Greatland Gold PLC's (AIM:GGP, OTC:GRLGF) shares surged 9% after the company unveiled its first-ever mineral resource estimate for the Telfer gold and copper mine, confirming 3.2 million ounces of gold and 117,000 tonnes of copper.
Managing director Shaun Day called the result “outstanding,” highlighting the asset’s long-term potential. With these figures, Greatland’s total resource base, including the Havieron project, has jumped over 40% to 10.2 million ounces of gold and 387,000 tonnes of copper, solidifying its position as a major player in Australia’s mining sector.
Most of Telfer’s gold and copper comes from the West Dome Open Pit, while high-grade underground sections provide additional upside. The next step is an ore reserve estimate in June, confirming how much can be economically mined.
To support this, Greatland is ramping up drilling, targeting resource upgrades and potential new discoveries.
The stock rose 0.83p to 10.39p, valuing the mine developer at £1.36 billion.