Greatland Gold hails Newcrest decision on Havieron stake acquisition as the 'best possible outcome'
The company expects the world-class, low-cost development to be fast-tracked to commercial production
Company
LON:GGP
Greatland Resources is a new leading Australian gold and copper producer, operating the Telfer gold mine, one of Australia’s largest gold-copper mining complexes. The company is concurrently developing the nearby world-class Havieron gold-copper project and exploring across a significant regional portfolio.
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The company expects the world-class, low-cost development to be fast-tracked to commercial production
Greatland said the sum does not “represent a true market value for Havieron”
Newcrest Mining now has a 70% stake after funding an extensive exploration campaign at Havieron
“In these markets more than ever, to extract the full value from the opportunity we prefer to back the team over the asset every time.”
Greatland Gold's growth drilling program continues to expand the mineralised system at the Havieron gold-copper project in Western Australia.
Drilling in the South East Crescent has extended the high-grade zone a further 100 metres below the March 2022 resource estimate
Greatland's nearby Havieron project is one of the most significant Australian gold discoveries in recent years
Greatland has a significant track record of exploration success in the region
It is a "natural step as Greatland evolves from an explorer to developer and to becoming a multi-commodity producer"
These broad high-grade intersections are positive as they demonstrate the continued exploration potential
Newcrest advised that first ore is now expected in the second half of FY24
Greatland has already made a significant discovery elsewhere at Havieron
The discovery of Havieron is the stand-out success in London's junior mining sector over the past few years
"This growth drilling programme is already delivering pleasing results," said chief executive Shaun Day
“We expect further upgrades to the resource and reserve base over time," Canaccord analyst Sam Catalano said in a note.
Newcrest Mining Ltd currently has a 60% interest in the joint venture
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Newcrest also reported that the advancement of the decline at Havieron had been hampered by more challenging ground conditions than expected
This option will lift Newcrest’s total holding in Havieron from 70% to 75%
The latest set of drilling results at Havieron continue to astound, the CEO said