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Greatland Gold PLC - Australia-focused exploration and development company - Notes the updated annual reserve and resource statement from Newmont Corp for the pair's Havieron gold-copper project. Havieron is Greatland's flagship exploration project, located in Western Australia.
The project was formerly a joint venture between Greatland and Newcrest Mining Ltd, which was acquired by Newmont, the world's largest gold company, in October. Newmont has classified an indicated mineral resource of 47.4 metric tonnes at 2.65 grammes of gold per tonne of ore and 0.34% copper. Newmont's new estimate equates to 4.9 million ounces contained gold equivalent. This represents a 35% increase to Newcrest's June estimates of 3.6 million ounces of gold equivalent.
Greatland Managing Director Shaun Day says: "We welcome Newmont's update to the Havieron mineral resource today, which increases Newcrest's previous estimate for the indicated mineral resource category by approximately 35% in terms of gold equivalent content, bringing it into line with Greatland's latest estimate. The increased indicated mineral resource can now support an ore reserve estimate update as part of the feasibility study which is ongoing."
Current stock price: 6.94 pence per share, down 2.8% in London on Thursday afternoon.
12-month change: down 13%
By Hugh Cameron, Alliance News reporter
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