PERTH (miningweekly.com) – Triple listed gold miner Newcrest Mining on Friday said that it was in discussions with joint venture (JV) partner Greatland Gold to acquire an additional 5% interest in the Havieron project, in Western Australia.
The gold miner told shareholders that it was also reviewing a release by Greatland made earlier this week, in which it reported a 53% increase in total gold content at Havieron to 5.5-million ounces, and a 63% increase in the indicated mineral resource estimate, to 3.1-million ounces.
Greatland this week reported a total mineral resource estimate of 92-million tonnes for the Havieron deposit, at grades of 1.9 g/t gold and 0.24% copper, for 5.5-million ounces of gold and 218 000 t of copper.
Newcrest said on Friday that it had not reviewed or verified the analysis conducted by Greatland, but would issue an updated group mineral resource and reserve statement with its full year financial results, in June.
The revised mineral resource will be used in the Havieron feasibility study, which is on track for completion in the December quarter.
The Stage 1 prefeasibility study (PFS), which was completed last year, estimated a capital expenditure of A$529-million to develop the asset, which is expected to produce 160 000 oz/y of gold and 6 900 t/y of copper, over an initial mine life of nine years.
The completion of the PFS triggered Newcrest’s entitlement to an additional 10% interest in the Havieron JV, taking the miner’s share of the project to 70%.