What it owns
The Paterson Project comprises the Havieron, Black Hills and Paterson Range East licences, covering over 385 square kilometres of under-explored ground in the Paterson Province in Western Australia.
Australian gold major Newcrest Mining has a farm-in agreement to explore and develop the Havieron gold-copper project and earn 70% interest in the 12 blocks by spending up to US$65mln.
Panorama consists of three adjoining exploration licences, covering 155 square kilometres, located in the Pilbara region of Western Australia. Greatland has recently identified potential gold targets on both the north-western and southern licence.
Ernest Giles is 250km north-east of Laverton in the Yilgarn in central Western Australia. The project covers approximately 1,370sq km of unexplored Yilgarn Craton hosting greenstone belts and intrusives with over 180km of strike of prospective rocks. Greatland is hoping for a 5mln oz plus deposit.
Bromus is 25km south-west of Norseman and 65km south of the historic Chalice gold mine in the southern Yilgarn region of Western Australia. The Bromus exploration licence covers 52sq km of under-explored greenstone & intrusive granites of the Archean Yilgarn Block at the southern end of the Kalgoorlie-Norsman Belt, host to over 120M oz Au and numerous nickel deposits.
Firetower consists of one 100% owned tenement with gold and copper targets within approximately 12km of strike of prospective rocks in northern Tasmania.
Warrentinna is 60km North-East of Launceston in North-Eastern Tasmania and covers an area of 37sq km with 15km of strike prospective for gold.
How is it doing?
Following a farm-in agreement with Newcrest in March, the miner has announced three sets of “excellent” results following the end of its latest full year on 30 June, with Newcrest increasing the number of drill rigs from two to six and meeting the US$5mln minimum expenditure commitment ahead of the expected timetable.
If the feasibility study results in positive outcome, ore from Havieron, in Western Australia, will be toll processed at Newcrest's Telfer Gold Mine, 45 kilometres west of the project, allowing lower upfront capital costs, reduced time to production and first cash flows, and the potential for a significantly higher net present value for the project.
The firm, which had £2.2mln of cash in its coffers at the end of June and topped it up with a £4.1mln fundraising later in the summer, said it will apply the insights gained at Havieron to accelerate exploration at its other Paterson licences where it hopes to find tier-one gold-copper deposits.
“Greatland is the only AIM-listed company with exposure to the new ‘gold/copper rush’ in the Paterson region of Western Australia,” said chairman Alex Borrelli in a statement.
The miner’s Paterson project comprises the Havieron, Paterson Range East and Black Hills licences that collectively cover more than 385sq km of ground.
At Havieron, six drill rigs are in operation during the Australian summer period from December to March 2020, where chief executive Gervaise Heddle said “it has become clear that the size of the mineralised footprint now significantly exceeds our initial expectations”.
The ongoing drilling campaign being conducted by Newcrest at Havieron is happening at double-quick time, with stage one of its farm-in agreement completed in early December, meaning it is already moving onto stage two, where it will spend US$10mln on exploration.
Elsewhere, results of geophysical and geochemical studies at Paterson Range East licence in December delivered a widespread response for gold and copper, identifying a “range of exciting, high-priority targets” for further study in 2020.
In January 2020, Greatland said the final holes drilled in the exploration campaign of its Firetower prospect in Tasmania confirmed a defined mineralisation over a strike length of more than 200 metres, and created prospective new target zones for further exploration.
- Drilling results are likely to dominate Greatland’s newsflow with so much exploration underway
- Partners for others of the group’s projects
- Gold price keeps rising
What the broker says: Numis about Havieron
"In our view GGP is one of the most exciting exploration plays globally, as the Telfer Mine is running out of reserves and Newcrest has clearly prioritised the project as a future potential source of higher grade ore feed."
"We retain a Buy recommendation and a 4p target price with the main catalyst for the shares being drill results from the ongoing programme at Havieron."