TIDMGGP
RNS Number : 0890R
Greatland Gold PLC
24 October 2023
Greatland Gold plc (AIM: GGP)
E: info@greatlandgold.com
W: https://greatlandgold.com
: twitter.com/greatlandgold
NEWS RELEASE | 24 October 2023
Havieron Update
Program alterations to optimise and de-risk development through
the lower aquifer
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
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Greatland Gold plc (AIM:GGP) (Greatland or the Company) provides
the following update on activities and progress at Havieron, the
world class gold-copper project located in the Paterson Province of
Western Australia.
Decline development at Havieron now exceeds 2,030 metres (as at
8 October 2023). There are 770 metres of development remaining
before the decline reaches the base of the Permian cover and top of
the Havieron orebody. The decline is now approaching the lower
confined aquifer (LCA), with approximately 280 metres of
development remaining before it is intersected.
The decline has previously successfully developed through two
shallower aquifers at vertical depths of 50 and 250 metres. Water
from these aquifers has been pumped to surface evaporation
facilities. Ground conditions encountered outside of these
aquifers, which represents the majority of the decline, have
allowed good development progress. The LCA is the final aquifer
that the underground decline passes through before reaching the
Havieron orebody. Advancement through the LCA is a key milestone
and de-risking event in the decline development.
Ahead of the decline reaching the LCA, depressurisation drilling
has commenced and groundwater is being pumped to the surface. This
water management has indicated potential for greater volumes of
water to be managed at surface than originally modelled. In order
to increase the confidence in water management from the LCA,
further hydrological drilling, data collection and evaluation will
be completed.
To allow this work to occur prior to the decline intersecting
the LCA, development will continue to advance in the short term
before a temporary pause in decline development prior to entering
the LCA, commencing later this quarter. This work should ensure a
more efficient entry into, and development through, the LCA and
likely reduce subsequent water management operating costs.
Depressurisation works will continue and be expanded, which
experience from the upper two aquifers has demonstrated is highly
effective in improving the aquifer ground conditions prior to
decline development. In terms of underground activities,
ventilation system development will continue to be advanced in
parallel with LCA water management, which is another key milestone
and de-risking event.
Feasibility Study works will continue, incorporating the further
hydrological drilling, data collection, and enhanced understanding
of the LCA and water management requirements. Various other value
enhancing workstreams continue to be progressed as part of the
Feasibility Study which Greatland now expects to be completed by
the September 2024 quarter given Newcrest's continued preference
for the study to incorporate the understandings from development
through the LCA.
Figure 1: Havieron decline development schematic (looking
northwards). The stope design shown is Greatland's draft Havieron
March 2022 Ore Reserve mine design.
Greatland Managing Director, Shaun Day, commented: "Havieron is
an outstanding orebody which has been developed on an expedited
basis in parallel with finalisation of the Feasibility Study.
Through this approach production can be brought forward to enhance
the value of the asset. At the same time it is essential that we
continue to set the project up for long-term success by optimising
and de-risking the current development phase, while maintaining an
accelerated pathway to production."
"We view Newmont's imminent involvement as our Havieron Joint
Venture partner as a tremendous positive and look forward to
working together to deliver the full potential of Havieron for all
stakeholders."
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
greatlandgold@sparkapl.com | +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 ASX gold major, Newcrest Mining Limited (which is the
subject of an approved takeover by Newmont Corporation that is due
to complete on 6 November 2023).
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
2,820m including over 2,030m of advance in the main access decline
(as at 8 October 2023). 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 will
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.
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