The Havieron tenement is located 45km east of Telfer in the Paterson Province of Western Australia.
The Havieron project is operated by Newcrest via a farm-in agreement with Greatland Gold Plc. Under the agreement, Newcrest can earn up to a 70% interest through total expenditure of US$65 million and the completion of a series of exploration and development milestones across a four-stage farm-in, over a six year period that commenced in May 2019. Newcrest may acquire an additional 5% interest at the end of the farm-in period at fair market value. The farm-in agreement includes tolling principles reflecting the intention of the parties that, subject to a successful exploration program and feasibility study, the resulting joint venture ore will be processed at Telfer.
On 1 April 2020, Newcrest announced that it had earned a 40% interest in the Havieron project under its farm-in agreement and was progressing to Stage 3.
Drilling results in the financial year continue to expand and demonstrate, the continuity of higher grade mineralisation which extends over 450m and to vertical depths of 600m. Drilling has also identified mineralised breccias proximal to higher grade mineralisation.
Studies are underway to investigate the potential for the following1:
- potential to start an exploration decline by the end of calendar year 2020 or early 2021;
- selective and bulk underground mining options;
- potential to achieve commercial production within two to three years from the commencement of the decline.