Mineral Resource Estimation
What is an MRE?
A ‘Mineral Resource’ is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured
Initial Maiden Resource
On the 10th December 2020, Newcrest and Greatland Gold released an “Initial Inferred Mineral Resource Estimate of 3.4Moz Au and 160Kt Cu for 4.2Moz gold equivalent*, **)
Essentially this translates to:
52 Mega Tonnes of ore will be mined and they expect 2.0g per tonne of Gold and .31% of the 52 MgT would be associated to copper. This gives 3.4Moz of Gold and 160 Kilo Tonne of Copper. However, This is often simplified to one figure in the mining world, where they translate the copper value into a Gold Equivalent which takes the gold equivalent up to 4.2M Ozs.
From the MRE, for clarification.
*The Inferred Mineral Resource estimate is reported in compliance with the 2012 edition of the JORC Code and is shown on a 100% basis.
Newcrest has now met the Stage 3 expenditure requirement (US$45 million) and is entitled to earn an additional 20% joint venture interest,
resulting in an overall joint venture interest of 60% (Greatland Gold 40%).
The gold equivalent (AuEq) is based on assumed prices of US$1,400/oz Au and US$3.40/lb Cu, gold recoveries of 94% (Crescent) and 84%
(Breccia), and copper recoveries of 84% (Crescent) and 82% (Breccia), which equates to a formula of approximately AuEq = Au (g/t) + 1.65 Cu (%). In Greatland’s opinion, both gold and copper have a reasonable potential to be recovered and sold.
Through the first half of 2021, a 65,000m drilling program has been planned, which consists of:
– A infilling drilling campaign this 50m Spacing drill survey satisfies JORC as they test areas of the orebody that will become part of the pre-feasibility study.
– A growth campaign, as they still continue to define the size of the ore body, at Haverion.