Greatland reports increased total mineral resource

The AIM-traded company said it now held a total group mineral resource of 10.2 million ounces of gold and 387,000 tonnes of copper, reflecting a more than 40% increase.

It said the newly-announced Telfer mineral resource estimate (MRE) stood at 154 million tonnes at 0.64 grams of gold per tonne and 0.08% copper, containing 3.2 million ounces of gold and 117,000 tonnes of copper.

That, the board said, included 2.1 million ounces from the West Dome Open Pit, 700,000 ounces from the Main Dome Underground, and 400,000 ounces in stockpiles.

Of that total, 46% of contained gold was classified as measured or indicated.

The Telfer estimate was completed 15 weeks after Greatland’s acquisition of the mine, and was based on a gold price of AUD 3,450 per ounce for open pit and stockpile material, and AUD 3,150 per ounce for underground resources.

The company said it was planning to deliver an inaugural Telfer ore reserve in the June quarter.

Greatland added that it had mobilised additional drilling capacity at Telfer to focus on resource conversion and expansion, with four drill rigs currently operating and two more expected to be added in the coming months.

The company said it was also advancing its West Dome Underground Project, which had delivered high-grade drilling results, including intercepts of 14.3m at 9.6 grams of gold per tonne and 8.57% copper.

Further evaluation was underway on additional unclassified mineralisation at Telfer, including areas within the Main Dome and satellite deposits, for potential inclusion in future resource updates.

"This inaugural Greatland Telfer Mineral Resource estimate is an outstanding result, delineating 3.2 million ounces of contained gold," said managing director Shaun Day.

"This exceptional outcome is a testament to the significant opportunities we saw at Telfer during our acquisition due diligence, and the excellent work of our team to progress and validate those opportunities in short order.

"Total group Mineral Resources now stand at more than 10.2 million ounces of gold and 387,000 tonnes of copper, an exceptional foundation for Greatland as a leading new Australian gold and copper producer."

Day said that, when the company announced the acquisition, it described an initial 15-month mine plan at Telfer to produce 374,000 ounces of gold and 13,000 tonnes of copper.

"Our two key focuses at Telfer now are continuing safe and profitable operations and demonstration of mine life extension.

"This Telfer MRE confirms the very significant extension opportunities we see at Telfer and gives us confidence in the opportunity to extend Telfer's mine life."

That result, Day added, was "an important step" towards a long life integrated Havieron and Telfer mining operation.

"The upcoming June 2025 quarter is a very exciting one for Greatland, in which we will report our first full quarter operating results for the March 2025 quarter, give production and costs guidance for 2025, deliver our inaugural Telfer Ore Reserve estimate, and list on the ASX."

Reporting by Josh White for Sharecast.com.