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Greatland Gold sees potential to fast track Havieron project to feasibility study

The AIM-listed firm said it will apply the insights gained at Havieron to accelerate exploration at the Paterson licences

Greatland Gold PLC - Greatland Gold sees potential to fast track Havieron project to feasibility study
Partner Newcrest has announced three sets of “excellent” drill results

Greatland Gold PLC (LON:GGP) believes there is potential to fast-track the Havieron project to a feasibility study if the trend of positive drilling results continues.

Following a farm-in agreement with Newcrest Mining Limited (ASX:NCM) in March, the miner announced three sets of “excellent” results post year-end, with Newcrest increasing the number of drill rigs from two to six and meeting the US$5mln minimum expenditure commitment ahead of the expected timetable.

READ: Greatland Gold reports 'outstanding' result from new drilling at Havieron

If the feasibility study results in positive outcome, ore from Havieron, in Western Australia, will be toll processed at Newcrest's Telfer Gold Mine, 45 kilometres west of the project, allowing lower upfront capital costs, reduced time to production and first cash flows, and the potential for a significantly higher net present value for the project.

The AIM-listed firm said it will apply the insights gained at Havieron to accelerate exploration at its other Paterson licences where it hopes to find tier-one gold-copper deposits.

“Greatland is the only AIM-listed company with exposure to the new ‘gold/copper rush’ in the Paterson region of Western Australia,” said chairman Alex Borrelli in a statement.

The miner’s Paterson project comprises the Havieron, Paterson Range East and Black Hills licences that collectively cover more than 385sq km of ground.

Cash at the end of the year to 30 June was £2.2mln, while losses rose to £3.2mln.

Quick facts: Greatland Gold PLC

Price: 1.725 GBX

AIM:GGP
Market: AIM
Market Cap: £61.71 m
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Full interview: Drilling at Greatland Gold's Havieron project 'continues to...

Greatland Gold PLC’s (LON:GGP) Gervaise Heddle and Callum Baxter caught up with Proactive London's Andrew Scott after announcing further results from drilling by Australian gold major Newcrest at its Havieron project. The latest highlight shows 107 metres grading 2.2 grams per tonne gold,...

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