The initial inferred resource estimate comprises 3.4mln oz of gold and is centred on the South East Crescent and adjacent Breccia and includes a portion of the Northern Breccia.
Greatland added that mineralisation remains open within four other target regions: South East Crescent and Breccia Zone, North West Crescent, Northern Breccia, and the Eastern Breccia.
Drilling here can grow the resource further, Greatland believes, while there is an additional possibility of conventional bulk underground mining.
Partner Newcrest has been carrying out the drilling at Havieron and has now spent US$45mln on exploration which entitles it to a further 20% interest to take its total 60% and Greatland 40%.
The programme for 2021 will involve drilling at the four identified extensions and in-fill work at the South Eastern Crescent.
Mine preparation work is already underway and with a Pre-Feasibility Study at Havieron that will include mineral resource scheduled for late 2021.
Commercial production is expected within two to three years from the commencement of the mine decline.
Gervaise Heddle, Gretaland’s chief executive, praised Newcrest’s progress at the deposit.
“To have achieved this within two years of signing the Farm-in is a testament to the expertise of Newcrest and their commitment to fast track the potential development of Havieron.
“The Initial Resource of 4.2Moz gold equivalent provides us with a strong platform for future growth through exploration while providing a clear focus point for ongoing studies and potential mine development.
“Importantly, the Initial Resource estimate is centred on just the South East Crescent and adjacent Breccia, and a portion of the Northern Breccia, suggesting that there is significant potential to increase the Inferred Resource over time.”