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Summary
- The approval allows the company to carry out ancillary construction of administration space, fuel facilities, evaporation ponds, an explosives magazine, laydown area along with maintenance workshops.
- Greatland Gold shares delivered a mind-boggling return of 1992% in the last one year.
Precious and base metals exploration and development company Greatland Gold Plc (LON:GGP) has received the much-awaited regulatory approvals to commence early works activities at their gold-copper project based in Australia.
The approval allows the company to carry out ancillary construction activities such as building administration space, fuel facilities, evaporation ponds, an explosives magazine, laydown area along with maintenance workshops. The development of underground mine at the Havieron Project will require further studies, approvals from the board and the regulatory authorities.
The AIM-listed natural resource exploration and development company has six main projects that are located across Tasmania along with Western Australia and it continues to emphasise on precious and base metal exploration activities.
Also read: Two Mining Stocks Trending on the LSE - Greatland Gold PLC & Jubilee Metals Group PLC
In order to explore and develop Havieron gold copper deposit in the Paterson region of Western Australia, Greatland signed a farm-in agreement with Newcrest Operations Limited, a wholly owned subsidiary of Newcrest Mining Limited (ASX:NCM) in March 2019.
The Havieron Project is governed by a joint venture agreement between Greatland Gold and Newcrest. Under the terms, Newcrest can earn the completion of a series of exploration and development milestones that commenced in March 2019 over a six-year period along with an opportunity to earn up to a 70 per cent joint venture interest through total expenditure of $65 million.
In addition, by the end of the farm-in period, Newcrest would also be eligible to acquire an additional 5 per cent interest at fair market value. The mineralised material resulting from a successful exploration programme based on positive inferences from the study shall be processed at Telfer, which is located at 45 kilometres to the west of Havieron site.
Greatland Gold has deployed advanced exploration techniques to investigate a wide range of selected sites within its focused licence portfolio as it believes that the next generation of large deposits will come from such underexplored areas that have not been subject to extensive exploration previously.
In addition, the precious metal miner is continuously engaged in identifying new opportunities in precious and strategic metals to deliver sustainable growth in the long term.
The Newcrest's ongoing exploration campaign has highlighted the world-class potential of the Havieron deposit after coming across excellent drilling results. Greatland and Newcrest both are eager to pursue further approvals from the authorities regarding the further development of the project.
Share Price Performance
Greatland Gold shares delivered a mind-boggling return of 1992% in the last one year. This return can be attributed to the coronavirus crisis which pushed the prices of the precious metal, Gold to all time high, beyond $2,000 per ounce in August. The company currently (29 December, GMT 10:58 AM+1) has a market capitalisation of £1,446.57 million. The AIM-listed mining company is well capitalised to accelerate its exploration plans across its major projects (particularly in the Paterson region) and has cash deposits of £6,022,745 on 30 June 2020.
