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(GGP) Greatland Gold Share Chat

Discussion in 'General Share Chat (GGP)' started by Makaira88, Apr 3, 2016.

  1. BigP

    BigP Keeping the Faith

    Greatland Gold says drilling continues to expand mineralised system at Havieron gold-copper project
    Drilling in the South East Crescent has extended the high-grade zone a further 100 metres below the March 2022 resource estimate

    Greatland Gold PLC (AIM:GGP, OTC:GRLGF) said the growth drilling programme continues to expand the mineralised system at the Havieron gold-copper project in Western Australia.

    Drilling in the South East Crescent has extended the high-grade zone a further 100 metres below the March 2022 resource estimate with the Crescent zone now continuously intersected to over 1,000 vertical metres and still remaining open at depth.

    High-grade results in the Northern Breccia reinforce the potential for further high-grade sulphide mineralisation adjacent to the South East Crescent zone, it said. The drilling highlights were 149.9 metres (m) at 2.7 grammes a tonne (g/t) gold and 0.12% copper from a depth of 877.4m, including 13.9m at 22.8 g/t gold and 0.46% copper; and 39.6m at 2.8 g/t gold and 0.07% copper from 983.6m, including 0.5m at 96.0 g/t gold.

    Construction activities by joint venture partner Newcrest Mining Ltd are progressing with the exploration decline advancing 377.5m as at end-May thanks to improved ground conditions and a change in design, while the Havieron fuel facility has also been completed and commissioned into operation.

    “With an extensive growth drilling programme planned over the next 12 months, there is tremendous potential to further expand the Havieron resource and unlock the true scale and value of the broader system,” said Shaun Day, managing director of Greatland Gold.

    Growth drilling is focused on potential extensions at the South East Crescent Zone, Northern Breccia and Eastern Breccia, while regional exploration holes are planned to locate new discoveries outside the main Havieron mineralised system.
  2. BigP

    BigP Keeping the Faith


    Part 2 of interview with Shaun Day :)
    Groucho likes this.
  3. BigP

    BigP Keeping the Faith


    Greatland Gold Havieron announces 12-month Havieron expansion drilling programme

    ByNatasha Doris


    Greatland Gold shares were up 0.2% to 12.2p in late morning trading on Thursday, following the company’s development and exploration update from its Havieron gold-copper project in Western Australia.

    Greatland Gold announced that the South East Crescent high grade zone had been identified as extending over 1,000 metres of continuous mineralisation, and remained open, alongside high grade results within the Northern Breccia which continued to demonstrate potential further high-grade mineralisation adjacent to the South East Crescent Zone.

    The mining group is scheduled to launch an extensive drilling programme across the next 12 months to provide the opportunity to expand its Havieron asset.

    The company reported it had seven drill rigs on site, which were all focused on growth targeting.

    Its South East Crescent is set for continuous drilling to test for extensions to the resource, with drilling planned up to 400 metres below the Updated Mineral Resource.

    The Eastern Breccia will see continued drilling to define its greater mineralised footprint, including definition of recently announced higher-grade zones, while the Northern Breccia drilling will be aimed to extending high-grade zones of mineralisation at depth.

    Greatland Gold confirmed it would be drilling to define geophysical targets outside the primary Havieron system, with follow-up drilling scheduled at regional targets on the Havieron mining lease.

    “The growth drilling programme continues to expand Havieron‘s mineralised system. The existing high grade mineralised zone of the South East Crescent now extends a further 100 metres below our previous Mineral Resource estimate,” said Greatland Gold managing director Shaun Day.

    “Testament to the scale of Havieron, there is now continuous mineralisation observed over 1,000 metres of vertical extent with the system remaining open at depth.”

    “With an extensive growth drilling programme planned over the next twelve months, there is tremendous potential to further expand the Havieron resource and unlock the true scale and value of the broader system.”

    Drilling Results
    The drilling programme revealed a slate of positive results, with HAD133W9 returning 85.8 metres at 3 grams per tonne in gold and 0.06% copper from 1,604 metres and 25.3 metres at 1.1 gram per tonne in gold, along with 0.08% copper from 1,471 metres.

    Greatland Gold confirmed that high-grade results in the Northern Breccia reinforced the potential for additional high-grade sulphide mineralisation adjacent to the South East Crescent zone.

    HAD055W4 returned 149.9 metres at 2.7 grams per tonne in gold and 0.12% copper from 877.4 metres, with 13.9 metres at 22.8 grams per tonnes in gold and 0.46% copper from 1,013 metres.

    HAD055W5 further returned 39.6 metres at 2.8 gram per tonne in gold and 0.07% copper from 983.6 metres, and 0.5 metres at 96 grams per tonne in gold and 0.1% copper from 1,020.7 metres.

    Improvements in early works
    Greatland Gold confirmed its construction activities by Newcrest Mining were progressing, with an exploration decline advance of 377.5 metres at the close of May 2022, alongside a fully-commissioned fuel facility.

    The firm mentioned that the decline experienced improved ground conditions across the June quarter, with advance rates showing improvement after alterations in the design of the decline brought the first downward spiral forward to the current advance position.

    The change has allowed the decline to transition into more optimal ground conditions.

    “Pleasingly, the decline has encountered better ground conditions, resulting in recent improvements to the decline advancement rates,” said Day.

    The feasibility study under work by Newcrest Mining is reportedly progressing and key contracts have been awarded, with the feasibility study anticipated for delivery in the December 2022 quarter
  4. BigP

    BigP Keeping the Faith



    Havieron gets deeper and deeper

    Newcrest Mining and Greatland Gold continue to enhance their Havieron gold joint venture project in Western Australia, with fresh drill results further deepening the resource.

    Greatland Gold said seven drill rigs were currently on-site, with the South East Crescent, Eastern Breccia and Northern Breccia prospects the key focuses for exploration.

    Recent drilling has extended South East Crescent’s mineralisation a further 100m below the current mineral resource estimate, with the deposit now boasting more than 1km of vertical mineralisation. Greatland Gold said South East Crescent continued to remain open at depth.

    Of South East Crescent’s recent drill results, HAD133W9 intersected 85.8m at three grams per tonne (g/t) gold and 0.06 per cent copper from 1604m, and 25.3m at 1.1 g/t gold and 0.08 per cent copper from 1471m.

    Drilling at Northern Breccia has reinforced its potential, with HAD055W4 returning 149.9m at 2.7 g/t gold and 0.12 per cent copper from 877m, including 13.9m at 22.8 g/t gold and 0.46 per cent copper from 1013m. HAD055W5 struck 96 g/t gold from a 0.5m hit.

    Greatland Gold managing director Shaun Day expects Havieron to continue its growth trajectory.

    “With an extensive growth drilling program planned over the next 12 months, there is tremendous potential to further expand the Havieron resource and unlock the true scale and value of the broader system,” he said.

    “Pleasingly, the decline has encountered better ground conditions, resulting in recent improvements to the decline advancement rates.”

    At the end of May, Newcrest had advanced 377.5m of exploration decline at Havieron, with advance rates improving after changes made to the design of the decline.

    Greatland Gold and Newcrest remain on track to deliver Havieron’s feasibility study in the December quarter of 2022, with almost 250,000m of drilling (295 drill holes) completed at the project since the June quarter of 2019.
  5. BigP

    BigP Keeping the Faith

    Updated: 13/06/2022
    Three catalysts that could move the Greatland Gold share price higher

    ByNatasha Doris

    Greatland Gold shares have languished 2022, despite the recent progress at the Haverion project – one of the most prominent gold discoveries of recent years. So what catalysts could provide some support and possibly push the Greatland Gold share price higher?

    Positive updates on Havieron
    Havieron is Greatland Gold’s most important asset, and is currently under development in a joint-venture with Australia’s largest gold producer, Newcrest Mining.

    Newcrest currently has the right to earn up to a 70% interest in the venture through completing a slate of exploration and development milestones in a four-stage Farm-in.

    Newcrest further has the right to acquire an additional 5% interest at the close of the farm-in term at fair market value.

    The operation has discovered gold-copper mineralisation, with four key target zones and the potential for expansion beyond its resource shell.

    The company updated its mineral resource and reserve for the project in March 2022, which reported a 53% increase in total gold content to 5.5 million ounces, alongside a 63% rise in indicated mineral resource gold ounces to 3.1 million ounces, an initial inferred mineral resource estimated at the Eastern Breccia and mineral resources which included 33 million tonnes at 3.2 grams per tonne of gold and 0.4% copper containing 3.5 million ounces gold, and 158 kilo tonnes copper in the South East Crescent Zone.

    Greatland Gold noted that it would be drilling 90,000 metres to explore the asset further and gave investors an update in early June on their most recent findings.

    The company is currently waiting for the completion of a feasibility study for the asset this year, and is aiming for commercial production in 2023 within three years of boxcut commencement.

    The project is promising and shareholders will need to wait for the company to travel the path towards to production to truly unlock the value at Havieron. Each milestone along this journey will provide a potential upside catalyst in Greatland shares.

    Positive updates on remainder of Greatland Gold’s Portfolio Assets
    The Scallywag licence is completely owned by Greatland Gold, and has been identified as a site of gold mineralisation in four of the seven holes recently drilled by the company in its exploration programme at the operation.

    The exploration programme was completed in April 2022, and is scheduled to be followed up by further analysis of drilling results and integration into ongoing basin-wide geophysical and geological modelling to kick off further targeting.

    The project stands to become a literal goldmine of potential for the company, however additional information and analysis is needed before anyone gets too excited about the operation.

    The Juri prospect is based in Western Australia, and apparently holds similar qualities to the Havieron project, so the conclusions from its current exploration programme at this project could signal major reason for the share price to fly if resource studies prove similarly fruitful as Havieron.

    The gold-copper operation is held in a joint-venture with Newcrest Mining, and is currently undergoing an exploration programme. Newcrest has the right to earn up to 75% interest in the project by spending up to $20 million as part of a two-stage Farm-in over five years.

    Greatland Gold’s Rudall and Canning gold-copper exploration licence applications are currently pending, and are reportedly expected in due course. The licences are both considered potential sites for gold-copper mineralisation similar to Havieron’s style.

    The Ernest Giles project is 100% owned by Greatland Gold, and covers around 850 kilometres of territory in Yilgarn Craton, which hosts greenstone belts and intrusives with over 85 kilometres of strike of prospective rocks.

    The company has applied for two new exploration licences at Mount Smith E38/3612 and Welstead Hill E38/3613, which would expand the project to 1,950 square kilometres, after an internal review of historical and recent regional exploration data concluded the broader project area was prospective for gold, nickel and base metals mineralisation.

    Keep an eye on the approval of these licences, because if the mining group receives a thumbs-up, its share price may to follow suit in the long term should early evaluation be positive.

    The Panorama project is 100% owned by Greatland Gold, and has identified gold mineralisation and potentially the largest coherent cobalt in-streams anomaly in Western Australia.

    The project is under exploration at the current moment, and has potential gold targets on the north-western and southern licence, including rock chip samples with up to 18.4 grams per tonne in gold.

    Higher gold price
    A higher gold price is obviously good news for a company which has built its business on gold exploration, so where is the price of gold heading in the near-term?

    The price of gold has recently been pushed down by a rally in the dollar, the anchor currency for the commodity. The prospect of higher interest rates has supported the dollar in 2022, trumping any gold inflation hedge trade.

    Meanwhile, rising 8.3% inflation in the US has caused concern, with gold failing to operate in its usual role as an inflation hedge. Nonetheless, inflation is projected to rise through 2022, which could see gold prices rise further if the inflation hedge trade suddenly kicks in.

    If the price of gold climbs higher, the Greatland Gold share price is primed to benefit. However, with gold diverging from historical correlations, the outlook for gold prices will be tough to predict.
    Inspiration likes this.
  6. Groucho

    Groucho Member

  7. BigP

    BigP Keeping the Faith

    Havieron and On and On for Newcrest

    By Glenn Dyer | More Articles by Glenn Dyer. 14/06/2021

    The Havieron JV between Newcrest Mining and London-listed Greatland Gold continues to grow, with the gold/copper resource extending over at least 1 kilometre of continuous mineralisation.

    In a filing late last week in the UK, Greatland Gold said seven drill rigs were currently on-site, with the South East Crescent, Eastern Breccia and Northern Breccia mineralised area the focus for further exploration.

    Greatland said the recent drilling had extended South East Crescent’s mineralisation a further 100 metres below the current mineral resource estimate. Greatland Gold said South East Crescent continued to remain open at depth.

    “South East Crescent high grade zone extended which following recent Growth Drilling is now identified at extending over 1,000 metres of continuous mineralisation, and remains open.

    “High grade results within the Northern Breccia continue to demonstrate the potential for further high-grade mineralisation adjacent to the South East Crescent Zone,” Greatland Gold said in its latest UK report.

    “Extensive Growth Drilling programme planned across the next twelve months which provides substantial opportunity to expand Havieron.”

    Of South East Crescent’s recent drill holes, one intersected 85.8 metres at 3 grams per tonne (g/t) gold and 0.06% copper from 1,604 metres, and 25.3 metres at 1.1 g/t gold and 0.08% copper from 1471m.

    Drilling at Northern Breccia had improved its potential, with one hole there returning 149.9 metres at 2.7 g/t gold and 0.12% from 877m, including 13.9 metres at 22.8 g/t gold and 0.46% copper from 1,013 metres.

    Greatland Gold managing director Shaun Day expects Havieron to continue its growth trajectory.

    “With an extensive growth drilling program planned over the next 12 months, there is tremendous potential to further expand the Havieron resource and unlock the true scale and value of the broader system,” he said.

    “Pleasingly, the decline has encountered better ground conditions, resulting in recent improvements to the decline advancement rates.”

    By the end of May, Newcrest had constructed 377.5 metres of exploration decline at Havieron.

    Greatland Gold and Newcrest are on track to deliver Havieron’s feasibility study by the December quarter of this year.

    Shares in Newcrest fell 0.8% to $23.22 on Tuesday.
  8. Groucho

    Groucho Member

  9. Groucho

    Groucho Member

  10. Groucho

    Groucho Member

  11. BigP

    BigP Keeping the Faith

    30 June 2022


    Greatland Gold plc
    ("Greatland" or "the Company")

    Greatland commences 2022 Exploration Programme at 100% owned Paterson projects

    Drill programme to focus on new conductor targets identified
    at Scallywag licence including Pearl, Swan and Swan East

    Maiden exploration activities to commence at Rudall and Pascalle licences

    Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce the commencement of the 2022 exploration programme at its 100% owned projects in the highly prospective Paterson province of Western Australia.

    Highlights of 2022 Exploration Programme:


    § Exploration programme has commenced at Scallywag and leverages a rich source of geological information and understanding of the area to drill several promising new conductor targets

    § Drill programme designed to test ground Electro-Magnetic ("EM") conductors for Telfer style mineralisation at Pearl, Swan and Swan East targets

    § Ultra Fine Fraction soil sampling geochemistry results currently being integrated into regional geological interpretation and targeting framework

    § Ongoing review of ground EM geophysics data and 2020 airborne Electro-Magnetic survey to enhance targeting and identify further aerial anomalies for ground EM follow-up

    § Further analysis of the drilling results from 2021, 2020 and integration into ongoing basin-wide geophysical and geological modelling to drive further targeting

    § Heritage clearances completed and access and drill pad clearing underway ahead of drill programme commencing at Scallywag

    Rudall and Pascalle:

    § Maiden exploration drill programme planned for identified targets at recently acquired Rudall and Pascalle licences

    § Heritage approvals completed at Pascalle and Rudall with access planning underway

    § Government grant to be used to co-fund exploration at Rudall licence located 20km southeast of the Havieron gold-copper resource

    § Licences sit in prime locations with Rudall situated 20km south-southeast of Havieron and Pascalle situated between Havieron and the Newcrest Mining Telfer gold mine

    Shaun Day, Managing Director of Greatland Gold plc, commented: "We are excited to accelerate Greatland's exploration programme and commence on the ground activities at our 100% owned projects in the Paterson province of Western Australia, regarded as one of the world's most prospective frontiers for the discovery of multi-cycle, tier-one gold-copper deposits.

    "The 2022 campaign at Scallywag follows encouraging exploration results reported last year, where four of seven holes intercepted gold mineralisation. The maiden drill programme at our newly acquired Pascalle and Rudall tenements is equally significant with Rudall considered to be prospective for Havieron and Telfer style gold-copper occurrences, while Pascalle sits directly between the two world class discoveries of Havieron and Telfer.

    "We look forward to unlocking value by systematically progressing exploration through these Havieron and Telfer like priority targets to take advantage of our strong position in this prospective region."

    In addition to this release, a PDF version of this report with supplementary information can be found at the Company's website: www.greatlandgold.com/media/jorc/
  12. BigP

    BigP Keeping the Faith

    Australian Calendar year :-
    Q1 is Jan Feb March,
    Q2 is Apr May Jun,
    Q3 is Jul Aug Sep,
    Q4 is Oct Nov Dec.

    Australian Financial year:-
    Q1 is Jul Aug Sep,
    Q2 is Oct Nov Dec,
    Q3 is Jan Feb Mar of the following year,
    Q4 is Apr May Jun.
  13. BigP

    BigP Keeping the Faith


    • [​IMG]Noel Ong
    The Havieron Gold - Copper Discovery in Patterson Range, Western Australia.

    Coffee with Samso Episode 147 is the second episode of the Exploration Discovery Series which is all about mineral exploration discoveries.

    It's a cold and damp morning but that doesn't dampen what we are going to tell you about the Havieron discovery by Greatland Gold Plc. in 2018. It was a major success, and it is now a gold and copper mine nearing production stage.

    According to the company's website, 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 for a low cost pathway to development under an ore tolling arrangement.


    Figure 1: Location of the Havieron project (Source: Greatland Gold website)

    According to the latest presentation from the company, the updated Probable Ore Reserve and Mineral Resource is in Figure 2.

    The significance of these numbers is in the manner that the deposit was discovered. In many cases, investors are only looking at the results of a long journey of mineral exploration.


    Figure 2: Probable and Mineral Estimate for the Havieron deposit. (Source: Greatland Gold website)

    The journey for a discovery is never an overnight process. In reality, discoveries of any mineral deposit has a minimum timeframe of years and development is usually in decades (including exploration and resource development).

    The Coffee with Samso - Exploration Discovery Series is aimed at showcasing the discovery and also the more interesting parts of the exploration journeys. The insides of what happened and what did and what could not have happened that led to the discovery, for me is the fun part of the conversation.

    The discovery of Havieron is one of the recent success that has come about because management kept the faith and applied the principals of mineral exploration. As an exploration geologist, the discovery of Havieron is one that excites me. The chase for discovery is one of the most satisfying feelings one could experience. The idea of setting up a company to source funding to chase the elephant deposits is high on my bucket list.

    This is why I want to bring these stories onto the Samso platform so that the average investor out there can have insights into these journeys.

    I hope you enjoy the video and get some sense of the "excitement" that was in the room when Callum and his associates received the results from the drilling.


    00:00 Start

    01:35 Callum Introduction

    03:46 Was undercover discovery always the plan?

    06:33 Was it a geophysical target?

    08:10 Chasing the elephants.

    08:56 Chasing broad wide anomalies.

    10:34 What were the challenges like for Greatland Gold at that time?

    12:28 The magic formula for exploration success.

    13:54 The story behind the discovery.

    20:29 Was the discovery luck?

    21:41 Was the core of the deposit giving a lot of clues?

    23:21 How has technology in Geophysics helped mineral exploration?

    27:36 Would the new technology today have changed the modelling?

    29:09 Big Elephant deposits still exist.

    31:03 Potential of discovery.

    32:12 What is Callum Baxter doing now?

    33:27 Is Callum heading back into the industry?

    33:46 What is happening in the market?

    37:26 Are there more Elephants in the Patterson Range?

    38:50 Conclusion

    About Callum Baxter

    Former Chief Technical Director of Greatland Gold PLC

    Exploration geologist and founding Director of UK based Greatland Gold PLC.

    Commenced working in the mineral exploration industry after completing geology undergraduate qualifications in 1991 in Western Australia. Participated in discovery of large gold resources (Jundee/Nimary) before moving into other commodities including base metals and nickel. Member of AusIMM and AIG.

    Worked with juniors, mid-tier explorers and major mining companies globally over more than 25 years. Completed an MSc in Ore Deposit Geology in the early 2000s. Co-founded Greatland which listed on AIM in the UK in 2006. Greatland is focussed on discovery of large precious metal and base metal deposits in Australia, in areas that have not been subject to extensive previous exploration.

    Greatland has achieved recent success with the discovery of high-grade gold and copper mineralisation at the Havieron deposit, under 400m of cover, in the Paterson Region of Western Australia.
    Last edited: Jul 2, 2022
  14. BigP

    BigP Keeping the Faith

    Notes from Callum Baxter Interview with Coffee with Samso - 02 July 2022


    Quick edit of very messy YouTube Transcript export, removed small sections here and there

    *Welcome to the coffee store where we're having our discovery expiration series, this is our second episode and it's taken me a while to get this man on camera Callum Baxter who was a founding member of GGP, the story today is all about the discover Havieron (Hav). Maybe you can start by introducing yourself and let us know who you are how you and drive the story?
    - Thanks Noel yeah it has been a while and but it's good to be here and to be able to have a chat now, my background is an early stage exploration geologist, I started working in the industry in the early 90s and I completed my undergrad at Curtin and then completed masters in all deposit geology here at UWA
    - In the early 2000s, early parts of my career I was involved mainly in gold exploration in remote parts of western Australia and I was fortunate enough to be part of the discovery crew for the Nimri Jundee deposits up north of Wiluna so that was quite an exciting time in the early mid 90s and then I moved into more global exploration in places such as Africa and Asia looking for nickel deposits and other types of gold deposits
    - And then in the mid 2000s myself and another geologist by the name of Paul Askins who was the exploration manager of Shell Billiton’s previously
    - We decided to take a company to London and list it on AIM of the London stock exchange and that was really the start of GGP then back in 2006 with that initial IPO on AIM so very much again early exploration focused company but looking for large opportunities in under-explored areas and we weren't afraid to go undercover so that that was in the mid 2000s when undercover was probably not the flavour of the month
    - But we developed a series of exploration tools and strategies to try and push undercover in different parts of the world mainly focusing on Australia because the political risk is relatively low in Australia and there's some fantastic opportunities here in Australia for undercover exploration

    *In terms of what you're talking about undercover I mean that's very early time to even thinking of undercover I mean if I go back to my memory, money wasn't that easy to come about and undercover drilling was obviously expensive so when you listed this company when you talk undercover were you already thinking you know 400 meters or were you thinking smaller numbers, or was that the big picture that you're saying that the big elephant is that kind of scale?
    - Well it's easy to convince yourself that undercover is worthwhile pursuing and whether it's 100 meters or 400 it all depends on the size of the prize really so you look at the mineral endowment of Australia and it is fantastic and of course all the good deposits that poked out of the ground have been found so there's still a lot of monsters lurking undercover out there and so we probably weren't targeting 400 meters depth at that stage in the in the mid 2000s
    - Sort of moving into 2010, we pushed into the eastern parts of the Uganda craton in western Australia where we recognized that there was a buried greenstone belt we could see it on aero magnetics but we weren't quite sure how deep the cover was but some of the early drilling that we did out there proved that it was greenstone and also the cover sequence was anywhere between 180 and 350 meters deep and that project we called Ernest Giles which is still in the GGP portfolio today and we've had a lot of success there defining a large mineral system which has gold and also nickel potential
    - The drilling to date has been very broad spaced we started with 800 by 800 meter vertical RC holes, 800 by 800 that's the XY pattern on the surface and then closed that down to 400 by 400 so we're really moving into areas that are completely greenfield and then utilizing the current drilling technology to tap sort of very large mineral systems
    - From about 2010 we're active on the ground on that project and so it's still a very attractive opportunity out there because you know there are very few places in the world which with such low political risk we can have a commanding position of a whole greenstone belt that hasn't had mineral exploration carried out in a major way, so those kind of opportunities were always very attractive to us

    * Because for those that are not sort of in our space 800 meters is a long way a long way right - It's like you can't see each other to some degree and so when you say you, you're drilling those holes obviously there must be a geophysical target because I can't think of anything else you would chase out there other than a geophysical target right?
    - yeah well the original opportunity was identified through geophysical data sets for sure, so that was primarily airborne magnetics and also very helpful is ground gravity
    - can get some fantastic data sets using ground gravity equipment these days and also using some sort of a bit left of centre geochemical techniques such as mobile metal ions, it's a bit of a blunt tool but it still sort of gives you an indication of whether you're in the ballpark or not and when you combine say that in a basic sense the three data sets such as aeromagnetic gravity and the mobile metal ions you can start to develop targets
    - which is then when we deploy the 800 by 800 meter drill spacing to give us a flavour of how deep is the cover, how easy or difficult is it to drill through the cover sequence to get to the basement rocks, what are the basement rocks, what is the alteration sequence in the basement rocks and is it telling us that we're in the right ballpark and we managed to tick all those boxes with Ernst Giles

    * Sorry to interrupt but mental capacity at that time to go after this must be that we are chasing a big elephant right; would that be correct?
    - yeah that sort of always goes with the with the GGP story is that we are chasing elephants here and no we're not looking for 50-100 000 ounces, we're looking for big systems that are plus five plus ten million ounces of course you need a system of that scale to justify dealing with the cover sequence and we're always looking for big targets so you should get an indication if you are drilling on 800 by 800 meter centres that you are nearby or on top of one of these systems

    * Because you're expecting the smoke to be large, wider and to that scale right I assume that's the thinking is that if you can't sniff these things with that kind of spacing then you are really only chasing something small?- that's right, yeah and there are there are some very good small deposits which are suitable for certain types of companies but we were always really focused on big scale stuff that would really be a company maker, of course the risk it's slightly more difficult sort of terrain to engage and uh quite often the understanding of what we were trying to do wasn't there, but still we did have people that understood the story and wanted to come on the journey with us through investing in the company or in the SIM IPO so it did have its challenges and because quite often we're moving into quite remote locations but that's good in a sense as well in that you're not really dealing with legacy matters in terrain that's been crawled over quite a lot and you don't have certain things trying to influence your thinking and where you should be drilling holes or what exploration techniques you should be using because we're really pushing the envelope all the time moving into a new headspace and you know new terrains chasing big deposits

    * Because, obviously the price I mean if you look at - what is at Havieron now, I just took this off the latest presentation - it's 2.9 million ounce at 3.7 gold equivalent which is you know at - only probably a big company like Newcrest who has Telfer could handle that, so it was the discovery and as well as the opportunity of someone so close to that can take it on right, to facilitate the exit for you guys between listing 2010 and discovery in 2017?
    - yeah we listed in 2006, so in our first involvement at Havieron was in 2016, there was 10 years there yeah where we were working on other projects such as Ernest Giles

    * So how what were the challenges like, because for those guys who think and a lot of investors out there think everything is an overnight success, that's a long journey before you even tasted success, how was that challenge for you guys you know because you're out there marketing the company?
    - I think people were really backing the people and they're a lot of the investors or all the investors realize that this is a high risk endeavour as all early-stage mineral exploration is but they realized that we were chasing big prizes and they were happy to take the near-misses along the way until we came across Hav and turn it into something much bigger than what it was at the time

    * I mean that's what I tried to tell in, sort of share that thought is that it is a long long journey, it is a high risk game and it's about backing the right management and picking the right management hence backing them and letting them do their job in that sense right and if I don't know whether you can agree or disagree that most of the successes that we hear out there has been that kind of formula is that picking the right management letting the management do the job and then the rewards come later right, whether it's six years or 12 years or three years or one year, it's just letting that , so that as I was trying to figure it out you know that that's a long time between dreams and there must be times where you guys sit there and thought hey you know I don't know if this is going to happen or not you know?
    - yeah quite often you do reflect and think gee really I’m quite privileged that my time hasn't run out yet and people are still willing to provide support to let us chase these big deposits and we were vindicated in 2018 with our series of first drill holes at Hav which was quite an achievement at the time

    * So now let's get to the discovery you've gone there you've got this geophysical target and you're saying let's go and drill can you share with us that thinking then because you haven't drilled those two holes, the series of holes you've got this target and do you at that point in time, are you going back to the guys, hey you know, I got this really good idea, how was that experience?
    - yeah well let's take a little bit of a step back in that as you said you know there were some years of no major discoveries and we were always looking for new opportunities and in 2016 we were shown this geophysical target in the Paterson region in northern western Australia about 50 kilometres east of Telfer and it was held by a private company based out of Melbourne and they'd had it for a number of years and really couldn't generate any traction with it and so when I looked at it I thought really this if, we did some initial modelling which was slightly out of the box on the data sets that were available and I realized that there was some potential for some significant scale here and I went to the management and some of the shareholders and I said there's this opportunity here, it's in quite a remote location but it's not far from a very large deposit Telfer which has been in operation for many years
    - the infrastructure is pretty poor in the general area apart from Telfer itself it's a long way from a regional centre, 500 kilometres from Port Hedland but if or and there is a fair amount of cover we're looking at a roughly 400 meters of cover, but if there is something here it could be something quite substantial
    - so we all decided that it was worth the risk again it was a high risk opportunity but having worked undercover at places such as Ernest Giles we developed an undercover skill set in terms of how to how to tweak our geophysics how to tweak our geochemistry
    - we knew who had the right kind of drill equipment in the industry in western Australia because that's obviously a very important part of the whole process is that if you can't successfully drill the holes then you you're really using a lot of money to achieve nothing so you want to make sure those drill holes are going to get to target and do it as efficiently as possible
    - so we felt confident that we had all the components in place that we could effectively test this target relatively efficiently, spent a lot of time modelling the geophysics, roughly nine months backwards and forwards different iterations and that enabled me to sight the initial drill holes well enough
    - also I was fortunate enough to be able to visit the Telfer operation and stay on site for a couple of days and look at the core library where there'd been two holes that had previously been drilled by Newcrest into HAV geophysical target in the early 90s and there was more than 100 metres of mineralization in the first hole so it really clued us up to how we can use our geophysics to accurately target the best, as best we could mineralization and sort of tell the potential of it with our first drill holes
    - and so it was a bit difficult to communicate our strategy to the market because the market really wants to know what kind of deposit are you targeting and intrusion related gold systems at that time weren't well known in the market you know the average retail investor really understood west Australian gold fields quite well, those kind of deposits, but intrusion-related gold systems they're not porphyry’s and potentially they're not quite a skarn type deposit so we really invoked an IOCG model but really just to talk to the market in that the market understood IOCG deposits as being rather large of scale, had potential for multiple commodities such as gold and copper for example and some of our modelling did lean on the IOCG processing techniques somewhat and it was just a convenient box to put our exploration target in at the time and we realized that Telfer itself isn’t an IOCG it's an intrusion-related gold system it's
    - so anyway we developed four drill holes and we spoke to a number of drill companies in western Australia and we realized that there was a couple that had the had the experience and the equipment to do it and we were fortunate enough to get the support of DDH1 out of western Australia to help us drill our first holes at the property and we intersected over 100 metres of mineralization in the first drill hole which was quite an achievement

    * I think 103 meters at 3.5 grams ton and 0.93% copper, yeah so I mean that was the first hole that went in and you got that, was that sort of like - is the precision there or was that luck, an element of luck or what I mean to get that on your first hole on a geophysical image or geophysical target I should say it's not like pinpoint surgery?
    - right well if you look at the….. there's been a recent resource and reserve update from GGP and if you look at the scale of the system and the volume you could say it was relatively easy to hit once you were down there through the cover sequence, it's a large beast and yeah the drill holes were difficult, it was difficult to miss it really okay I know that that… it's probably not quite right in that description because we did manage to intersect one of the highest grade parts of the deposit that's been found to date which is still rather large in itself but we were fortunate that our geophysics had honed in on the higher grade or one of the higher grade portions of the ore body which we're pulling outstanding grades with drill hole intercepts equivalent to a thousand gram metres roughly

    *When you say, can you say that the core, the higher grade system gave a unique signature that you guys were able to harness or pick or define?
    - it’s easy to talk about in hindsight because but when you're looking at it without drilling a hole, it was it was good that we were able… we actually modelled it very well and the thought process that we put into it was exactly what it was when we drilled it and so we were very fortunate that that the way we were thinking was what it actually was in the ground with the magnetic signature and the gravity signature and the mobile metal iron geochemistry at surface
    - as I mentioned before it's a it's a bit of a blunt tool but still gives you a flavour of what's happening even through 400 meters of cover and we were definitely getting all the primary elements such as gold and copper coming through in the mobile metal ions and also with the density contrasts in the deposit because of the distribution of the breccia and the and the massive sulphides
    - we could see that in the gravity and we could also see the distribution of the magnetic portions of the ore body as well in the magnetics and our modelling was beautiful, I haven't seen anyone do a better job to date, I’m sure there has been but it’s maybe not in the public domain but exactly we're pretty proud of what we achieved

    * So you would say that's a type of deposit that fitted your modelling perfectly?
    - well I shouldn't say perfectly but it fitted it very well

    * I mean when we're talking in expiration you hit it as well as you guys have yeah and when you felt it's almost perfect right because we know how hard it is to do ity eah and that that's a good topic because obviously geophysics they played a big role with uh the MMI that you talk about, do you think that the development of the technology at that time had been the key because maybe the technology 10 years ago I’m just postulating here would not have given you that definition and how does that if that was the case and how would it be at 2022? Do you think the definition has gone another level, what's your thoughts on that?
    - yeah certainly the techniques we were using have been around for many years but a lot of the equipment these days is a lot more sensitive and can be Muchmore easily deployed in the field and certainly when Newcrest were doing their exploration out there in the 80s and the early 90s they Newcrest were the first ones to recognize the airborne magnetic anomaly and drilled the first hole into Hav and their first drill hole was solely based on aero magnetics and their modelling was very good you know, they got over 100 meters of mineralization in their first hole and of course back in 1991 it was actually quite difficult to drill a 500 meter deep core hole in an exploration sense in a very remote location, so they did a very good job and achieved quite a lot at the time but fast forward as you said to 2016 or 2018 when we were out there we had the benefit of much better gravity data
    - Newcrest had collected a gravity dataset, ground gravity dataset in 1991 but of course the height control is very important to gravity data and the height control back in the 90s was quite blunt and today we have the benefit of much better spatial accuracy with the gravity data sets so that enabled us to better refine the gravity data set which we did
    - we recollected the gravity before we drilled a hole and also techniques such as MMI you know they weren't around back in the 90s and or it was MMI actually was around in the 90s but it wasn't very popular so yeah we did have the benefit of sort of 20 years of more advanced technology and also we had a generation of geophysical modelling as well
    - geophysical modelling is quite an iterative process where modelling will happen and a result will be found and holes will be drilled and then okay we didn't hit it why didn't we hit it we think this is why or we've got it this is why we got it so then that gets fed back into the modelling process over 20 years and so the modelling becomes much more precise and the output is much more understandable even for just geologists such as myself
    - i don't have any formal studies in in geophysics but having us used it for over 25 years and being involved in the process I understand the process and how to apply it to exploration it's really quite important it's quite powerful tool which a lot of companies don't engage with
    - I know from my experience in gold exploration in the 90s geophysics apart from aero magnetics wasn't used very much but now I think it's pretty much a routine tool to be part of the exploration toolkit

    * Yeah no I mean we see it a lot and I think and I try to get the guys I speak to explain it because there's just so many different ways of doing it why they're doing it and the understanding not to say even for the retail investors out there or the guys anyone who's listening it's more complicated than it is because as you said you know most people have brushed by the thought is the modelling part is another skillset the actual collecting is a skill set and the technology is what it is, so I’ve had discussion with people where they, you know the technology part has gone so much higher than even at 2016 to now we're it'd be interesting to see whether using the technology today the equipment and the definition that what you would have seen would have altered the modelling that you would have thought it's just one of those things right as we progress
    - Yeah there's still geophysical data sets being collected over Hav, to look at the the bigger scale picture you know looking at crustal scale features to guide exploration in a broader sense in the region so it's still very powerful tool being deployed today even after the deposits have been found
    - there's obviously there’s potentially others out there that are still to be found in the region

    * In 2010 when I listed my company I i was obviously scouring looking for projects I did come across a guy who had a project in the Paterson, and I had similar thinking that you know go where others have not been or don't go but here's one comment to me says oh no it's really remote because you know forward driving on the top end of difficulty so it's really remote and you're raising two and a half that time three million you still think hmm yeah maybe this is not the game you know, let's go find something else because but looking back you know I mean that is what it is right you got to be committed and you got to have a vision of what you are chasing and I think these kind of stuff, I mean as you say right the deep stuff the big elephants are still sitting there and I I’m probably you I don't agree or not but I reckon there's still lots of elephants who are sitting in the ground that you know even and if we even go into the well-known areas like the gold fields all the easy stuff is found and there's still easy stuff being found but the deep stuff the big elephants are still there, that's my feeling even in the in the gold fields
    - oh definitely yeah the mineral endowment in the gold fields for example is enormous and there's a lot of it undercover, Ernest Giles is a classic example of that one of the GGP projects where it's undercover has had relatively little exploration and it it has all the alteration systems and the right rocks and gold's been intersected in the RC holes, it's just a matter of now really getting an all-grade intercept of tenor enough to support uh mining of a deposit under 200 metres of cover

    * I mean I obviously talked to a lot of guys in the industry and I even I’m feeling the appreciation of the potential that's out there, it's all about how much money you got in your wallet to chase it but the potential is huge like Galileo found a new Palladium province in Norseman, yeah every man has dog been through Norseman right but they've still found something yep and then if you look at some of the Gopala, it's again a bit like the Paterson where not a lot of people have been still a major deposit been found I mean I’m involved in an IPO now that projects there but you sort of look at it because geez the prospectivity is huge yeah you know it's not trampled on a bit like the gold fields but uh yeah and people have been there you could brush it off so there's nothing there but you know it's there it's you've just got to go looking for it I guess
    - yeah that's right and have the right mindset and the support as well and also deploying the right exploration tools for the job to get the right targets to drill

    * So what's you know Callum Baxter doing now like post this great success you know, what's on the agenda apart from hanging out
    - yeah I’m spending time with friends and family and of course I live on the south coast of west Australia been there for more than 12 years now so just taking some down time after working pretty hard particularly the last few years since 2018 the first drill holes at Hav
    - it was a very busy period so again yeah just re-engaging with friends and family and haven't really pursued any new opportunities as yet but I’m sure that'll come in and also with the Covid travel restrictions and working out of the UK for many years I’ve only just been able to return to the UK and had a visit earlier this month and caught up with some of the colleagues that I’ve worked with for over 15 years out of London, that was very good it's good to see all they're all very enthusiastic and enjoying continuing their exploration activities

    * any sparks happening, anyone pulling you back into the into the system
    - not as yet no, no I’m still pretty much at arm's length still enjoying catching up with friends and family but I’m sure inevitably it'll come that I’ll be pulled back in

    * So what's you know now that you look you're sitting back watching from afar what's your thoughts on what's happening because we as geologists as we just found out we actually worked in the same place back in 1992-93 , what's your thoughts now because my I’ve been giving the narrative that this has been two years of what we in our industry has never seen the amount of money the continuation of interest we’ve had to pull back over time corrections that happen but I’m still saying that the this resource boom or positivity has longer legs, what's your thoughts I mean you've been in the street as long as I have so what's your thoughts?
    - I agree with you, the commodity prices have been remarkably resilient in the past six months or so with the general slowdown in the global markets the commodity prices have remained high and I still think the industry is very buoyant
    - it's received a lot of support, there's still a lot of exploration happening, the producers are receiving a good price for their product and the industry's really robust so I’m quite pleased of where the industry is in you know in terms of the market and global economic forces at the moment
    - I think there's some, a lot of share prices have retreated a little bit I think that’s because some money's been taken off the table in the market globally so it's a good value buying opportunity at the moment for example the GGP share price has reduced somewhat over the past 12 months but the activities that HAV in particular with more drilling are just growing that resource, there was a recent resource update, resource reserve update from GPP for HAV and it had increased to roughly of more than six million ounces in global resource with a reserve component there as well
    - and that was an almost 50 increase on the the previous initial resource estimate so and drilling continues at the site, so you know we could see another 50 increase in the resource estimate in the coming months out of that deposit and of course it's moving past PFS into feasibility and the decline is making good progress down to the ore body so really our, it's a very fast track project
    - from our first drill holes in 2018 to where we are now in 22 with a major advancement of the project and ore is going to be taken to Telfer from HAV, that's the current plan so a lot of infrastructure at Telfer with a plus 20 million tonne per annum plant there
    - it extends the life of that operation as well it's and really…. obviously GGP was approached by a lot of parties back in 2018, 2019 and really we chose Newcrest as partner because it was a natural fit with the Telfer operation and exploration skills and their mining skills and their production processing skills, it was a seamless fit for HAV to become part of the Telfer operation which it will be which it is now really and it'll be contributing to the next generation of production for Telfer going forward

    * Yeah I mean it's an interesting area around Telfer because you know literally a stone's throw away, you've got one of the largest tungsten deposits sitting there then you've got your stuff there yeah you know I seem to think Paterson’s again one of those regions where not a lot of work is done and if you look at the dots on the known deposits they're all quite big yeah, you've got Nifty you've got your stuff and then you've got Telfer so the Paterson have already several degrees of monsters there already but yet you don't hear much about it you, don't you know it's not like the gold fields or even you probably hear more from the Victorian golf fields since Kirkland make the major discovery there yeah then you have about the Paterson, it just sort of just moved along do you think there's more elephants in the Paterson
    - oh yeah definitely there is for sure as you pointed out there's a number of elephants there already and Rio Tinto’s Winu very large and HAV is very large also Marichidor and Nifty
    - so there…and there's a lot of cover and it's just a matter of seeing through that cover and getting the drill holes in the right place really

    * Look I really appreciate it, fantastic story have we missed anything do we have we missed anything about this Hav story
    - oh if we did, maybe we can catch up for a follow-up chat at some point yeah but I can't think of anything at the moment

    * Look I really appreciate, it's part of what I feel that you know it's good to go in public because these kind of things get tend to be forgotten and they're in words not in you know in a video really appreciate it, had I had a great time, I am fitting my curiosity as well at the same time, Coffee with Samso is all about coffee and we've teamed up with Florence Drummond who has been on our show a few times and we try and sort of do uh a collaboration with what she's doing, she’s part of the indigenous women in mining resource Australia and we come up with these coffee packages that we give to uh happy victims of Coffee with Samso but yeah again thank you very much for your time and like I said I hope we have a chat again, great to see you and appreciate your time.

    The End.

    Download as PDF:
    https://www.mediafire.com/file/yi8q8s76 ... 2.pdf/file
  15. Groucho

    Groucho Member


    SI Capital 01/07/22 - Shaun Day interview
    2022 Exploration Programme / Havieron
    BigP likes this.
  16. Groucho

    Groucho Member

  17. BigP

    BigP Keeping the Faith

    Notes from Shaun Day Interview with SI Capital - 01 July 2022
    • Quote
      Post by DipSard » Mon Jul 04, 2022 12:30 pm

      Notes from Shaun Day Interview with SI Capital - 01 July 2022


      ***Quick edit of very messy YouTube Transcript export, removed small sections here and there***

      * Hello and welcome to an SI Capital podcast today, I have Shaun Day of GGP, hi Shaun thanks for joining us
      - Hi Charlie good to catch up again and thanks very much for having me on today

      * Thanks for coming on, so yesterday you came up with an announcement about your exploration activities over in the Paterson so I was hoping to catch up a little bit, catch up, hear a little bit about what you've been doing over there and what we should be expecting as investors in GGP from these particular activities that you're doing?
      - yeah thanks Charlie, look you know what we're trying to do with our exploration program is unlock some of this option value in our portfolio the best place to look for gold and copper is where it's already been found and the Paterson is elephant country you know, you have Havieron which is absolutely world-class, Telfer down the road again, a top five Australian asset for three decades and then up to the north you have Rio Tinto’s Winu project
      - so our program is designed to try to test high quality targets and unlock that value for our shareholders, we're excited about this year's program and yeah there's a there's some high quality targets in the portfolio which will be tested not just this year but over several years but we're really excited about this year's program particularly

      * So reading into this RNS though most explorers well A) they've got a lot of, a lot of outcrops but also the traditional way is just to plug holes into these targets because these are geophysical targets you've got , you don't seem to be doing that, there's a bit more technical analysis going on rather than just plugging away?
      - yeah Charlie look I think when you think about the way GGP approaches exploration, it's very technically led and what I mean from that is we're really doing our work from first principles, we're building up our geological understanding, we're doing a lot of you know geophysical work to refine our targeting process and what we're trying to do is target or test a high number of targets so what we tend to do is rather than you know having a target, punching 15 holes into it and running that to ground in in one hit, what we will do is put one maybe two holes into a broader range of targets, then we will take that information, reassess reprocess that information and refine our understanding of the target
      - it's a very technically led process, I think we are highly respected for the way we go about this and it means firstly we're able to cover a larger number of targets in a program but also it makes it a very cost efficient way of understanding your broader portfolio, so we're very comfortable with that approach and we think it's a very high quality approach

      * You're in a quite unique position I guess from most explorers being that you have made, can we use the word world class but it is a top quality asset that you've discovered, that's a great model to apply and work with in other areas so really though that was quite an amazing initial discovery, what to you though would be success from these exploration campaigns because I’m assuming as much I would love another HAD05 within the first few holes being sunk, from your technical point of view that doesn't, a success doesn't necessarily need to be a major mineralising intercept?
      - yeah look so let me first jump in there Charlie as you use world class and you should be absolutely confident using world class around Havieron, so you you're right to say that now in terms of what we think about is success with our drill campaign I think there are three potential layers of success that you can have in a drill campaign
      - firstly and for mostly obviously is repeating a HAD05, now HAD05 to this day is still a top three intercept into that the Havieron ore body, this is a 700 meter by 550 meter with you know 1.2 kilometre and growing vertical extent and the first hole you know hit the bull's eye
      - now that is extraordinary even if you're touching that volume with a drill bit to have actually kind of nailed the sweet spot, you're not going to do that every time, that shouldn't be your expectation but that is obviously the outcome where you're popping champagne corks
      - that that's one form of success, I think a second form of success is when we hit brecciation, that's really what we're looking for, we're trying to understand where we find these rocks that that have you know had these events that have created the opportunity to have traps for metal and then once we're on to those brecciated systems, it gives us a better understanding and a higher potential of finding the metal so that again whether it carries mineralization or only gives us a taste of it lets us know we're in the system and it lets us again refine that work, reinterpret the geophysics and then refine when we come back to that target where we think we're best drilling
      - and then the third layer of success is when we get an intercept, it's the host rocks we're working on we have better you know information, we understand the stratigraphy better, again we're able to refine that and then we might say yeah on reflection we are drilling 300 meters too far south from where we now understand that geophysical target sits
      - so all those are layers of success and I think in terms of what constitutes success in a broader sense you know you can't expect every you know deposit we find to be another Havieron, you know that is a uniquely wonderful multi-decade asset
      - now of course we'd love to find another one but even a half Havieron or a quarter Havieron would be a stunning opportunity and of course because it sits near that infrastructure it would come into the JV or potentially as a 100% project in short order
      - so I think success has many faces for us but I think we're in the right postcode to give us every opportunity to deliver that success for shareholders

      * Yeah I think that's a great great point that you don't necessarily, your hurdle rate requirement for a commercial discovery right now, it's a lot well it's a lot smaller than Hav, Hav broke through that critical mass requirement and quite well exceeded that but it's good to see a system like that is a big ore body and it's just and it gives us an indication that potentially a long strike, there might be that same powerful geological processes which will show up these alterations these textures like you said about the brecciations, these trapped structures where we can be finding the gold and vectoring into where we need to or where the team needs to start looking on next but I guess one last point on the exploration areas , you do have still these other JV’s with Newcrest and you're still operating them, can you talk a little bit about that?
      - yeah so look at a couple of ways to comment on the last comments
      - look when you do a relatively basic volumetric calculation on Havieron taking into account grade zonations, you can get a broad brush understanding of a 20 million ounce full body and that's worth pausing … on a 20 million ounce ore body
      - but what we have is the area long strike to that northwest at our 100% owned Scallywag in particular and then it goes on to that JURI JV ground that you mentioned
      - it's rare something like a Havieron of that scale is an orphan so again it's a cracking place to be looking, we have a drill rig spinning as we speak, RC rig that's doing effectively the pre-collars getting through the Permian layer which is a cheaper quicker and more efficient way to get that in place and then we're going to come back in with the diamond drill rig to bring out core
      - so we're excited about that and I talked before around the discipline of our approach to exploration that and I think that's really respected and I think what's always nice about respect is respect from your peers so the JURI JV is at a stage where Newcrest has a right to be the manager
      - you know Newcrest is obviously a world-class mining company, one of the global majors, the fact that they are confident to allow us to continue to manage the project I think speaks volumes of our team and volumes of the discipline and the quality of our approach to exploration and I think further if you have a look at the Newcrest portfolio, there are other assets where they have taken back the managership even this calendar year and I think again our shareholders should be really, you should note that Newcrest continues to have confidence in us being that manager, I think it's been about 12 months that they've extended our tenure in that position and you know and again I think it's clear why
      - and we also have other parties talking to us about exploration or strategic partnerships in in the Paterson and I think that's been a hard won reputation obviously helped from the discovery of Havieron but also from the systematic and structured way we go through our portfolio and of course understanding all the nuances around the geology of Havieron only enhances our understanding of what we're looking for
      - so I think we have a wonderful platform a wonderful team and every opportunity to unlock that option value from within the portfolio

      * Oh, it certainly gives me, it shows you a lot of…. your team's got very credible background and what you're doing is credible, credible is the word I’m looking for but I can't let you go until we mention a little bit about Havieron and any news updates there, is there something you can tell us about what's going on the ground?
      - yeah we'll look at in the context of an exploration update, you… I think look we continue to you know to drill into Havieron
      - where yeah look I shouldn't front run that but you know it's an ore body that has consistently delivered and there's we believe, it continues to give us every opportunity to do that
      - we're also looking at some of the exploration opportunities on the mining lease, so stepping outside of Havieron proper, that's very good again finding brecciated areas, you know it makes us think that that brecciation zone is maybe bigger than we originally understood, which gives us an opportunity for satellite ore bodies
      - and Charlie you mentioned before around you know having that critical scale, what you see with a lot of developments is once you have that major asset you can then bring in those satellite deposits, so whether that's up on our, on a 100% Scallywag or Rudall or on the JURI JV or on this mining lease, it certainly lowers the economic hurdle when you actually already have the success of Havieron in situ
      - and then the other one we should talk about is the decline, you know that that continues to progress, we've always articulated that as you get with depth there that Permian layer is not homogeneous, it becomes better firmer ground with depth and I think shareholders should continue to have that expectation
      - so really pleased across that Havieron JV, we have a wonderful partner in Newcrest which I think are also you know an incredibly well respected and high quality partner and I think we add our own unique contribution to that to that joint venture and then our exploration in addition to that
      - so yeah we're well placed, yeah we're pretty excited about how we're traveling right now from an exploration perspective and it's great to have the rigs spinning in the… and the team up there on site

      * Well fantastic well thanks for giving us an update on yesterday's news release and updates on the progress of Havieron deposit discovery
      - yep look thanks Charlie, I really appreciate it and thanks for those that chose to join in or tune in to the call, really appreciate it.

      The End.

      Link to Download in PDF Format:
      https://www.mediafire.com/file/vv21d98g ... 2.pdf/file
  18. BigP

    BigP Keeping the Faith

    Come and join Shaun Day, CEO at Greatland Gold and London South East for a special investor Town Hall Meeting on Thursday 14 July. Our two-part event starts with a live webinar 12 noon to 1 pm where Shaun presents and takes questions, and a ticket-only Town Hall event between 6 and 8 pm in the City where you can meet Shaun in person.
  19. BigP

    BigP Keeping the Faith

  20. BigP

    BigP Keeping the Faith

    Here is a link to the note:


    Greatland Gold (GGP LN)
    Initiation: Springboard for ex Northern Star management
    Precious Metals
    Shares (basic, FD, FF FD) Share price (A$/sh) 52-week high/low Market cap (£m)
    SCPe net cash 2Q22 (A$m)
    Project P/NAV today (x, FD) Average daily value (£m, 3M)
    Gold sold (000oz, 100%) Revenue (A$m, 100%) AISC (US$/oz)
    Income (£m, attr)
    EPS (GBp/sh) PER (x) CFPS(A$) FCF yield (%) EBITDA (A$m) EV/EBITDA (x)
    ATTR 1xNAV: 1,850/oz
    1xNAV5% FF FD (A$m) 1xNAV5% FF FD (GBp/sh^)
    4070 / 4277 / 4812 9.90p/sh 21.7p / 9.3p 403 (25.8)
    5,062 0.58x 1,555
    CY24E CY25E CY26E
    Free ride as Newcrest builds Australia’s newest Au-Cu mine
    Havieron is a West Australian 6.5Moz @ 1.9g/t AuEq Telfer Type / IRGS system, with ore in a vertical breccia pipe under ~400m of cover. Greatland’s 30% participating interest sees Newcrest building the decline for 2024 first gold through its Telfer mill ~45km away, with ample capacity. A 3Mtpa PFS envisages 10Y at 264koz pa AuEq. Long term, we expect a second conveyor- decline to support larger high-grade stoping up to 9Mtpa, followed by block- caving in separate areas, with discovery drilling firmly still underway.
    2.9Moz@3.6g/t AuEq; potential SCPe 9Moz AuEq & 700koz AuEq pa
    Newcrests’ initial 8Y 2Mtpa PFS for ~226koz pa AuEq in conc. lifted to Greatland’s 3Mtpa PFS, at a lower cut-off grade, for 264koz pa over 10Y. This es reserve ounces increasing ~50% once infilled, depth extensions to the high-grade Crescent Zone, and ‘cherries’ out of adjacent bulk lower-grade areas. We estimate a potential expanded stoping operation, requiring only A$200m capex for a second conveyor decline, could lift production to 723koz pa AuEq in conc. (600oz pa Au), taking our NPV5%-1850 from A$993m to A$3.8bn.
    Strategic potential for another SCPe 6Moz block cave
    The above expanded stoping scenario excludes areas of bulk low grade, themselves excluding more ounces if cut-offs were lowered for caving. We estimate 6.2Moz @ 1.0g/t of caveable material; 2.3Moz resources outside reserves, 1.5Moz within this at a lower cut-off, and 2.4Moz of vertical extensions. With ample space in the mill, and/or for long-term potential, this could support a long-life Tier 1 operation. The strategic value to a major like Newcrest is clear, potentially ‘filling (half) of their mill’ to extend the life of Telfer and add greater economies of scale. Critically, the high-grade Crescent Zone ‘pays’ for the infrastructure, much like the Cadia pit enabled subsequent caves.
    Northern Star 2.0 with CEO Shaun Day?
    CEO Shaun Day joined Greatland after supporting >900% shareholder returns across over five years as CFO of Northern Star during its rise from 100koz pa to >800koz pa, with similar returns from 2006-2014 at company Sakari Resources before that. The opportunity, which is all the more post Northern Star CEO Bill Beament’s departure in CY21, is to combine the value and dividend streams from Havieron with the ex Northern Star technical (and C-suite) network to do it again. In these markets more than ever, to extract the full value from the opportunity we prefer to back the team over the asset every time.
    Initiate with BUY rating and 17p PT
    Our modelled 9Mtpa SLOS operation producing 668koz pa payable AuEq cornerstones our A$3.8bn NAV (A$404/oz inventory). We add our 6Moz caveable material at half this valuation, and net of G&A and net cash, initiating with a BUY rating and 1xNAV5%-1850 17p PT diluted for options. Key price drivers are drilling / MRE / 4Q22 BFS / debt funding, all ahead of 2024 production.

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