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Greatland Gold [LON:GGP] has reported new results from its Havieron project, where Newcrest Mining is currently drilling. On top of that Canaccord Genuity recently initiated coverage of the gold explorer (9 June) and indicated a target price of 25p.

Newcrest reports on seven new drill holes

Newcrest has just reported on seven new drill holes, with the latest holes all intersecting mineralisation. These continue to support the thesis for resource expansion at the Havieron gold-copper mineralised system. Drill hole HAD133 returned 85m at 11g/t Au and 0.29% Cu from 1345m. The high grade Crescent Zone remains open at depth, while Greatland Gold also reported additional mineralisation at the Breccia Zone, backing up the possibility for resource extensions outside the existing resource shell.

New drill intercepts from within the 2020 Initial Inferred Mineral Resource shell are also supporting geological and grade continuity. There is plenty of other drill testing and interpretation scheduled to go on into 2022. For example, new targets outside the immediate vicinity of the Havieron deposit but within the Havieron Joint Venture Area, have been identified, with the potential to conduct drill testing of these targets in the future.

Notable recent results include 50.4m at 4.3 g/t Au and 1.6% Cu from 1313m (HAD086W1) and 85m at 11 g/t Au and 0.29% Cu from 1345m (HAD133). At North Breccia, where there is growth drilling underway, Greatland Gold has also reported 81.3m at 1.2 g/t Au and 0.04% Cu from 1396m (HAD089W1).

Canaccord Genuity initiates coverage of Greatland Gold

Canaccord Genuity also recently put out a note on Greatland Gold with a target price set at 25p. The Canadian broker sounds bullish on the prospects for the miner, which it recognises as a top tier asset working with a top tier partner in the form of Newcrest Mining.

Canaccord analyst Sam Catalano said: “We believe that Greatland’s flagship Havieron project could become a 400-700 kozpa producer, with a mine life of greater than 20 years, developed at a low capex cost, as a result of taking advantage of Newcrest’s existing processing architecture located nearby. Furthermore, we see minimal dilution from any required funding for development by GGP.”

Catalano said that the key for Greatland Gold over the next 12 months will be the delivery of ongoing strong drillhole results as the full extent of the Havieron mineralisation becomes apparent.

Canaccord noted that Newcrest’s nearby Telfer mine is soon set to exhaust, leaving significant processing infrastructure stranded. Newcrest is currently fast tracking the development of Havieron in order to avoid the cost of placing Telfer on care and maintenance. The broker expects Havieron to begin ramping up from late 2023, possibly early 2024.


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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Stuart Fieldhouse

Stuart Fieldhouse

Stuart Fieldhouse has spent 25 years in journalism and marketing, including as a wealth management editor for the Financial Times group, covering capital markets and international private banking, and as an investment banking correspondent for Euromoney in Hong Kong. He was the founder editor of The Hedge Fund Journal.

Stuart has worked at CMC Markets, supporting the re-launch of its global financial spread betting and CFD trading platforms. He is also the author of two books on trading, published by Financial Times Pearson. Based in The Armchair Trader’s London office, Stuart continues to advise fund managers, private banks, family offices and other financial institutions.

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