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Australia-focused explorer Greatland Gold (LSE: GGP) has provided an updated reserve and resource statement on the Havieron gold-copper deposit, which it aims to develop into a large, underground operation.
The mineral resource update, reported in compliance with JORC guidelines, shows that Havieron’s total endowment (including ore reserves) has increased “substantially” to 5.5 million ounces of gold and 218,000 tonnes of copper.
This equates to 6.5 million ounces of gold equivalent (AuEq), which is 2.1 million ounces or 47% higher than the previous estimate. The gold content increased by 53%, encompassing a 63% increase in indicated gold ounces.
The mineral resources included 33 million tonnes grading 3.28 g/t Au and 0.48% Cu (containing 3.5moz gold and 158,000t copper, or 4.2moz AuEq) in the South East Crescent zone.
Probable ore reserves at Havieron now stand at 2.4moz gold and 109,000t copper, or 2.9moz AuEq. This was 70% higher compared to the 1.7moz AuEq shown in the initial ore reserve estimation. Contained gold ounces increased by 50%, after converting 86% of the indicated resources into probable reserves.
The conversion rate reiterates the robust nature of the South East Crescent zone within the Havieron deposit, Greatland said.
Drilling is ongoing, with extension drilling targeting the South East Crescent zone at depth, while growth drilling targeting the Eastern Breccia is underway with initial high grade intersections. A further 40,000m of growth drilling is planned for June 2022, which has the potential to further expand the Havieron resource.
“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,” Greatland CEO Shaun Day said in a news release.
“Through an independently verified analysis, the total mineral resource at Havieron has increased to 6.5moz of gold equivalent, an increase of almost 50% in 10 months of drilling,” he added.
Havieron is currently under a joint venture with Newcrest Mining, Australia’s largest gold producer. The deposit is located 45 km from Newcrest’s Telfer mine, which has the largest processing facility in Paterson province, Western Australia.
Under their 2020 JV agreement, Newcrest has the right to earn up to a 70% interest through total expenditures of $65 million and the completion of a series of exploration and development milestones across a four-stage farm-in. Newcrest has so far met the Stage 3 expenditure requirements ($45 million).
In a statement released on Thursday, Newcrest said it has not reviewed or verified the analysis conducted by Greatland, and it intends to issue an updated resource and reserve statement on June 30 with its full-year financial results.
