(Alliance News) - Greatland Gold PLC on Thursday said development is progressing at its flagship Haveiron gold-copper project in western Australia, with added support from its recent joint venture partner Newmont Corp.
Greatland Gold, an Australia-focused exploration and development company, said that dewatering and depressurisation continues. Six depressurisation holes have been drilled into the lower confined aquifer, with data collection underway to determine what additional water management infrastructure may be required for further decline development.
Total development at Haveiron now exceeds 3,060 metres, around 80% of vertical distance through to the top of the total orebody. Over 2,110 metres has been advanced in the main access decline, as of December 31, with only 80 metres of development remaining before drilling reaches the base of the Permian cover and the top of the orebody.
The project, located in the country's Paterson province, was originally a joint venture between Greatland and Newcrest Mining Ltd. In October, Newcrest was acquired by Newmont, the world's largest gold company. The project is now a joint venture between Greatland and Newmont, with interest split 30% and 70%, respectively. The company said that the involvement of "world gold major" Newmont increases its confidence that it will be able to fully realise the potential of Haveiron.
In December, estimated mineral resources for the prospect were increased to 8.4 million ounces of gold equivalent, alongside total gold content of 7.0 million ounces. Continuous mineralisation has also been confirmed between the eastern and main Haveiron breccias.
Commenting on the project update, Greatland Managing Director Shaun Day said: "The December 2023 quarter was another busy and productive period for Greatland. The updated mineral resource estimate is a particular highlight, further demonstrating the quality and scale of Havieron. In addition, important work has been progressed to optimise and safeguard development through the lower confined aquifer, which is a key milestone and de-risking event in the underground decline development."
Shares in Greatland Gold were down 0.7% at 7.59 pence each in London on Thursday afternoon.
By Hugh Cameron, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Greatland Gold (GGP)