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(Alliance News) - Greatland Gold PLC on Tuesday celebrated "significant" progress in the March quarter, with total development at Havieron exceeding 3,060 metres.
Greatland Gold is a London-headquartered mining development and exploration company, focused primarily on precious and base metal mining in Western Australia and Tasmania. The Havieron gold-copper deposit, located in Paterson, is the company's flagship project.
Total development at the project included over 2,110 metres of advance in the main access decline. There is only 80 vertical metres of development to go before the decline reaches the base of the Permian cover, and top of the Havieron ore body.
A number of construction activities were completed during the quarter, including rising main installation, and the fabrication of life-of-mine pumps and ladderways.
"Measured flow rates are at the low end of the range previously anticipated and water management infrastructure requirements have been confirmed. This significantly de-risks development through the aquifer," said Managing Director Shaun Day.
Also on Tuesday, Greatland Gold affirmed that Newmont Corp considers its interest in Havieron and ownership of Telfer as non-core assets which it intends to divest.
US gold miner Newmont acquired Australia's Newcrest Mining Ltd in the December quarter, and in doing so, assumed ownership of a 70% joint venture interest in Havieron and 100% of the Telfer mining operations.
"Overall, we are confident there is currently significant option value in Greatland with Newmont's 70% interest in Havieron considered non-core and our existing last right of refusal on any sale. If an opportunity to consolidate ownership of Havieron were to arise, we would be highly focused on delivering an accretive outcome for our existing shareholders with a view to delivering a world-class Australian gold copper asset," said Shaun Day.
Greatland Gold shares were trading 8.3% higher at 6.06 pence each in London on Tuesday morning.
By Holly Beveridge, Alliance News reporter
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