RE: RNS3 Mar 2022 07:55
Shaun Day, Chief Executive Officer of Greatland Gold plc, commented: "This Mineral Resource and Ore Reserve update represents a considerable increase on that which was defined in the Stage 1 PFS. The update has unearthed further aspects of the Havieron system and validates that Havieron is a world class deposit with significant growth potential. Through an independently verified analysis, the total Mineral Resource at Havieron has increased to 6.5M oz of gold equivalent, an increase of almost 50% in 10 months of drilling.
The exceptional 86% rate of conversion of Mineral Resources to Ore Reserves demonstrates the quality of the high grade South East Crescent Zone at Havieron.
The South East Crescent Zone Mineral Resource is now defined to around 1,000m vertical extent below the Permian and still open at depth. In addition, high grade intercepts are delineated below this level, which further supports the potential for future Mineral Resource and Ore Reserve growth.
In addition to the Mineral Resources within the Havieron Breccia complex, growth drilling has now defined an initial Mineral Resource within the separate Eastern Breccia complex. This is the first Mineral Resource in a mineralised system outside the Havieron Breccia system and remains open at depth and to the south. This Eastern Breccia Mineral Resource does not capture the recent high grade intercepts to its south, which is of similar grade to the South East Crescent Zone.
With an ongoing and substantial expansion drilling campaign continuing, there is every opportunity to deliver more growth to the Mineral Resource and Ore Reserve as we continue to better understand the extent of mineralisation across the broader Havieron zonation.
The investment proposition for Greatland remains compelling, with this further understanding of the quality and scale of Havieron supported by this new Mineral Resource update. With Havieron in a Tier One mining jurisdiction, under development with a major partner in Newcrest, located near existing infrastructure and a study indicating modest capex and low operating cost, this confluence of factors position Havieron as a tremendous and globally unique asset."
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