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Greatland Gold provides Havieron mineral resources and ore reserves update

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Global Mining Review,

Greatland Gold plc, a leading mining development and exploration company with a focus on precious and base metals, has provided an independently assessed update on the mineral resources and ore reserves at the Havieron gold-copper deposit in the Paterson region of Western Australia. The update is based on increased drill density throughout the deposit with a further 87 drill holes for 59 270 m completed since the last resources and reserves update published in the pre-feasibility study (Stage 1 PFS), which used drill data up to February 2021.

Havieron mineral resource update highlights

  • A 53% increase in total gold content to 5.5 million oz Au (6.5 million oz gold equivalent [AuEq]).
  • A 63% increase in indicated mineral resource gold ounces to 3.1 million oz Au.
  • An initial inferred mineral resource estimated at the Eastern Breccia.
  • Mineral resources include 33 million t at 3.28 g/t Au and 0.48% copper (Cu) (containing 3.5 million oz Au and 158 000 t Cu or 4.2 million oz AuEq) in the South East Crescent Zone.
  • Update has been subject to a detailed analysis and review, independently assessed by SRK Consulting and are reported in compliance with JORC (2012) guidelines.

Havieron ore reserve update highlights

  • 50% increase in contained gold ounces to 2.4 million oz Au (2.9 million oz AuEq), including an 86% conversion of indicated mineral resources to probable ore reserves.
  • The conversion rate of the South East Crescent Zone reiterates the robust nature of the South East Crescent Zone within the Havieron deposit while providing confidence in the ongoing conversion of further South East Crescent Zone material as drilling continues.
  • Update has been subject to a detailed analysis and review, independently assessed by SRK Consulting and are reported in compliance with JORC (2012) guidelines.

Havieron growth

  • This resource update is at a ‘point in time’, with a 2 December 2021 cut-off for drilling information used to inform the mineral resource estimate.
  • 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, evidenced by HAD1046 being comparable to those seen at the South East Crescent Zone, demonstrating a promising start.
  • Drilling is also underway to continue to assess the broader Havieron breccia system’s suitability for a bulk mining approach.
  • Concurrent studies underway to assess production rates greater than 3 million tpy.
  • Targeting a further 40 000 m of growth drilling in the year to 30 June 2022, which has the potential to further expand the Havieron resource.

Shaun Day, CEO 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 6.5 million oz AuEq, 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 1000 m 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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Australian mining news Copper mining news Gold mining news