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If Goliath is so big why didn't they drill it first?

Well I believe it's all down to Telfer.
Scallywag or basically Kraken.
This area around Kraken, NW of Kraken and the N end of Blackbeard ( not sure about London) from a survey point of looks very exciting.

Kraken is roughly twice the size of Havieron and the North end of Blackbeard about the same size plus the extension of Kraken to the NW

With that in mind this area's volumes could be 4 times the size or more, so I'm guessing 2bn cubic tons that's around 6bn tons.
Commercial cut off grade is 0.2g/t gold = 38m oz and 40,000 t of copper.
Only negatives I can see at the moment is the actual coincidences of the gravity and magnetic surveys are a lot smaller which would reduce the volumes, only the drilling can say what's what.
Also on the financial side if Havieron is costing say $100m this area may take $400m to finalise it.
Goliath $1-2bn to finalise it.

So financially it would make more sense to explore Kraken first.

The other factor if Goliath is mined the amount of material coming out would need a processing plant.

This is an abstract from a research paper on researchgate.net

AbstractIn this paper we focus on the problem of optimising the design of an underground mine decline, so as to minimise the costs associated with infras-tructure development and haulage over the life of the mine. A key design consideration is that the decline must be navigable by trucks and mining equipment, hence must satisfy both gradient and turning circle constraints. The decline is modelled as a mathemati-cal network that captures the operational constraints and costs of a real mine, and is optimised using geo-metric techniques for constrained path optimisation. A deep understanding of the geometric properties of gradient and turning circle constrained paths has led to a very efficient procedure for designing optimal declines. This procedure has been automated in a new version of a software tool, Decline Optimisation Tool, DOT TM . A case study is described indicating the substantial improvements of the new version of DOT TM over the earlier one.

If the Decline is to start shortly the Design would have been completed by now, maybe possible to tweak it a bit, but the start point won't be.

Hi miker
It does look likely that Goliath now will be put back a bit, till the heat dies down. I suppose we can blame covid a bit or the assay labs for the delay, but not to drill one hole at this exciting asset I think we need to take a look back at Kraken.
I keep looking at it just wondering how big it really is, all the surveys keep pointing to a large anomaly.
With gravity surveys where there is a high gravity anomaly there's nearly always a gravity low and that is the case with Kraken and London.

Although the coincidence is not huge near the top of the ore body as it gets deeper the ore body gets larger and larger and continues at depth.
Being at least twice as big as Havieron if the results are good it's going to take ages to prove up.

Hi Racingcyclist
I live near the Malvern Hills , the highest is about 400m.
I keep trying to imagine Goliath 7 or 8 times higher.
It's enormous:)))

There was an RNS released 6Nov 2019 giving the results from the geophysical gravity survey.
In this they stated they had found numerous targets but specifically 8 high priority targets which they had to categorise into 4 high priority targets and 4 secondary.
The top 4 were Goliath, Los Diablos, Prefect and Atlantis.

There was an interview with GH after this announcement and as usual brimming over with excitement, he hesitated a bit trying to describe what they had found.
He said there is serious potential of finding a Tier 1 on the PRE.
He said Goliath well it's huge and skipped to LD and Prefect, look at diagram 5 and 6
showing the magnetic and gravity surveys the coincidences are converging like Havieron it's very exciting, and Atlantis is made up of 3 targets.

Well if you look at the plan and sections that he mentioned LD looks stunning if it was on a weather chart it would be classed as a storm force 10 or 11, but these aren't isobars these are iso surfaces.
Gravity surveys pick out density or mass so the more iso- surfaces the greater the mass.
Gravity surveys can't be done from one spot they need a fixed grid system which you can see from the plans are gridded dots.
These surveys can pick out igneous intrusions probably from geothermal activity where they have breached sedimentary layers.

Los Diablos, Prefect and the northern Atlantis target all look around the same size about 750m dia and 1,000m+ depth
so around 400-450m tons.

When the MMI results were announced later Goliath was upgraded but results for the othe 3 were not issued.

My feelings are that Los Diablos looks like a Tier 1 judging by the coincidence and the densities.
The other 2 are possible Tier 1 anomalies

Goliath well it's just enormous around 3,000m dia 2,500-3,000m+ depth around
14bn tons
If it was a serious potential candidate to be a Tier 1 before what has it been upgraded to?
A Major wouldn't need another mine in it's corporate life having Goliath

Hi Speedy
You asked me what an in the ground copper price was, that's not something I can find but most results are issued as an equivalent value unless gold or copper are on their own.
I've been looking at Solg latest drilling results:-
Cu Eq 0.69% (0.37%cu + 0.43g/tAu) from one hole

Their copper equivalents calculations are

Copper Equivalent is currently calculated (assuming 100% recovery of copper and gold) using a Gold Conversion Factor of 0.751 (CuEq = Cu + Au x 0.751), calculated from a current nominal copper price of US$3.30/lb and a gold price of US$1700/oz.

What I'm trying to get over is that any value in the ground has to take into account the copper equivalent or the gold equivalent.

I am unsure what prices Telfer is getting for its copper concentrate powder but a Chinese smelter is working on $65/t break even, I'm presuming that's their charges.

ATB:))

Processes for copper

Ore - quantities in reserves are normally quoted in gold equivalents

Telfer produces copper concentrate and exports to SE Asia
Copper concentrate powder . The break even point at a chinese refinery is $65/t

Copper Matte - an ingot of copper sulphide and iron sulphide

Blister copper 98% copper

Copper anode 99% spot price 20th Nov $6,850. This is where the other minerals are extracted.

Copper cathode 99.9% pure copper $7,040.
This is formed into large rolls or flat plates.

Hi Speedy
We have no MRE how can anything be priced in, there are only the drilling results to go by at the moment. As each update to the MRE is published the sp will increase accordingly especially if they mention the equivalents

Hi Speedy
I saw you mentioned a premium but you said not much.
Well I believe the copper at Havieron may exceed Winu and any achievable cobalt could be worth $ bn.
I think Scallywag will end up as a Jv with NCM and we will keep 25-30% of Havieron.

Hi Speedy
The only thing with the calcs is the omission of the copper, there's not many mines globally that have these quantities of both gold and copper. I don't believe the copper value can be excluded.
ATB:))

Hi Tallchap
If Kraken turns out to be as big as I think it is, it may start a bidding war or it could just make Ggp very expensive to take out and might make the 5% for Havieron too expensive as well.
I won't speculate on future values, what do any of us really know but can't see this share remaining in the pennies.
ATB:))

I'm suspecting they used a downhole tool like at Bromus a DHEM or similar and would have needed a core hole to do it. This will enhance the knowledge of the targets together with the other surveys.
The existing surveys are less accurate at depth so any downhole tool will enhance the knowledge a bit deeper.
Regarding the AEM survey this is normally used in early stage surveys and they were targeting the West side of Scallywag and Parlay. Most of Paterson RE has already been covered.
It will be interesting to see what it finds but might not see any sp movement with it.
It's a tool to allow the positioning of the drill holes, if the holes miss there targets then DHEM are used to see what's down there.

With some posters asking about other projects just thought I would post the company Strategy.
The principal activity of Greatland Gold plc is to explore for and develop natural resources, with a focus on gold.

The board seeks to increase shareholder value by the systematic evaluation of its existing resource assets, as well as the acquisition of suitable exploration and development projects and producing assets.

The Company aims to provide shareholder value through capital raising, Joint Venture agreements and realization of exploration targets into resources and reserves.

The board seeks to increase shareholder value by the systematic evaluation of its existing resource assets, as well as the acquisition of suitable exploration and development projects and producing assets.

You can see from these statements their priority is gold targets.
They are no longer solely an exploration company, they want producing assets.
They are looking at other assets in Australia and abroad.

Hi MF11
Bromus is a fairly long licence running NW to SE
A ground loop electromagnetic survey was carried out to the NW and picked out 4 high priority targets with strong conductances.
Some exploratory drills were done in 2016 and was followed up by a downhole EM survey. Br001,003 both missed the conductances but the model proved the high priority targets.

In the SE zone a geochemistry survey was carried out and found a very high nickel area of 2,690ppb.
The SE is very close to infrastructure i.e. road,rail,water,electric etc

It's a good prospect for the future but at the moment it's outside their planned target commodity and the Paterson is priority.

Hi Gumtree
Their plans are to find potential Tier 1 assets as a priority.
Tier 1 ore bodies can only be described as a Tier 1 asset if there is infrastructure close at hand.
I'm suggesting that Scallywag or basically Kraken is a potential Tier 1 asset with it being closer to Telfer.
List of priority targets as I see it in order
Kraken
Blackbeard
Goliath
Los Diablos
Parlay
Saddlereef
Rest of Scallywag
Rest of Paterson Range East

On the other licences any Tier 1 targets will be ore bodies not assets

ATB:))

Hi Bidberry
Mrs Bamps is totally uninterested I have to keep it bottled up. She more interested in her plants :((

Hi Bidberry
That is a massive sum relying on an initial MRE. I hope Ggp has far more to offer than the MRE.
There's so much to come next year but I am getting worried so many here seem to be pinning there hopes on this MRE. It's not this one it's the one with the Pre Feasibility Study that will effect things and the subsequent ones.

Ggp has only just begun a long journey and long may it continue.

Good luck with whatever you end up doing :)))

Hi lebugue, zoros
To be honest I'm not concerned when the MRE comes out but SB said in the Tsx interview December and that's good enough for me.
This Initial MRE will only put a floor value on the asset, there is still a lot of drilling to be done before the PFS this time next year when a more comprehensive MRE will be announced.
We have another year of loads of drilling announcements building up the asset continually raising the sp.
I've got no idea when is a good time to sell too much happening

ATB:))

Hi L-A
I don't know whether we were listening to the same interview cos SB certainly said December from what I heard.
GH has also mentioned the December quarter.
It has been spelled out in the last 3 results RNSs December quarter, December and by the end of the year.
There is no delay.
The only way the MRE could be game changing is if it gets to anywhere near 10m oz, it might do it but doubtful.
The bulk of the gold is in the breccias and the quartz veining.
The grades to me are the important numbers, above 5g/t in the HGZ and above 2g/t in the breccias and also what % of copper
ATB:))

Hi Mush
I do like Thomas the Tank Engine :)))