Greatland grows exploration portfolio in Western Australia

Greatland Gold (LSE: GGP) is expanding its exploration portfolio in Western Australia with the acquisition of a new tenement, which is part of the Mount Egerton gold-copper project.

The company said the Woodlands property is highly under-explored, offering potential for significant gold and copper deposits due to its geological features and structures that are conducive to mineralization. 

Greatland has identified that the area contains mantle tapping structures, which are a critical component in the formation of large-scale gold and copper mineral systems.

The tenement includes a 25 km strike length of mantle tapping structures, which are a key component in the formation of large-scale gold and copper mineral systems.

Greatland Gold said there is already an Indigenous land use agreement in place at Woodlands.

The company plans to speed up the exploration process by using current agreements with Indigenous landowners, making exploration activities quick and efficient. The first exploration activities at Mount Egerton will include reviewing existing data and collecting samples on the ground, using cost-effective and efficient methods.

Greatland is simultaneously evaluating the option of buying back a majority stake in the Havieron gold-copper project in Western Australia from Newmont (TSX: NGT; NYSE: NEM), if the gold giant decides to sell it. 

Havieron, in which Newmont has a 70% stake, is Greatland’s flagship project. It was one of the assets the world’s largest gold miner singled out as one of the projects it will offload following its acquisition of Australia’s Newcrest Mining in November.

Greatland says it has a right of refusal over the Newmont interest ahead of any sale to a third party. 

Havieron was discovered by the Australian junior in 2018 and it has been working on it since. The property is located only 45 km from the Telfer mine, another former Newcrest asset that Newmont plans to sell. 

Greatland shares were up 1.2% to 7.3 pence ($1.27) on Thursday, valuing the company at £374.1 million. Its shares traded in a 52-week range of 5.4 pence and 11.7 pence.