Greatland Gold provides update on Havieron project

Highlights

• Water management: Updated predictive hydrogeological model and water balance was completed and provides an improved understanding of water management requirements for the lower confined aquifer.
• Development: Construction of important underground infrastructure was completed during the quarter. Total underground development to date exceeds 3060 m, representing approximately 80% of vertical distance through to the top of the Havieron ore body.
• Ownership of Havieron: Newmont announced that it considers its 70% interest in Havieron non-core. Greatland holds a last right of refusal in respect of that interest and considers itself strongly positioned should there be an opportunity to consolidate ownership of Havieron on accretive terms for Greatland’s shareholders.

Greatland Managing Director, Shaun Day, commented:

“Significant progress has been made during the quarter, particularly in terms of improving our understanding and confidence in managing the lower confined aquifer. Measured flow rates are at the low end of the range previously anticipated and water management infrastructure requirements have been confirmed. This significantly de-risks development through the aquifer. A better location has also been identified for the underground decline to develop through the remaining Permian layer where it is shallower, reducing the remaining development metres required through the Permian.

Overall, we are confident there is currently significant option value in Greatland with Newmont’s 70% interest in Havieron considered non-core and our existing last right of refusal on any sale. If an opportunity to consolidate ownership of Havieron were to arise we would be highly focused on delivering an accretive outcome for our existing shareholders with a view to delivering a world-class Australian gold copper asset.”

Read the article online at: https://www.globalminingreview.com/mining/30042024/greatland-gold-provides-update-on-havieron-project/