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Greatland Gold secures government grant for Ernest Giles project


Greatland Gold, AIM:GGP, the mining development and exploration company with a focus on precious and base metals operating primarily in Western Australia announced today (20th October) it has been awarded a grant from the Western Australian Government to co-fund exploration drilling and mobilisation costs at its 100% owned Ernest Giles exploration project.

The mining company secured the grant under the Western Australian government’s Exploration Incentive Scheme and is worth up to AUD220,000 (GBP120,000). The works need to be completed before 30th November 2023.

Ernest Giles is one of six projects that Greatland Gold have in Western Australia and Tasmania and Greatland aims to become a multi-commodity mining company of significant scale. The grant will help: “co-fund commencement of a new exploration programme,” Shaun Day, managing director of Greatland Gold said in a statement today, “[…]with work advancing to finalise access, this grant enables testing of priority targets at Ernest Giles, an underexplored and prospective part of the Greatland portfolio.”

The Ernest Giles project is located approximately 250km north-east of the town of Laverton. Although in an historic mining district, the Ernest Giles project has not been subject to extensive exploration activity. Drill testing on the Calanchini licence, focusing on the Meadows prospect will be the first priority for Greatland. Previous drilling has identified favourable mineralogy for gold discoveries. Ongoing work will include airborne geophysics, said the statement, to better understand the geology of the entire Ernest Giles belt prior to systematic drill testing of the resultant priority targets.

The company’s flagship project is the gold-copper Havieron project in Paterson Province, Western Australia. The project is currently in development under a Joint Venture with Newcrest Mining, Australia’s largest gold producer. Havieron is located just 45km from Newcrest’s Telfer mine. This allows the project to leverage Telfer’s existing infrastructure and processing plant to significantly reduce the project’s capital expenditure and carbon impact. Since its discovery by Greatland in 2018, Havieron has become established as one of the most exciting long life gold-copper deposits in development worldwide. Currently the project is in early works, with mine development underway. Havieron has an initial inferred mineral resource estimate of 5.5 million ounces (moz) of gold.

As previously reported Newcrest turned down the option to buy bigger stake in Havieron in August. At the time Day said: “We are simply delighted that Greatland will retain its 30% interest in Havieron. This was the best possible outcome for the company and its shareholders which delivers substantial medium to long term value.”

Further exploration for Greatland Gold

Also in Paterson, also in JV with Newcrest, Greatland is developing the Juri Project. Exploration work at the Juri  licence is focussed on the discovery of intrusion related gold-copper deposits similar to Havieron, and other nearby projects, Telfer and Winu.

We previously reported on exploration at Scallywag, a gold-copper project 100% owned by Greatland, sitting adjacent to the Havieron mining lease. Greatland has identified multiple targets in the concession it said. The Rudall and Canning exploration licence applications, another site, expand Greatland’s landholding in the Paterson region by over 46% to 564 square kilometres. Both licences are considered to be prospective for Havieron style gold-copper mineralisation and fit Greatland’s strategy to increase its exposure to the discovery of new tier-1 gold-copper deposits the company said.

Greatland also has a cobalt play through its Panorama licence in the Pilbara Region, Western Australia. The Panorama project consists of three adjoining exploration licences, covering 155 square kilometres in the Pilbara region of Western Australia. It is located in an area considered to be highly prospective for gold and cobalt, with historic gold mines and alluvial occurrences immediately to the north. Exploration has identified potential gold targets on both the north-western and southern licence, including rock chip samples with up to 18.45 gold per tonne content.

A bit further out, Greatland has the Bromus project, which is located in southern Western Australia, approximately 25km southwest of the town of Norseman, and covers approximately 93 square kilometres. The company claims there are several significant gold and nickel sulphide mineral deposits within the region, including in the Central Norseman, Kambalda and Widgiemooltha mineral deposits. According to company documents, recent drilling has also identified Volcanogenic Massive Sulphide (VMS) style mineralisation.

In Tasmania, Greatland has the Firetower project, a gold and copper project, and the Warrentinna project, located in north-east Tasmania. Both are in early exploration phases.

Greatland opened trading today (20th October) at 8.25p and had risen to 8.36p by mid-morning trading. The company has a market cap of GBP412m and has offered a -48.1% return year-to-date with a one-year return of -53.1%. The company’s shares have ranged between 7p and 18.5p over a 52-week period.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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