interim results9 Mar 2021 07:27
Interim Results
Greatland Gold plc (AIM:GGP), the precious and base metals mineral exploration and development company, announces its unaudited results for the six months ended 31 December 2020.
Operational highlights
The Company made significant progress in the first six months of the financial year, consolidating its reputation as one of the most successful operators in the Paterson region of north-western Australia as it delivered the initial Mineral Resource estimate at its Havieron project.
· Havieron delivers initial Mineral Resource estimate and accelerates development
o Initial Inferred Mineral Resource estimate of 52Mt @ 2.0g/t Au, 0.31% Cu or 2.5g/t AuEq for 3.4Moz Au, 160Kt Cu or 4.2Moz AuEq1, with mineralisation open outside of the resource shell and potential to grow the resource over time
o Commenced preparation for the construction of the box cut and decline with A$146 million (~US$112 million) in funding approved by Newcrest Mining Limited ("Newcrest") Board
o Four successive sets of excellent, high-grade results from Newcrest drilling between July 2020 and January 2021 resulted in:
- Expanded footprint of mineralisation: additional zones of mineralisation identified to the east, north and north-west
- Best intercept to date: infill drilling returns further high-grade results, including the best intercept to date, 120.7m @ 9.3g/t Au and 0.18% Cu from 1349.3m (HAD065W2)
o Newcrest commencing 65,000 metre growth drilling campaign; Stage 3 of Farm-in Agreement completed and up to nine drill rigs operational
· Juri JV - Second joint venture signed with Newcrest in the Paterson region
o Entered into a farm-in and joint venture agreement with Newcrest to accelerate exploration at Greatland's Black Hills and Paterson Range East licences
o Two-stage farm-in over five years, including a A$3 million minimum commitment for Stage 1
o Newcrest has right to earn up to a 75% interest in licences by spending up to A$20 million
· Advancing strategy to discover potential Tier-1 gold-copper deposits in the Paterson
o Multiple new targets identified at Scallywag and first three drill holes intersect prospective target lithologies and pathfinder element anomalism
o Expanding exploration footprint in the Paterson with Rudall licence application and new Canning licence application (post-period)
1 The gold equivalent (AuEq) is based on assumed prices of US$1,400/oz Au and US$3.40/lb Cu, gold recoveries of 94% (Crescent) and 84% (Breccia), and copper recoveries of 84% (Crescent) and 82% (Breccia), which equates to a formula of approximately AuEq = Au (g/t) + 1.65 * Cu (%). In Greatland's opinion both gold and copper have a reasonable potential to be recovered and sold.
Corporate and financial highlights
· Appointment of a new Chief Executive Officer, Shaun Day, to oversee the development of Havieron and to scale-up the wider business
· Secured fun
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