EXPLORATION & DEVELOPMENT

Newcrest starts drilling at Havieron

Drilling programme the most extensive to date

Staff reporter

This article is 5 years old. Images might not display.

About 10,000m of drilling has started with the aim of defining the extent of  mineralisation along strike and at depths to 1,000m below surface.

The work is being fully funded by Newcrest, which agreed in March to spend US$5 million on Havieron in the next 12 months.

The $5 million is part of a farm-in deal signed by the two companies giving Newcrest the option to acquire 70% of Havieron by spending $65 million on exploration and development over five years.

Greatland CEO Gervaise Heddle said the company expected Newcrest's technical expertise and understanding of the local geology to build on the successful 2018 programme.

Greatland also announced plans to start a detailed, low-level aeromagnetic survey over the entire Paterson Range East licence, which lies 25km north of Havieron, in early June.

The survey will comprise about 5,200-line km at 50m spacing and will increase the resolution of some 20 previously identified magnetic targets.

The results will be used with other geophysical and geochemical data sets to prioritise targets within the Paterson Range East licence.

"Greatland's 2019 exploration programme in the Paterson is advancing on a number of fronts, with a detailed aeromagnetic survey planned at Paterson Range East, a 6,000m drilling programme expected to commence at Black Hills within the next few weeks, and Newcrest's first drilling programme at Havieron underway," Heddle said.

Greatland's shares (AIM:GGP) have dropped 7.9% so far this year to the current 1.64p (US2.09c), while Newcrests's shares (ASX:NCM) have risen 23.1% to A$26.72 (US$18.41).

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.