leadf
logo-loader
viewGreatland Gold PLC

Greatland Gold price target raised 38% by broker Hannam after Havieron progress

"In our view, the most significant potential catalyst over the next 12 months remains the maiden JORC resource"

Greatland Gold PLC -

Greatland Gold PLC (LON:GGP), has received a 38% upgrade in its share price target to 17.8p.from Hannam & Partners.

The London-based broker says that (in Havieron) Greatland has exposure to a tier-1 gold asset 'unique' in Australia.

Hannam revised its mineral resource estimate for Havieron to 4.2mln oz gold at 6.4g/t with 120,000 tonnes of copper following the recent definition of three levels and drilling.

The broker also increased its gold price assumption to US$1,950 per ounce from US$1,700oz.

As a result, the value of Greatland’s likely final 30% stake (after the Newcrest farm-in) at Havieron rises to US$709mlm from US$541mln, it said.

Hannam also upped its estimate for Greatland’s other assets including the Scallywag prospect where drilling has just started, to US$100mln from US$50mln.

“In our view, the most significant potential catalyst over the next 12 months remains the maiden JORC resource [ at Havieron], expected before the end of 2020.

“Further increases in the gold price in the current bull market are also likely to have a positive effect on the company’s shares,” said Hannam.

Earlier, Greatland said the start of drilling at the Scallywag prospect will initially focus on high-priority targets within the prospect including Kraken, Blackbeard and London.

Once the initial phase of drilling is completed, Greatland said it expects to drill additional high-priority targets on its Paterson Range East and Black Hills licences including Goliath, Los Diablos and Parlay.

The company said an airborne electromagnetic survey has also commenced, covering 1,033 line kilometres across the western portion of the Paterson project

Shares jumped 8.6% to 13.25p.

Quick facts: Greatland Gold PLC

Price: 23.5 GBX

AIM:GGP
Market: AIM
Market Cap: £899.21 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Greatland Gold PLC named herein, including the promotion by the Company of Greatland Gold PLC in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Northern Star and Saracen merger 'marks start of next wave of gold...

Davide Bosio from Shaw and Partners says it's been a big year for Diggers and Dealers with a strong turnout - despite the closure of WA's borders. He says gold in Australia has predominantly been the theme and one of the big talking points was last week's merger between Northern Star...

2 weeks ago

2 min read