Greatland Gold PLC (AIM:GGP, OTC:GRLGF) announced a substantial increase in resources and reserves for the Havieron gold-copper joint venture project in Australia.
Total mineral resources (including ore reserves) jumped 53% from the previous estimate to 5.5mln ounces of gold and 218,000 tonnes of copper. While the ore reserves estimate showed a 50% increase in contained gold ounces to 2.4mln ounces, helped by an 86% conversion rate from indicated resources to probable ore reserves.
“The update has unearthed further aspects of the Havieron system and validates that Havieron is a world class deposit with significant growth potential,” said chief executive Shaun Day.
“With an ongoing and substantial expansion drilling campaign continuing, there is every opportunity to deliver more growth to the mineral resource and ore reserve as we continue to better understand the extent of mineralisation across the broader Havieron zonation.”
The contained gold estimate soared 63% to 3.1mln ounces at the indicated category, as infill drilling within the South East Crescent Zone converted some resources from inferred to indicated. The inferred estimate contained the first results from drilling at the Eastern Breccia complex.
The updated estimate incorporated an additional 10 months of drilling results since the February 2021 cut-off date used for the last update.
Newcrest Mining Ltd currently has a 60% interest in the joint venture.