Greatland Gold PLC (AIM:GGP, OTC:GRLGF) said a Newcrest Mining Ltd announcement today regarding resources and reserves for the Havieron gold-copper joint project used 5 February 2021 as a cut-off date for drilling information and that these figures had previously been released.
The Newcrest statement, released on ASX, restated figures contained within the Stage 1 South East Crescent pre-feasibility study (PFS) announced last October.
“When reflecting on the volume and quality of drilling data since the cut-off date for the PFS, the results are outstanding and continue to support the potential for a significant upgrade of the mineral resource,” said Greatland chief executive Shaun Day.
"The growth drilling programme has demonstrated the potential for resource additions outside of the existing inferred mineral resource limits. With drill rigs in 2022 all focused on growth targets, including new targets outside the known Havieron system, there is ongoing progress and genuine interest in understanding the size and scale of Havieron.
"Over the last year our belief has strengthened that the PFS only revealed the tip of the iceberg for Havieron's potential and that this world class asset is a globally unique opportunity for bringing a low risk, low capex tier-one gold-copper mine into production," he said.
Newcrest also reported that the advancement of the decline at Havieron, to provide access to the mine, had been hampered by more challenging ground conditions than expected and geotechnical investigation indicated that ground conditions may continue to have an impact on development.
The decline had reached a depth of 277 as at 25 January.
READ: Greatland Gold identifies possible new high grade zone at Havieron
AIM-traded Greatland also said it has continued discussions with Newcrest regarding the potential exercise of Newcrest's option to acquire an additional 5% interest in the Havieron JV from Greatland.