Greatland Gold (LON: GGP | FRA: G8G) noted “excellent results” from the drilling campaign at the Havieron joint venture project in Western Australia on Thursday, once again reinforcing the potential to extend the initial resource.
The company has a joint venture (“JV”) agreement with Newcrest Mining (ASX: NCM), one of the world’s largest gold mining companies. Newcrest, which currently operates exploration activity at Havieron, has the right to earn up to a 70% interest in the JV. Newcrest can also acquire another 5% stake once the farm-out period is over.
Thursday’s latest report from Newcrest, with new results from the growth drilling programme at Havieron, included results from four new holes after infill drilling within the project’s inferred mineral resource boundary. All intersected “significant mineralisation” at the JV.
Best new results from growth drilling include 156.6 metres (“m”) at 1.1 grams per ton (“g/t”) gold and 0.22% copper from 805.8m, including 27.4m at 2.6g/t gold and 0.49% copper from 923.5m at the Northern Breccia.
The “excellent results from growth drilling” support potential resource expansion of the gold-copper mineralised system at Havieron. This is especially the case in and around the Northern Breccia as well as below the inferred mineral resource estimate in the project’s South East Crescent Zone and neighbouring Breccia Zones.
This backs up the strong infill drilling results reported in March 2021, which further strengthened confidence in the geological and grade continuity of the existing resource shell, and supported delivery of an indicated mineral resource estimate for the South East Crescent Zone and Breccia Zones.
Growth drilling is continuing, prioritising the North West Crescent and Northern Breccia zone at first, supporting the possible expansion of the existing inferred mineral resource.
Other priorities for growth drilling include drill testing and interpreting the Eastern Breccia Zone’s geological and mineralisation controls. Additionally, it will look to define extensions below the current resource shell and its adjacent lateral extensions.
Finally, growth drilling will also seek to find new targets outside the Havieron deposit’s immediate vicinity but still inside the JV area. The partners are considering drill testing these targets in the future.
Early works at Havieron have already started, with the company announced all the way back in January that earthmoving activities to construct the box cut and decline had begun. Excavation of this box cut started in February, and is 90% complete, while surface works are 85% done.
The portal will be established there “in the coming weeks”, while Newcrest is working on approvals and permits needed to start developing an underground mine.
Right now, work is ongoing regarding the possibility of commercial production at Havieron in the three years following “the commencement of the decline”.
Greatland chief executive Shaun Day was happy with the JV’s progression so far, praising “another set of excellent results” as further proof of Havieron’s “world-class potential”.
“With the 2021 65,000m drilling campaign well underway and the early works programme progressing at pace, we look forward to updating the market on the continuing progress at Havieron,” Day said.
Author: Anna Farley
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