Newcrest also reported that further decline at Havieron had been hampered by more difficult ground conditions than expected.
Greatland Gold PLC (AIM: GGP, OTC: GRLGF) said today that an announcement by Newcrest Mining Ltd regarding resources and reserves for the joint Havieron gold and copper project used February 5, 2021 as the date limit for drilling information and that these figures had previously been released.
Newcrest’s statement, published on ASX, restated the figures contained in the Southeastern Crescent Stage 1 Pre-Feasibility Study (PFS) announced last October.
“When considering the volume and quality of drill data since the PFS deadline, the results are exceptional and continue to support the potential for significant mineral resource upgrade,” said the director. General of Greatland, Shaun Day.
“The growth drilling program has demonstrated the potential for resource additions outside of existing inferred mineral resource boundaries. With drill rigs in 2022 all focused on growth targets, including new targets outside the system Havieron known, there is continued progress and genuine interest in understanding the size and scale of Havieron.
“Over the past year, our belief has grown stronger that the PFS has revealed only the tip of the iceberg for Havieron’s potential and that this world-class asset is a unique opportunity in the world to implement production a low-risk, low-capex Tier 1 gold-copper mine,” he said.
Newcrest also reported that advancement of the ramp at Havieron, to provide access to the mine, had been hampered by more difficult ground conditions than expected and a geotechnical investigation indicated that ground conditions may continue to have an impact on development.
The decline had reached a depth of 277 by January 25.
LIS: Greatland Gold identifies possible new high-grade zone at Havieron
AIM-listed Greatland also said it has continued discussions with Newcrest regarding the potential exercise of Newcrest’s option to acquire an additional 5% stake in the Havieron joint venture from Greatland.