Greatland Gold upbeat on latest drilling results from Havieron gold-copper joint venture
All the latest holes continue to intersect significant mineralisation
Company
LON:GGP
Greatland Resources is a new leading Australian gold and copper producer, operating the Telfer gold mine, one of Australia’s largest gold-copper mining complexes. The company is concurrently developing the nearby world-class Havieron gold-copper project and exploring across a significant regional portfolio.
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All the latest holes continue to intersect significant mineralisation
"This fast-tracked milestone is indicative of the potential scale of the deposit," said chief executive Shaun Day
Exploration activities at Havieron are operated by Newcrest Mining under a joint venture agreement with Greatland.
Greatland Gold has been a trailblazer in the Paterson region
Greatland has already demonstrated its exploration success with the huge Havieron discovery currently being worked up by Newcrest
"The new licences represent an excellent opportunity to double the size of our footprint across the underexplored Ernest Giles greenstone belt,” said chief executive Shaun Day
"The results are outstanding and further highlight the world-class potential of Havieron," said chief executive Shaun Day
The drilling returned the best intercept recorded to date: 120.7m at 9.3g/t gold and 0.18% copper
Havieron has proved to be one of the most significant gold discoveries in recent years
Greatland Gold has a track record of significant exploration success in the Paterson region
Greatland Gold has shown considerable exploration elan in Paterson
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As announced on December 15, 2020, Shaun Day succeeds Gervaise Heddle, who will remain on the board and part of the Greatland executive team until March 12, 2021, to ensure a smooth transition
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The comment comes as partner Newcrest Mining releases its quarterly exploration update
The company is positioning itself to develop a diverse and expansive base and precious metals exploration business in Australia.
The firm's CEO Gervaise Heddle said the works marked “a major milestone" for the project in Western Australia
Greatland plans a follow-up drill campaign during the 2021 field season
The company said the A$146mln (£82mln) will fund the construction of the box cut, exploration decline and associated surface infrastructure at the site
Greatland and its partner, Newcrest Mining, have received the go-ahead to commence key early works activities at the Havieron Project for a box cut and exploration decline.
The broker expects a deposit of 12.5Moz to be delineated at Havieron based on the current drilling
Alex Borrelli, Greatland Gold's chairman, paid tribute to Heddle who he said was instrumental in acquiring the company-making Havieron project
Newcrest Mining has a farm-in agreement to explore and develop the Havieron gold-copper project and earn 70% interest in the 12 blocks by spending up to US$65mln.
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Greatland added that mineralisation remains open within four other target regions
Gervaise Heddle, chief executive officer of Greatland Gold commented: "These new agreements with Newcrest represent a landmark moment for Greatland Gold, both in structuring the next stage in Havieron's development and progressing our explo
“A series of excellent drill results to date from Havieron have continued to extend the footprint of mineralisation," chairman Alex Borrelli said in the group's final results statement
Hole HAD065W2, South East Crescent Zone found 120.7m at 9.3 grams per ton (g/t) gold (AU) and 0.18% copper (CU) from 1,349.3m, including 26.6m at 34 g/t AU and 0.23% CU from 1,384.4m
Berenberg said it attributes a value of US$614mln (£491mln) to Havieron and US$413m for Greatland’s other holdings
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Greatland noted that Newcrest also pointed out higher-grade zones related to massive sulphide mineralisation were observed
"In our view, the most significant potential catalyst over the next 12 months remains the maiden JORC resource"
The company said the drilling campaign will initially focus on high-priority targets within the prospect including Kraken, Blackbeard and London
Rio Tinto's mine development plans for the Winu deposit in the Paterson region of Australia brightens the spotlight on Greatland Gold which alongside Newcrest is pursuing its own exciting mine project.
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Extension drilling has found a new high grade zone, while infill drilling also continues to yield excellent results
Greatland Gold has a track record of exploration success in Paterson
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One infill hole hit 109 metres of gold at an average grade of 6.3 grammes per tonne, which Greatland described as among the best results from the project to date
The contracts include an indigenous land use agreement and a legal interest transfer to its farm-in partner, Newcrest Mining
Newcrest has thus far conducted a significant amount of drilling on Havieron
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Chief executive Gervaise Heddle said he is delighted with these results which he described as excellent
The Havieron gold project has already yielded plenty of very attractive gold intercepts
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The miner said the numbers represented “one of the best set of drilling results” at the project since its farm-in partner Newcrest began exploring the site
Partner Newcrest now has eight drill rigs operating at Havieron and intends to undertake a further 20,000-30,000 metres of drilling
Analysts reckon Havieron could contain at least five million ounces of gold
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It's beginning to look likely that Havieron will contain at least four million ounces of gold
Greatland has a track record of gold discovery in Australia
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Another 20,000 to 30,000 metres of drilling is planned over the next two quarters to support the delivery of a maiden resource by the end of 2020
Initial drilling programme at Firetower East has “clearly demonstrated the potential” for a volcanic hosted massive sulphide (VHMS) system
Analytical results for the final two holes, including the second drill hole at Firetower East, are expected to be received in early 2020
The results included a “significant geochemical response” at the Goliath target and the identification of three new targets with “favourable geology and/or geophysical characteristics”
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It looks as though the mineralised footprint at Havieron will now significantly exceed expectations
“The results from our drilling and geophysical work at Black Hills further highlight the exceptional prospectivity of the Paterson region, which continues to draw in major resource players to the underexplored province”
Analysis will reveal if there are similarities between the style of mineralisation at Derby North and the gold finds in the state of Victoria
The explorer said that its ground gravity survey has helped it identify eight high-priority drilling targets
The four new targets, Kraken, Barbossa, Blackbeard and London will be tested in the next field season
The AIM-listed firm said it will apply the insights gained at Havieron to accelerate exploration at the Paterson licences
In one hole drilled by partner Newcrest, the mineralisation extended for 94m at a grade of 4.5 grammes per tonne with 45m at 7.1g/t in another
"We are very encouraged by the results from our soil sampling campaign at Panorama"
Greatland Gold is building a track record of exploration success in Australia
The miner said results from the drilling, its first at the site in Western Australia, had confirmed gold mineralisation at the Saddle Reefs prospect
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The latest batch of results from Newcrest's Phase 1 drilling have impressed and the mining major is now preparing for a larger Phase 2 programme
Greatland's market capitalisation is now over £60mln, and it is attracting some serious support
The broker initiated the explorer at 'buy' with a 4p target, a 122% premium on its current share price
The AIM-listed explorer said it had unearthed additional gold nuggets around 1km further south-west from others discovered on 8 July
The firm said it would conduct “extensive” new geophysical surveys at the site, including ground gravity and induced polarisation, to help identify drill targets
The funds will be used initially to advance the group’s Scallywag target as well as other high-priority areas identified at its Paterson Range East licence
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Chief executive Gervaise Heddle said Greatland Gold is "very pleased" with the "encouraging data" collected from the survey
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"We are excited to have commenced Greatland's first drilling campaign at Black Hills,” said Gervaise Heddle.
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The gold explorer has found “numerous” gold nuggets in multiple locations, extending the length of the surface ‘strike’ from 3.2km to 4.3km
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Previous field work identified two clusters of gold anomalism in the central parts of the project.
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"We are very pleased to have commenced field activities ahead of a drill programme that could begin to unlock the true potential of this project,” said Gervaise Heddle.
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"We are very pleased by these results which further extend the length of the large chargeability anomaly to over 1,400m,” said Gervaise Heddle, Greatland chief executive
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