|
(Amends the company’s market capitalisation in the second paragraph) Greatland Resources Ltd on Monday upgraded the mineral estimates across its gold-copper portfolio areas and released the first estimate for the O’Callaghans tungsten deposit, calling it one of the largest globally. Greatland shares were up 9.6% to 560.30 pence each on Monday afternoon in London. It has a market capitalisation of £3.77 billion. The Perth, Australia-based mining company with multiple interests in Western Australia said its mineral resources estimate for the Telfer gold-copper project more than doubled, jumping from 3.2 million ounces to 8.0 million ounces of resources at a discovery price of $5 per ounce. The Telfer project will now be evaluated in an upcoming ore reserve estimate update expected in the next quarter, but it is seen as holding 8.0 million ounces of gold and 370,000 tonnes of copper. Coupled with the Havieron project, a sister gold-copper mining project for which estimates have not changed, the two gold-copper project are expected to hold 14.9 million ounces of gold and 645,000 tonnes of copper. Estimates for the West Dome Open Pit and the Main Dome Underground projects have also been upgraded, more than doubling. Across its gold-copper portfolio, Greatland estimated it now has found approximately 22.9 million ounces of gold and 1.0 million tonnes of copper, and it expects to shift its focus to advancing higher-grade opportunities. The company said it drilled over 134,000 metres in 2025, the results of which have been incorporated in the new estimate. More than 100,000 metres of new drilling are expected at the Telfer project by the end of June. Greatland also released its maiden resource estimate for the O’Callaghans tungsten resource, located some 10 kilometres south of the Telfer project and previously reported as another ore reserve. It said O’Callaghans now has been shown to be ‘one of the largest high-grade tungsten deposits globally and benefits from significant copper, zinc and lead mineralisation’. Greatland owns 100% of the O’Callaghans deposit, which is estimated to contain approximately 70 million tonnes of tungsten, 371,000 tonnes of zinc, and 182,000 tonnes of lead. Managing Director Shaun Day said: ‘O’Callaghans is one of the world’s largest high grade tungsten deposits, in close proximity to our Telfer mine which provides the potential to benefit from sharing of some of Telfer’s non-processing infrastructure. ‘While our primary focus will remain Telfer and Havieron, we are considering appropriate options to demonstrate and enhance the project’s value within the Greatland portfolio.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
