Greatland shares rise as Newcrest makes progress at Havieron

The AIM-traded firm had signed a farm-in agreement with Newcrest Mining subsidiary Newcrest Operations to explore and develop its Havieron gold-copper project in the Paterson region of Western Australia in March 2019.

Newcrest had the right to earn up to a 70% interest in a 12-block area within E45/4701, which covered the Havieron target, by spending up to $65m.

It said eight drill rigs were in operation at Havieron, which was up from six rigs previously, with Newcrest investigating the potential to start an exploration decline at Havieron by the end of 2020.

Newcrest was studying both a stoping operation, and the potential for a bulk underground mine, and was investigating the potential to achieve commercial production within two to three years from the start of decline.

Greatland noted that studies being performed by Newcrest were subject to all necessary permits, regulatory requirements and Newcrest board approval and further works.

“It is a very exciting time at Havieron as drilling accelerates to define the potential scale of the deposit and preliminary work begins to determine potential mining methods,” said chief executive officer Gervaise Heddle.

“We are very pleased by Newcrest's ongoing commitment and look forward to providing further updates on progress at Havieron.”

At 1304 GMT, shares in Greatland Gold were up 8.36% at 5.25p.