TIDMSVE
RNS Number : 0019M
Starvest PLC
05 May 2020
5 May 2020
Starvest Plc ("Starvest" or the "Company")
Update on Investee Company - Greatland Gold Plc
Starvest PLC (LON:SVE), the London Stock Exchange AIM listed
specialist mining and resources investment business, is pleased to
announce an update for investee company Greatland Gold Plc
(LON:GGP) ("Greatland").
Highlights:
-- Further exceptional drill results from Greatland's Havieron
discovery demonstrate the continuity of high-grade gold and copper
mineralisation
-- Mineralisation at Havieron remains open to the north-west, and at depth
-- Nine drilling rigs operational at Havieron with plans to
complete a further 80,000m of drilling over 12 months from 1 July
2020
-- Current drilling is working towards a maiden resource estimate during the second half of 2020
-- Progressing technical studies investigating various mining
alternatives and the potential for commencement of an exploration
decline by late 2020/early 2021
On 30 April 2020 Greatland announced further exceptional
drilling results from its Newcrest Mining Limited ('Newcrest')
operated Havieron discovery drawing attention to outstanding gold
and copper results. Drill results from Havieron further demonstrate
the continuity of the higher grade mineralisation within a sulphide
zone and expand the footprint of mineralisation within this zone.
Mineralisation at Havieron remains open to the north-west, and at
depth. Current drilling will support the delivery of a maiden
resource estimate targeted for delivery during the second half of
2020. Nine drill rigs are currently operational at site with a
further 80,000m of drilling scheduled over 12 months from 1 July
2020.
Newcrest are progressing various technical studies and a Concept
Study, with completion targeted for H2 2020. The Concept Study will
investigate the potential to develop the orebody under both
underground selective mining and bulk mining alternatives.
Technical studies are progressing to support an exploration decline
commencing at Havieron by the end of 2020, or early 2021, and
investigating the potential to achieve commercial production within
two to three years from the commencement of the decline. As per
Toll Treatment terms in the Farm-In agreement it is envisaged
Havieron ore would be processed at Newcrest's existing plant
located at their Telfer gold mine which is located 45km to the west
of Havieron.
Activities at Havieron have accelerated consistently since
commencement of the Farm-In in March 2019 to the point where
Newcrest has now completed Stage 2 after cumulative expenditure of
US$20m and is moving rapidly into Stage 3 (an additional US$25m
expenditure and delivery of a Pre-Feasibility Study). The progress
by Newcrest since early 2019 is ahead of the timetable initially
proposed.
The recent announcement by Greatland Gold plc (with relevant
Competent Person's Statement) can be found at:
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GGP/14522590.html
The recent announcement by Newcrest Mining ltd (with relevant
Competent Person's Statement) can be found at:
https://www.asx.com.au/asxpdf/20200430/pdf/44hd4090k0ybn0.pdf
Following further outstanding results Greatland's share price as
at close of business on 4 May 2020 was 8.69p per share after
staring 2020 with a share price of 1.83p on 2 January. This
represents a significant increase in share price despite the
challenging market conditions.
Starvest currently holds 82,000,000 shares in Greatland Gold plc
representing 2.2% of the company.
Callum Baxter, Chairman/CEO of Starvest, commented, "Progress at
Havieron has accelerated over the past year and the recent delivery
of another batch of outstanding results confirms the exceptional
potential of the deposit. Since Greatland's discovery of high grade
gold and copper mineralisation at Havieron in 2018 the deposit has
grown significantly, and we expect a maiden resource estimate
during the second half of this year. Technical studies are underway
to support decline commencement by late 2020 or early 2001 and fast
tracking of early production. We are very pleased with our holding
in Greatland which has seen a substantial rise in share price since
the start of 2020 and we are committed to our holding in the
company."
Starvest is a specialist mining and resource investment company
and has the industry knowledge and market exposure to select
compelling opportunities early in the investment cycle.
Callum N Baxter
Chairman & Chief Executive
5 May 2020
Enquiries:
Starvest PLC
Callum Baxter or Gemma Cryan
Tel: 02077 696 876
Email: info@starvest.co.uk
www.starvest.co.uk
Grant Thornton UK LLP (Nomad)
Colin Aaronson or Harrison Clarke
Tel: 02073 835 100
SI Capital Ltd (Broker)
Nick Emerson or Alan Gunn
Tel: 01483 413 500
Greatland Gold plc Overview
Greatland is a United Kingdom-based company engaged in the
exploration in Australia with six projects in Western Australia and
Tasmania. The company's shares are traded on the Alternative
Investment Market (AIM) of the London Stock Exchange (AIM:GGP).
The company has a Farm-In agreement with Newcrest Mining Limited
whereby, through a series of staged investments, Newcrest may
acquire up to 70% of the joint venture through expenditure of
US$65m over a six-year period. To date Newcrest has completed Stage
1 and Stage 2 of the agreement and has acquired a 40% stake in the
12 sub-blocks that cover the Havieron deposit and immediate
surrounds.
Greatland also carries out exploration on the retained area of
the Havieron licence and other exploration licences in the
Paterson, with recent geophysical and geochemical programmes
highlighting high priority drill targets at Scallywag, Black Hills
and Paterson Range East. While the Panorama licence in the Pilbara
shows evidence of gold mineralisation over 6km along strike from
known mineralisation and historic mines further north.
Recent drill programmes in Tasmania continued to advance the
company's Firetower and Warrentinna licences with gold
mineralisation confirmed at both locations. Firetower drilling has
demonstrated IP anomalies semi-coincident with gold mineralisation
and a further 3km of IP targets remain untested. A diamond drill
programme at Warrentinna has demonstrated high grade gold
mineralisation near surface.
Greatland is well funded with strong management and technical
teams and the Board of Starvest look forward to continuing news
flow from the company over the coming months.
For disclosure, Callum Baxter is founding director and an
Executive Director of Greatland Gold plc.
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London Stock Exchange. RNS is approved by the Financial Conduct
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END
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May 05, 2020 09:05 ET (13:05 GMT)
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