Greatland
Gold plc (AIM: GGP)
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NEWS RELEASE
| 31 July
2024
June Quarter Update
THIS ANNOUNCEMENT CONTAINS
INSIDE INFORMATION AS STIPULATED UNDER THE UK MARKET ABUSE
REGULATIONS. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN
Greatland Gold plc (AIM:GGP) (Greatland or the Company) is pleased to provide an
update on activities and developments across the Company for the
June 2024 quarter, and an outline of Greatland's planned
exploration program for FY2025.
Highlights
§ Havieron: Approvals and permitting
progressed in the June quarter to enable the future recommencement
of the underground decline development.
§ Corporate: Greatland management team
further enhanced by the appointment of Dean Horton as Chief
Financial Officer, bringing exceptional project debt finance
experience.
§ Exploration: FY25 look-ahead outlines a
comprehensive exploration program with exciting potential.
Havieron
Important progress was made on the approval and
permitting of Havieron in the June quarter, with the Environmental
Protection Authority of Western Australia (EPA) making its formal decision to
assess approval of the project. The EPA has requested some
additional information, which the joint venture Manager is
currently compiling for submission.
Total development at Havieron exceeds 3,060 metres
including over 2,110 metres of advance in the main access decline
(as at 30 June 2024). There is approximately 80 vertical
metres of development remaining before the decline reaches the base
of the Permian cover and top of the Havieron orebody at around
420 vertical metres. Accordingly, over 80% of vertical
distance is complete in terms of reaching the top of the Havieron
ore body.
As previously announced, there is a pause in decline
development prior to development through the third and final lower
confined aquifer (LCA) that
the decline passes through before reaching the Havieron
orebody. A further three evaporation ponds are required to be
constructed and utilised in a staged manner, to manage dewatering
requirements for development through the LCA. Opportunities
to bring forward approvals for these continued to be progressed in
the quarter.
The Havieron portal and decline continues to be
maintained in excellent condition (Figure 1), withstanding heavy
rainfall events in the region without damage or disruption.
Ventilation intake has been transferred from the portal entry to
the ventilation raise (VR1).
Figure 1: Havieron
underground access decline portal, 22 July 2024
As previously announced, Greatland's Havieron joint
venture partner Newmont has stated that it considered its interest
in Havieron and ownership of the nearby Telfer gold-copper mine as
non-core assets which it intends to divest. Under the
Havieron joint venture agreement, Greatland holds a right of last
refusal in respect of a sale by Newmont of its joint venture
interest in Havieron to a third party. Greatland continues to
consider itself strongly positioned should there be an opportunity
to consolidate ownership of Havieron on accretive terms for
Greatland's shareholders.
Corporate
Dean Horton was appointed as Greatland's Chief
Financial Officer with effect from 1 July 2024. Dean has over
25 years of experience and brings an exceptional and highly
relevant skillset to Greatland, which includes significant
experience in project debt financing of Australian and
international resources and energy projects.
Dean's appointment further enhances Greatland's
already strong management team and supports Greatland in delivering
the full potential of Havieron for shareholders, as the project
progresses through a completed feasibility study, execution of
project debt finance, completion of development and into commercial
operations.
Exploration - Review and look-ahead
Greatland has developed a comprehensive proposed
exploration program for FY25, focused on on-ground work including
drilling, surface sampling and geophysics, that builds upon work
completed in FY24.
Highlights of recent work and the planned FY25 program
include:
§ Paterson surface
sampling programs are currently underway with more than 1,000
samples already collected in CY24 with assays pending, and further
sampling planned in CY24.
§ Paterson South
ground gravity program completed on the Atlantis prospect at
Budjidowns with processing of results underway.
§ Scallywag FY25
program includes further surface sampling and a drilling program to
test the London prospect.
§ Ernest Giles
project further enhanced by the grant of two additional exploration
licences in July 2024, E38/3277 (Westwood West) and E38/3235
(Westwood North), increasing total available strike length under
Greatland's 100% owned tenure to 125km.
§ Ernest
Giles FY25 program includes project-wide and targeted geophysics
surveys and 6,000m drilling at the Meadows project.
§ Heritage surveys
have been completed on key targets in the Paterson and at Ernest
Giles, enabling planned drilling in FY25.
§ New tenement
applications at Mt Egerton and Yannarie have the potential to
further improve prospectivity of these projects.
Included in this release is
a detailed review and FY25 look-ahead across Greatland's priority
exploration projects.
Greatland Managing Director, Shaun Day,
commented:
"At Havieron, good progress was made in the quarter with the
EPA's formal decision to assess the environmental approval
application. In respect of Newmont's announced intention to
dispose of its interest in Havieron and nearby Telfer mine, we
continue to consider ourselves strongly positioned for any
potential opportunity to consolidate ownership of Havieron on
accretive terms for our existing shareholders."
"Excellent progress is being made across Greatland's
exploration portfolio, and we are pleased to share a detailed
review and look-ahead for our high priority exploration projects in
this release. FY25 promises to be a busy year for our
exploration team and we look forward to providing updates on our
activities."
Exploration - Detailed
review and look-ahead
Paterson South joint
venture
Greatland is currently earning up to a 75% joint
venture interest with Rio Tinto Exploration (RTX) in over 1,500km2 of
tenure (the Paterson South
project, shown in Figure 2), managed by Greatland.
Greatland's FY25 exploration program at Paterson South
includes 10,000m of planned drilling and further surface sampling
programs.
Figure 2: Greatland Paterson
tenure and prospects
Budjidowns
E45/4815
The Atlantis prospect at Budjidowns (Figure 2) is a
focus for Greatland in FY25. The area is characterised by
bullseye magnetic features within the Proterozoic basement.
A gravity survey commenced at the end of June 2024 and
the results are currently being processed. Using a
combination of magnetic and gravity data to differentiate between
mafic bodies and mineralisation proved effective at Havieron and is
expected to assist targeting at Atlantis. If the geophysical
modelling identifies compelling targets at Atlantis, these will be
followed up with drilling.
Strickland E45/4807
and Telfer Domain E45/4834
The relatively shallow cover in the Strickland and
Telfer Domain tenure makes the effective and relatively inexpensive
technique of soil sampling viable. Soil sampling is planned
in FY25 across interpreted significant structures on both
tenements.
In addition, follow up drilling testing of known
geochemical anomalies is planned in FY25 at the Chilly (+0.5 g/t Au
in Air Core drilling (AC)
by RTX) and Paterson Dome West (+0.10% Cu in AC drilling by RTX)
prospects (Figure 2) as well as any targets identified in the
surface sampling.
Skylar E45/5351 and
Triangle E45/5352
Greatland recently commissioned an external specialist
geological reinterpretation which has identified further targets,
and confirmed previously defined magnetic and structural targets at
the Bootstrap and Teague prospects (Figure 2). These will be
tested with +500m diamond holes and Reverse Circulation (RC)
drilling.
Basel E45/5122
The Calypso prospect (Figure 2) originally identified
as a gold anomaly at the base of cover in drilling will be tested
with Ultra Fine Fraction soil sampling and AC drilling follow
up.
Wilki Lakes
E45/5576
Soil sampling across the entire tenure (Figure 3) at a
nominal 300 x 800m spacing for 137 samples has been recently
completed, targeting Hemi-style felsic intrusive hosted
mineralisation. Assay results when received will guide
further exploration.
Other
tenure
Reviews of historical work are ongoing for the
remainder of the Paterson South tenure, focusing on geological
interpretation and target identification.
Paterson 100% tenure
At Greatland's 100% owned tenure in the Paterson
region, a number of surface sampling programs have been recently
completed in 2024 (Figure 3), with assay results pending.
Greatland's FY25 exploration program includes further surface
sampling, 1,500m of planned drilling at the London prospect, and
potentially further follow up drilling.
Scallywag E45/4701
and Black Hills North (E45/6134)
At Scallywag (Figure 2) a targeted soils program (119
samples) has been completed in the north-west corner of the
tenement in 2024 (Figure 3), targeting the host units of both
Telfer and Havieron in a fold closure. A further surface
sampling program of 417 samples have been completed in 2024,
covering most of the Black Hills North tenement (Figure 3).
Both programs were completed on an offset 200 x 200m grid,
with assay results under review.
At the London prospect (Figure 2), follow up drill
testing of the combined MT anomaly and demagnetized zone in the
core of a regional synform is planned in FY25, including three 500m
diamond holes.
Pascalle
E45/5316
Soil sampling (437 samples collected) and field
mapping has been completed at Pascalle in 2024 (Figure 3).
The assays results are pending, and once received will guide
the future exploration program for the tenement.
Figure 3: Surface sampling
completed in 2024 to date in south eastern Paterson (Blue dots),
overlaid on reduced to pole (RTP) aeromagnetics.
Ernest Giles project
Greatland's 100% owned Ernest Giles project (Figure 4)
is located in the Eastern Goldfields region of Western
Australia.
The grant of exploration licences E38/3277
(Westwood West) and
E38/3235 (Westwood North)
in July 2024 and E38/3775 (Mount
Smith) in April 2024 has increased the available strike
length of the Ernest Giles Archean greenstones to over 125km
(Figure 4).
Greatland's planned FY25 exploration program at Ernest
Giles includes a regional geophysics program across the project
tenure, as well as a targeted airborne geophysics survey and 6,000m
of drilling at the Meadows prospect.
Figure 4: Ernest Giles
location and tenure (granted and pending), Meadows
prospect
Ernest Giles -
Regional Evaluation
Ernest Giles is approximately 250km north-east of the
town of Laverton and covers a folded belt of magnetic greenstone
rocks typical of the highly gold and nickel endowed Archean Eastern
Goldfields of Western Australia (Figure 5).
Figure 5: Ernest Giles
Project and Yamarna Belt location
Greatland's success in 2024 in achieving the grant of
an additional three tenements at Ernest Giles (Figure 4) has
improved our ability to understand the entire Ernest Giles Archean
greenstone belt, and amplifies the potential benefits of a region
wide program of work to achieve this.
The first phase of this regional program will be to
augment the already acquired geophysical datasets including
detailed magnetics, targeted gravity and electromagnetic surveys
with regional "deep seeing" geophysical data.
Ernest Giles -
Learnings from Gruyere
One program under consideration by Greatland at Ernest
Giles is a belt wide magnetotelluric (MT) survey to identify the deep feeders
for mineralisation.
The Yamarna Belt is the closest Archean greenstone
belt to Ernest Giles, located approximately 120km south-west of
Ernest Giles (Figure 5), and is considered Ernest Giles' closest
correlative. The Yamarna Belt hosts the Gruyere gold mine
(Gruyere) which was
discovered by Gold Road Resources (ASX:GOR) (Gold Road) in 2013. Gruyere is
now owned and operated in joint venture between Gold Road and Gold
Fields Ltd (JSE:GFI). Gruyere commenced production in 2019,
and to 30 June 2024 has produced more than 1.5Moz of gold, with a
current mine defined to 2032.
McCuaig and Hronsky (2014) outlined a mechanism for
gold concentration and deposition requiring an intermediate over
pressured palaeo reservoir within a fractured rock volume at depth
within the crust. This feature and the pathway from it to the
resulting orebody would be identifiable due to the passage of high
temperature fluids through the surrounding rocks causing alteration
and an increase in electrical conductivity.
A 3D MT survey across the Yamarna Belt was carried out
by the Geological Survey of WA (GSWA) in collaboration with the
Centre for Exploration Targeting, Gold Road and the Mineral
Research Institute of WA in the Yamarna terrain in 2018.
Processing of this MT data identified a deep conductive zone in the
lower crust (interpreted as the palaeo reservoir), as well as
conductive pipes leading to the Gruyere deposit (Figure 6),
consistent with the McCuaig and Hronsky mechanism.
Figure 6: Results of 3D MT
survey over Yamarna greenstone belt, taken from Dentith et. al.
2018, Figure 3.
The MT survey at Gruyere confirms the effectiveness of
this advanced exploration technique in identifying conductors
within the Archean greenstone setting.
Greatland is experienced in the use of this technique,
having applied it at the Scallywag project in 2023 to effectively
identify the London anomaly which is now planned for drill testing
in FY25 (refer below), and at Havieron in 2022 where it
successfully detected the Havieron orebody.
A belt-wide MT survey of Ernest Giles by Greatland is
targeted for FY25 and is expected to sharply refine the target
space for on-ground work.
Ernest Giles - Meadows
prospect
Previous work by Greatland at the Meadows prospect has
already identified anomalous gold mineralisation in very widely
spaced drilling, making Meadows a high priority within Ernest Giles
and Greatland's overall exploration portfolio.
A geological review of the Meadows prospect, which
integrated the findings from Greatland's 2023 diamond core drilling
with historical drilling and geological interpretations from
geophysical surveys, has confirmed favourable host lithologies
occurring within multiple potential structural traps in this
underexplored area.
These structural traps will be the focus for a 3D
Induced Polarisation (IP)
survey capable of identifying disseminated sulphide accumulations
in bedrock. Disseminated sulphides are consistently
associated with gold mineralisation in Archean lode gold
systems.
The IP survey will be completed in H1 FY25 and the
results used to further refine drill targets at the Meadows
prospect. Area heritage clearances have been completed and
drilling will commence immediately following review of the IP
survey results.
Mt
Egerton
The Mt Egerton project footprint is expected to be
expanded with applications made for a further two exploration
licences, E52/4361 (Munjang) and E52/4362 (Mt Egerton), in this highly
underexplored area. These new applications would increase the
landholding in what Greatland considers to be a very prospective
region for the discovery of major gold and copper deposits.
Greatland continues to review the existing data in
preparation for on-ground work once land access agreements are in
place.
Figure 7: Mt Egerton tenure
including Woodlands (granted) and new tenement applications for
Munjang and Mt Egerton (pending). GSWA 100,000 scale
interpreted geology.
Yannarie
Greatland continues to grow its potential footprint at
the Yannarie project, with a new tenement application submitted for
exploration licence E08/3721 (Irregully) (Figure 8).
Negotiations with local landholders and the traditional owners are
currently underway to enable grant of all pending Yannarie tenement
applications.
Figure 8: Yannarie tenement
location and tenure (all pending applications)
Contact
For further information, please
contact:
Greatland Gold plc
Shaun Day, Managing Director
| info@greatlandgold.com
Nominated Advisor
SPARK Advisory Partners
Andrew Emmott / James Keeshan / Neil
Baldwin | +44 203 368 3550
Corporate Brokers
Berenberg | Matthew
Armitt / Jennifer Lee | +44 203 368 3550
Canaccord Genuity |
James Asensio / George Grainger | +44 207 523
8000
SI Capital Limited |
Nick Emerson / Sam Lomanto | +44 148 341
3500
Media Relations
UK - Gracechurch Group | Harry
Chathli / Alexis Gore / Henry Gamble | +44 204 582
3500
Australia - Fivemark Partners
| Michael Vaughan | +61 422 602 720
About Greatland
Greatland is a mining development and exploration
company focused primarily on precious and base metals.
The Company's flagship asset is the world-class
Havieron gold-copper project in the Paterson Province of Western
Australia, discovered by Greatland and presently under development
in joint venture with world gold major, Newmont Corporation.
Havieron is located approximately 45km east of
Newcrest's existing Telfer gold mine. The box cut and decline to
the Havieron orebody commenced in February 2021. Total development
now exceeds 3,060m including over 2,110m of advance in the main
access decline (as at 30 June 2024). Subject to a
positive feasibility study and Decision to Mine, Havieron is
intended to leverage the existing Telfer infrastructure and
processing plant. Access to Telfer would de-risk the
development and reduces capital expenditure.
Greatland has a proven track record of discovery and
exploration success and is pursuing the next generation of tier-one
mineral deposits by applying advanced exploration techniques in
under-explored regions. Greatland has a number of exploration
projects across Western Australia and in parallel to the
development of Havieron is focused on becoming a multi-commodity
miner of significant scale.
References
Mike Dentith, Jessica Spratt, Alan Aitken, Mark
Lindsay, Sandi Occhipinti, Jeffrey Shragge - 2018.
Electromagnetic Imaging Of An Archean Orogenic Gold Mineral System:
Gruyere Deposit, Yilgarn Craton - Poster presented at GSWA Open
Day, Fremantle
McCuaig, T.C., and Hronsky, J.M.A., 2014. The mineral
system concept: The key tom exploration targeting. Society of
Economic Geologists Special Publication 18, 153-175.