mineralisation has been identified internally and
externally to the Crescent zones, including targets which remain
open to the east, northwest and southeast. Mineralisation has been
observed to greater than 1,000m in vertical extent below the around
420m thick post mineral cover sequence and remains open at depth.
Within this ovoid shaped zone (at this stage) exploration has
identified four key target regions, which are:
-- South East Crescent and Breccia
-- North West Crescent
-- Northern Breccia; and
-- Eastern Breccia
Drill data density in the South East Crescent and adjacent
Breccia and a portion of the Northern Breccia has been sufficient
for the definition of an Inferred Mineral Resource Estimate(2) for
these domains. Reported inside an A$50/t Net Smelter Return ("NSR")
shell, the volume of identified mineralised geological domains
where information to estimate the metal inventory and grades is at
a sufficient magnitude and having the reasonable prospects of
eventual economic extraction comprises:
-- 52Mt @ 2.0g/t Au and 0.31% Cu for 3.4Moz Au and 160Kt Cu for
4.2Moz gold equivalent(3) , included in geological domains:
-- Crescent Zone containing 18Mt @ 3.8g/t Au and 0.61% Cu for
2.2Moz Au and 110Kt Cu; and
-- Breccia Zone containing 34Mt @ 1.1g/t Au and 0.15% Cu for
1.2Moz Au and 50Kt Cu.
Mineralisation in the Havieron deposit is hosted by
metasedimentary (meta-sandstones, meta-siltstones and
meta-carbonate) and intrusive rocks. Gold and copper mineralisation
is hosted in breccia, vein and massive sulphide replacement styles,
typical of intrusion-related and skarn types of mineralisation. The
main sulphide mineral assemblage contains well developed
pyrrhotite-chalcopyrite and pyrite. Alteration assemblages
associated with mineralisation are
amphibole-carbonate-biotite-sericite-chlorite. Higher-grade gold
zones (+10g/t Au) are often associated with
quartz/chalcopyrite-pyrite veining.
Outside of the Initial Inferred Mineral Resource Estimate,
mineralisation remains open with encouraging results identified
from below the South East Crescent and Breccia Zone, and around the
Northern Breccia Zone (including the new results reported here),
and the Eastern Breccia Zone. The extents of the Havieron system
are still to be defined.
Eight drill rigs are currently operational, including testing
extensions of the South East Crescent Zone below 4,200mRL,
extension and definition of the Northern Breccia and associated
internal higher-grade zones to support potential expansion of the
existing Inferred Mineral Resource. Additionally, infill drilling
is being completed within the Inferred Mineral Resource limits to
support ongoing mining studies.
Further targets outside of Havieron, but within the Havieron
Joint Venture area, have been identified with the potential to
conduct drilling to test these targets in the future.
(2) Refer to Newcrest announcement titled "Newcrest announces
initial Inferred Mineral Resource estimate for Havieron of 3.4Moz
of gold and 160Kt of Copper" dated 10 December 2020 and available
on www.asx.com.au under the code "NCM".
(3) The gold equivalent (AuEq) is based on assumed prices of
US$1,400/oz Au and US$3.40/lb Cu, gold recoveries of 94% (Crescent)
and 84% (Breccia), and copper recoveries of 84% (Crescent) and 82%
(Breccia), which equates to a formula of approximately AuEq = Au
(g/t) + 1.65 * Cu (%). In Greatland's opinion all elements (gold
and copper) have a reasonable potential to be recovered and
sold
Construction update
Newcrest received the required regulatory approvals to commence
construction of an exploration decline at Havieron following
approval of the Water Management Plan on 30 April 2021.
Construction activities are progressing to plan with
achievements including:
-- Exploration decline commenced on 14 May 2021 and has advanced
over 100 metres
-- Power station and magazine are operational
-- Refuelling station and workshop nearing completion
Works to progress the necessary approvals and permits that are
required to commence, subject to a positive decision to mine, the
potential development of an underground mine and associated
infrastructure at the Project are ongoing(4) .
The Havieron Pre-Feasibility Study focussed on supporting the
quick-start mine development is expected to be released in the
second half of CY21.
(4) The development of any underground mine at the Havieron
Project will also be subject to the completion of a successful
exploration programme and further studies, market and operating
conditions, Board approvals, and a positive decision to mine.
Background to Havieron and Joint Venture Agreement with
Newcrest
The Havieron copper-gold project is operated by Newcrest under a
Joint Venture Agreement with Greatland. As announced on 30 November
2020, Newcrest has now met the Stage 3 expenditure requirement
(US$45 million) and is entitled to earn an additional 20% joint
venture interest, resulting in an overall joint venture interest of
60% (Greatland 40%). Newcrest can earn up to a 70% joint venture
interest through total expenditure of US$65 million and the
completion of a series of exploration and development milestones in
a four-stage farm-in over a six-year period that commenced in March
2019. Newcrest may acquire an additional 5% interest following
completion of Stage 4 at fair market value.
The Joint Venture Agreement includes tolling principles
reflecting the intention of the parties that, subject to a
successful exploration programme and feasibility study and a
positive decision to mine, the resulting joint venture mineralised
material will be processed at Telfer , located 45km west of
Havieron.
Additional information on the project can be found on the
Company's website at www.greatlandgold.com/paterson/
In addition to this release, a PDF version of this report with
supplementary information can be found at the Company's website:
www.greatlandgold.com/media/jorc
Notes for Editors:
Greatland Gold plc (AIM:GGP) is a leading 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 Pre-Feasibility
Study due for release in the second half of CY21. Construction of
the box cut and decline to develop the Havieron orebody 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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