Greatland Resources Ltd (ASX: GGP) lately introduced a major resource improve at its flagship Telfer gold mine, and it is garnered the curiosity of the analyst staff at Canaccord Genuity, which believes the inventory is undervalued on the present value.
So what precisely did Greatland announce?
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Huge gold increase
In an replace released this week, the corporate stated it had elevated the gold resource at Telfer to eight million ounces, which was a 150% enhance.
The firm stated it had carried out vital new “development and infill drilling” for the reason that earlier resource replace, which was on 31 December, 2024.
Greatland stated about 134,000m of recent drilling underpinned the brand new resource, and one other 100,000m of drilling was deliberate within the second half of the corporate’s FY26 drilling program.
The new mineral resource estimate additionally included a maiden resource for the West Dome Underground Project, the place 600,000 ounces of gold had been delineated.
Taking the Telfer and Havieron deposits collectively, the mineral resource estimate stood at 14.9 million ounces of gold.
Greatland Managing Director Shaun Day stated relating to the brand new mineral resource estimate:
Telfer and Havieron’s mixed resource of 550Mt @ 0.84g/t Au & 0.12% Cu for 14.9Moz Au & 645Kt Cu has the potential to underpin a multi-decade, world class mining hub. Our funding in considerably elevated drilling has delivered substantial natural development, with the general Telfer resource rising by 150% to eight.0Moz, and the upper confidence Measured and Indicated element by 163% to three.8Moz. “The development consists of a high-grade maiden resource on the West Dome Underground mission, which reveals vital potential for a new mining entrance at Telfer and stays the main target of ongoing drilling.
Lots to love within the new information
The Canaccord analyst staff have been additionally impressed by the West Dome Underground outcomes, saying, “we continue to view West Dome Underground as a potentially rapid, low-capex pathway to a second high-grade underground mine at Telfer, with the opportunity to leverage existing infrastructure that historically has supported mining rates greater than 5Mtpa”.
Canaccord added:
We word we don’t at the moment mannequin any manufacturing from West Dome Underground, however spotlight the quickly evolving prospectivity of the world. With a second growth drive underway, current latent infrastructure to leverage, in addition to GGP’s dedication to a prefeasibility research, we see West Dome Underground as an thrilling development alternative for GGP, which may within the medium time period bolster the manufacturing profile at Telfer.
After operating the ruler over the mineral resource improve, Canaccord elevated its value goal for Greatland shares from $14 to $15.45, in contrast with $10.86 at the moment.
Greatland is at the moment valued at $7.29 billion.
