MELBOURNE, Australia,
Dec. 9, 2020 /CNW/ -- Newcrest Mining
Limited (ASX, TSX, PNGX: NCM) is
pleased to announce its Initial Inferred Mineral Resource estimate
at the Havieron Project which is operated by Newcrest under a Joint
Venture Agreement with Greatland Gold plc (Greatland Gold) and is
located approximately 45km east of Telfer in the Paterson Province, Western Australia.
The Inferred Mineral Resource estimate, assumes mining by a bulk
extractable underground operation and is reported at an
A$50/t net smelter return shell
as:
- 52Mt[1],[2] @ 2.0g/t Au and 0.31% Cu for 3.4Moz Au
and 160Kt Cu, including geological domains for:
- Crescent Zone containing 18Mt @
3.8g/t Au and 0.61% Cu for 2.2Moz Au and 110Kt Cu
- Breccia Zone containing 34Mt @ 1.1g/t Au and 0.15% Cu for 1.2Moz
Au and 50Kt Cu
The Inferred Mineral Resource is centred on the South East
Crescent and adjacent Breccia Zone including a portion of the
Northern Breccia. Outside of the estimated Inferred Mineral
Resource, mineralisation remains open with results identified from
the South East Crescent and Breccia Zone, North West Crescent,
Northern Breccia, and the Eastern Breccia. This indicates the
possibility that the resource could continue to grow over time with
additional planned drilling activity.
Newcrest Managing Director and Chief Executive Officer,
Sandeep Biswas, said, "It is an incredible achievement that
Newcrest and our joint venture partner, Greatland Gold, have been
able to deliver an Inferred Mineral Resource estimate for Havieron
in such a short timeframe. This is an important milestone in the
journey to fully define the potential of the Havieron Project, with
drilling results outside of the mineral resource supporting the
potential of a larger mineral resource over time."
The Havieron Inferred Mineral Resource estimate is reported as
an Inferred Mineral Resource in accordance with the Australasian
Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves 2012 (JORC Code). There are no material differences
between the definitions of Inferred Mineral Resources under the
2014 CIM Definition Standards for Mineral Resources and Mineral
Reserves and the equivalent definitions in the JORC Code.
Further information in relation to the Initial Inferred Mineral
Resource estimate for Havieron can be found in our market release
on www.asx.com.au under the code "NCM", SEDAR or on our website at
www.newcrest.com.
[1] The Inferred Mineral Resource
estimate is presented on a 100% basis. As announced on 30 November
2020, 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%). Newcrest can earn up to a 70% joint
venture interest through total expenditure of US$65 million and the
completion of a series of exploration and development milestones in
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.
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[2] Data is reported within an A$50/t
NSR shell to two significant figures to reflect appropriate
precision in the estimate and this may cause some apparent
discrepancies in totals. The NSR/t is based on a typical NSR
formula that accounts for assumed metals prices of US$1,400/oz Au
and US$3.40/lb Cu, domain-specific metallurgical recoveries of
84-94% for Au and 82-92% for Cu, a AUD:USD exchange rate of 0.75,
as well as treatment and refining costs, payabilities and
royalties, similar to those at Telfer.
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Forward Looking Statements
This document includes forward looking statements and forward
looking information within the meaning of securities laws of
applicable jurisdictions. Forward looking statements can generally
be identified by the use of words such as "may", "will", "expect",
"intend", "plan", "estimate", "anticipate", "believe", "continue",
"objectives", "targets", "outlook" and "guidance", or other similar
words and may include, without limitation, statements regarding
estimated reserves and resources, certain plans, strategies,
aspirations and objectives of management, anticipated production,
study or construction dates, expected costs, cash flow or
production outputs and anticipated productive lives of projects and
mines. Newcrest continues to distinguish between outlook and
guidance. Guidance statements relate to the current financial year.
Outlook statements relate to years subsequent to the current
financial year.
These forward looking statements involve known and unknown
risks, uncertainties and other factors that may cause Newcrest's
actual results, performance and achievements or industry results to
differ materially from any future results, performance or
achievements, or industry results, expressed or implied by these
forward-looking statements. Relevant factors may include, but are
not limited to, changes in commodity prices, foreign exchange
fluctuations and general economic conditions, increased costs and
demand for production inputs, the speculative nature of exploration
and project development, including the risks of obtaining necessary
licences and permits and diminishing quantities or grades of
reserves, political and social risks, changes to the regulatory
framework within which Newcrest operates or may in the future
operate, environmental conditions including extreme weather
conditions, recruitment and retention of personnel, industrial
relations issues and litigation. For further information as to the
risks which may impact on Newcrest's results and performance,
please see the risk factors included in the Annual Information Form
dated 13 October 2020 lodged with ASX
and SEDAR.
Forward looking statements are based on Newcrest's good faith
assumptions as to the financial, market, regulatory and other
relevant environments that will exist and affect Newcrest's
business and operations in the future. Newcrest does not give any
assurance that the assumptions will prove to be correct. There may
be other factors that could cause actual results or events not to
be as anticipated, and many events are beyond the reasonable
control of Newcrest. Readers are cautioned not to place undue
reliance on forward looking statements, particularly in the current
economic climate with the significant volatility, uncertainty and
disruption caused by the COVID-19 pandemic. Forward looking
statements in this document speak only at the date of issue. Except
as required by applicable laws or regulations, Newcrest does not
undertake any obligation to publicly update or revise any of the
forward looking statements or to advise of any change in
assumptions on which any such statement is based.
Competent Person's Statement
The information in this document that relates to Mineral
Resources, Exploration Targets, Exploration Results, and related
scientific and technical information, is based on and fairly
represents information compiled by Mr C.K. Switzer. Mr Switzer
is the Regional Exploration Manager – Asia Pacific and a full-time employee of
Newcrest Mining Limited. He is a shareholder in Newcrest Mining
Limited and is entitled to participate in Newcrest's executive
equity long term incentive plan, details of which are included in
Newcrest's 2020 Remuneration Report. He is a Member of the
Australian Institute of Geoscientists and a Member of The
Australasian Institute of Mining and Metallurgy. Mr Switzer has
sufficient experience which is relevant to the styles of
mineralisation and types of deposits under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the JORC Code and as a Qualified Person under NI
43-101. Mr Switzer approves the disclosure of scientific and
technical information contained in this document and consents to
the inclusion of material of the matters based on his information
in the form and context in which it appears.
Authorised by the Newcrest Disclosure Committee
For further information please contact
Investor
Enquiries:
Tom Dixon
+61 3 9522 5570
+61 450 541 389
Tom.Dixon@newcrest.com.au
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Ben Lovick
+61 3 9522
5334
+61 407 269
478
Ben.Lovick@newcrest.com.au
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North American
Investor Enquiries:
Ryan Skaleskog
+1 866 396 0242
+61 403 435 222
Ryan.Skaleskog@newcrest.com.au
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Media
Enquiries:
Tom Dixon
+61 3 9522 5570
+61 450 541 389
Tom.Dixon@newcrest.com.au
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Annie
Lawson
+61 3 9522
5750
+61 409 869
986
Annie.Lawson@newcrest.com.au
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SOURCE Newcrest Mining Limited