Greatland Gold PLC has released a quarterly update on its Havieron gold-copper project, located in the Paterson Province. The company has made significant progress in development, with over 3,060 meters of total development completed, representing approximately 80% of the vertical distance to the top of the Havieron ore body. Dewatering activities are ongoing, and the company is currently depressurizing the lower confined aquifer. Greatland's updated Mineral Resource Estimate (MRE) released in December 2023 increased estimated Mineral Resources to 8.4Moz total gold equivalent metal (AuEq1). Newmont Corporation has been welcomed as Greatland's Havieron joint venture partner following its acquisition of Newcrest Mining Limited.
The development at Havieron has exceeded 3,060 meters, with approximately 80% of the vertical distance to the top of the Havieron ore body completed. The company is currently pausing development to allow depressurization of the lower confined aquifer, with six depressurization holes drilled into the aquifer and water being pumped to evaporation facilities at the surface. The Feasibility Study is progressing, with value-enhancing options being assessed to maximize value and de-risk the project.
Greatland released an updated MRE for Havieron, showing a 29% increase in estimated gold equivalent Mineral Resources to 8.4Moz AuEq1, with continuous mineralization confirmed between the Eastern Breccia and main Havieron Breccia domains. The updated MRE now averages 7,900 ounce per vertical meter (OPVM) of gold equivalent over the top 1,000 meters of the deposit vertically.
Newmont Corporation has become Greatland's Havieron joint venture partner following its acquisition of Newcrest Mining Limited. Newmont operates a global portfolio of world-class projects and is led by a highly experienced management team. Greatland and Newmont are engaging constructively on various aspects of the Havieron project.