Greatland Gold shares jumped on Tuesday after the company confirmed the expansion of its mineral resource portfolio following its acquisition of the Telfer gold-copper mine.
Greatland’s total Group Mineral Resources are now 10.2 million ounces of gold and 387,000 tonnes of copper, making it one of Australia’s leading gold miners in terms of resources.
The uplift came as the inaugural Mineral Resource Estimate (MRE) for the Telfer mine confirmed it will contribute 3.2 million ounces of gold and 117,000 tonnes of copper to Greatland’s resource base.
Greatland shares were 8% higher at the time of writing and had touched the highest point for more than a year.
The Telfer MRE comprises three key components: the West Dome Open Pit, which contains 2.1 million ounces of gold and 61,000 tonnes of copper; the Main Dome Underground, contributing 700,000 ounces of gold and 40,000 tonnes of copper; and existing stockpiles, which hold a further 400,000 ounces of gold and 16,000 tonnes of copper.
Notably, 46% of the gold in the Telfer resource falls within the Measured or Indicated categories, representing 1.4 million ounces of gold and 62,000 tonnes of copper.
Today’s Group Mineral Resources figure of 10.2 million ounces of gold and 387,000 tonnes of copper includes both the Telfer mine and the Havieron deposit, representing a substantial 40% increase in the company’s overall resource base.
Overall, 55% of the gold within the Group Mineral Resources falls within Measured or Indicated categories, totalling 5.6 million ounces of gold and 227,000 tonnes of copper.
“This inaugural Greatland Telfer Mineral Resource estimate is an outstanding result, delineating 3.2 million ounces of contained gold. This exceptional outcome is a testament to the significant opportunities we saw at Telfer during our acquisition due diligence, and the excellent work of our team to progress and validate those opportunities in short order,” said Greatland Managing Director, Shaun Day.
“Total group Mineral Resources now stand at more than 10.2 million ounces of gold and 387,000 tonnes of copper, an exceptional foundation for Greatland as a leading new Australian gold and copper producer.
“When we announced the acquisition, we described an initial 15-month mine plan at Telfer to produce 374,000 ounces of gold and 13,000 tonnes of copper. Our two key focuses at Telfer now are continuing safe and profitable operations and demonstration of mine life extension.”
Greatland Gold has outlined several key priorities for the Telfer operation going forward. The 2024 Telfer MRE will underpin the company’s inaugural Telfer Ore Reserve, which is targeted for completion in the June 2025 quarter.
The company has already mobilised additional drilling capacity at the site, focusing on high-priority infill drilling to convert Inferred Resources to Indicated category, as well as extension drilling to further grow the resource base. Currently, four drill rigs are operating at the site, with two more scheduled to be mobilised in the June 2025 quarter.