Greatland Gold’s new Canning and Paterson South deposits are showing promise after two Havieron ‘lookalike’ targets were identified at the Western Australia exploration tenements.
The two targets have presented characteristics akin to the magnetic and gravity anomaly associated with Havieron, the adjacent copper-gold project Greatland and Newcrest Mining are working to bring into production in 2024.
Early-stage exploration has paved the way for further investigation, with the next steps to confirm the historical gravity data and remodel the gravity and magnetic data, with the aim of targeting drill holes for one or both targets.
“These targets, which have never been drilled, are exciting opportunities situated within our expanded holdings in the Paterson district,” Greatland chief executive officer Shaun Day said.
“Both show strong magnetic and gravity anomalies, with characteristics analogous to the magnetic and gravity signature developed over Havieron.”
While still green, Day believes the early signs of Canning and Paterson South are encouraging, with other successful projects following a similar path.
“As with Havieron, the new targets sit under cover and remain untested, which allows Greatland to apply our proven record of discovery and exploration success to identify prospective Telfer, Winu and Havieron style mineralisation,” he said.
“We consider these bullseye targets significant and exciting additions to our growth portfolio as we seek to discover further tier-one gold-copper deposits in the Paterson province.”
Greatland acquired the Paterson South exploration tenement from Province Resources in September.
The company lodged a separate application for the Canning licence, which is still pending. In the meantime, Greatland has been compiling and reviewing historical exploration data at the site.
Both Paterson South and Canning have seen limited exploration in the past.
It comes after Newcrest provided an update on the Havieron joint venture project in October.
Stage one of the pre-feasibility study (PFS) indicated Havieron will deliver an estimated internal rate of return of 16 per cent with a four-year payback period.
This is based on estimated average gold production of 160,000 ounces per annum at an all-in sustaining cost of $US743 ($1101) per ounce across an initial nine-year mine life.