TIDMGGP
RNS Number : 3679I
Greatland Gold PLC
01 April 2020
1 April 2020
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Greatland Gold plc
( " Greatland " or "the Company " )
Newcrest Progress at Havieron and Corporate Update
Newcrest completes Stage 2 and commences Stage 3 of Farm-in at
Havieron
Greatland Gold plc (AIM:GGP), the precious and base metals
exploration and development company, is pleased to provide an
update on Newcrest's activities at Greatland's Havieron Project in
the Paterson region of Western Australia. In addition, Greatland
provides an update on the impact of COVID-19 on its own exploration
activities in the Paterson region (excluding the Havieron
Project).
Greatland notes the release of an ASX announcement titled
"Newcrest earns 40% interest in Havieron" by Newcrest Mining Ltd
("Newcrest") earlier today.
Newcrest's Activites at the Havieron Project
-- Drilling activity at Havieron is continuing as planned with
eight rigs currently operational.
-- Newcrest has implemented measures to mitigate the risks of
the COVID-19 pandemic to its project workforce and stakeholders and
is continuing to closely monitor developments.
-- Newcrest has successfully completed Stage 2 of the Farm-in
Agreement (US$20 million in expenditure to date) and has commenced
Stage 3 of the Agreement.
-- In accordance with the Farm-in Agreement, following
completion of Stage 2, Newcrest now has a 40% interest in a
12-block area within E45/4701 that covers the Havieron target ,
with the remaining 60% interest retained by Greatland.
-- In order to complete Stage 3 of the Farm-in Agreement,
Newcrest must spend an additional US$25 million and deliver a
Pre-Feasibility study for the Havieron Project.
-- Newcrest continues infill drilling to support the delivery of
a maiden resource in the second half of calendar year 2020 and
continues to investigate the potential to start an exploration
decline at Havieron by the end of calendar year 2020 or early
2021.
-- Newcrest will provide updated Havieron drilling results in
its Quarterly Exploration Report to be released on 30 April
2020.
Greatland's Exploration Activities in the Paterson Region
(excluding Havieron)
-- Due to COVID-19 related issues, Greatland's exploration
activities in the Paterson, which were originally scheduled to
commence in April 2020, are being temporarily delayed.
-- The commencement of cultural heritage clearances required for
drilling activities has been deferred due to the potential impact
of COVID-19 on the Martu People of the Central Western Desert
region in Western Australia.
-- Greatland will seek to commence its exploration activities in
this region as soon as it is practical to do so and will provide
further updates over the coming weeks.
-- Greatland is in a strong financial position and remains well
financed to conduct all planned activities during calendar year
2020.
Gervaise Heddle, Chief Executive Officer of Greatland Gold plc,
commented: "The commencement of Stage 3 of the Farm-in Agreement by
Newcrest represents an important milestone in the life of the
Havieron Project as it now officially moves into the
Pre-Feasibility Study stage of development. In just over 12 months,
Newcrest has delivered six consecutive sets of excellent drill
results at Havieron, which support the potential for both high
grade selective and bulk mining methods. We are delighted by
Newcrest's ongoing commitment and we look forward to reporting
further results as work continues towards the next major milestone
at Havieron, the delivery of a maiden mineral resource in the
second half of the 2020 calendar year.
"Over the past few weeks, we have all been impacted in both our
personal and professional lives by the COVID-19 outbreak. During
this challenging time, Greatland's priority remains the health and
safety of our people, our partners and the communities in which we
operate. For this reason, we have put on hold our exploration
activities in the Paterson, including an Airborne Electromagnetic
survey and drilling at Scallywag. Our team is using this time to
further refine targets and we will be ready to commence exploration
as soon as it is safe and responsible to do so".
Background to Havieron and Farm-in Agreement with Newcrest
In March 2019, Greatland entered into a Farm-in Agreement with
Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest
Mining Limited (ASX:NCM), to explore and develop Greatland's
Havieron gold-copper discovery in the Paterson region of Western
Australia. Newcrest has the right to earn up to a 70% interest in a
12-block area within E45/4701 that covers the Havieron target by
spending up to US$65m. Newcrest may acquire an additional 5%
interest at the end of the Farm-in period at fair market value.
Newcrest has completed Stage 2 of the Farm-in Agreement. In
accordance with the terms of the Agreement, Newcrest has earned a
40% interest in the Havieron Project and has provided notice to
Greatland that it is proceeding to Stage 3.
In order to complete Stage 3 of the Farm-in, Newcrest must incur
an additional US$25 million in expenditure and deliver a
Pre-Feasibility study for the Havieron Project. If Newcrest
successfully completes Stage 3, Newcrest will earn an additional
20% Farm-in Interest (cumulative 60% Farm-in interest).
During the Farm-In period, Newcrest will have a first right of
refusal over the remainder of Greatland Gold's Paterson projects
(Black Hills, Paterson Range East and remainder of the Havieron
licence). The Farm-in Agreement includes tolling principles
reflecting the intention of the parties that, subject to a
successful exploration program and feasibility study, the resulting
joint venture ore will be processed at Telfer, located 45km west of
Havieron.
Exploration activities at Havieron are operated by Newcrest
under a Farm-in Agreement with Greatland. The Havieron deposit is
centred on a magnetic anomaly located 45km east of Telfer.
Exploration drilling by Greatland during 2018 resulted in the
discovery of significant gold and copper mineralisation under 400m
of post mineral cover. Newcrest commenced drilling at Havieron
during the June 2019 quarter.
Results to date support potential for both high-grade selective
and bulk mining methods, which are currently being evaluated. An
additional 20,000 metres of drilling is planned by Newcrest to
support the objective of delivering a maiden resource estimate in
the second half of calendar year 2020. A number of environmental,
geotechnical and metallurgical studies are continuing in order to
support a potential mineral resource estimate, and future
permitting requirements.
Deposit mineralisation is hosted by metasedimentary
(meta-sandstones, meta-siltstones and meta-carbonate) and intrusive
rocks. Gold and copper mineralisation is hosted in breccia, vein
and massive sulphide replacement styles, typical of
intrusion-related and skarn types of mineralisation. The main
sulphide mineral assemblage contains well developed
pyrrhotite-chalcopyrite and pyrite. Alteration assemblages
associated with mineralisation are
amphibole-carbonate-biotite-sericite-chlorite. Higher grade gold
zones (+10g/t Au) are often associated with
quartz/chalcopyrite-pyrite veining.
Background to Greatland's Paterson project
Greatland's Paterson project covers more than 385 square
kilometres in the Paterson region of Western Australia and includes
the Havieron licence, the Paterson Range East licence, and the
Black Hills licence.
Greatland's exploration activities in the Paterson, including an
Airborne Electromagnetic ("AEM") survey and drilling at Scallywag,
which were originally scheduled to commence in April, are expected
to be delayed due to COVID-19 related issues. The commencement of
cultural heritage clearances has been deferred due to the potential
impact of COVID-19 on the Martu People of the Central Western
Desert region in Western Australia. Greatland will seek to commence
its exploration activities in the Paterson as soon as practical and
will provide further updates over the coming weeks. Greatland
remains in a strong financial position and is well financed to
conduct all planned activities during calendar year 2020.
A regional map showing the Havieron licence area and Greatland's
Paterson licences can be found at:
www.greatlandgold.com/paterson
Enquiries:
Greatland Gold PLC
Gervaise Heddle/ Callum Baxter
Tel : +44 (0)20 3709 4900
Email: info@greatlandgold.com
www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated Adviser)
Andrew Emmott/ James Keeshan
Tel : +44 (0)20 3368 3550
SI Capital Limited (Joint Broker)
Nick Emerson/Alan Gunn
Tel: +44 (0)14 8341 3500
Numis Securities Limited (Joint Broker)
John Prior/Paul Gillam/Alamgir Ahmed
Tel: +44 (0)20 7260 1000
Luther Pendragon (Media and Investor Relations)
Harry Chathli/Alexis Gore/Joe Quinlan
Tel: +44 (0)20 7618 9100
Notes for Editors:
Greatland Gold plc is a London Stock Exchange AIM-listed
(AIM:GGP) natural resource exploration and development company with
a current focus on precious and base metals. The Company has six
main projects; four situated in Western Australia and two in
Tasmania.
In March 2019, Greatland signed a Farm-in Agreement with
Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest
Mining Limited (ASX:NCM), to explore and develop Greatland's
Havieron gold-copper deposit in the Paterson region of Western
Australia. Newcrest has the right to earn up to a 70% interest in a
12-block area within E45/4701 that covers the Havieron target by
spending up to US$65 million.
Greatland is seeking to identify large mineral deposits in areas
that have not been subject to extensive exploration previously. It
is widely recognised that the next generation of large deposits
will come from such under-explored areas and Greatland is applying
advanced exploration techniques to investigate a number of
carefully selected targets within its focused licence
portfolio.
The Company is also actively investigating a range of new
opportunities in precious and strategic metals and will update the
market on new opportunities as and when appropriate.
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of this information may apply. For further information, please
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END
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