TIDMGGP
RNS Number : 8948A
Greatland Gold PLC
17 September 2018
17 September 2018
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Greatland Gold plc
("Greatland" or "the Company")
Greatland Commences Second Drilling Programme at Havieron
New drilling programme at Havieron to test the extent and
direction of the high-grade zone of gold and copper mineralisation
following excellent results from maiden drill campaign
Greatland Gold plc (AIM: GGP), the precious and base metals
exploration and development company, is pleased to announce that
the second drilling campaign has commenced on schedule at its
100%-owned Havieron project in the Paterson region of Western
Australia.
Greatland's first drilling campaign at Havieron, carried out in
April-May 2018, yielded excellent results, which included 121m at
2.93g/t gold and 0.23% copper from 497m, including 11.5m at
21.23g/t gold and 0.67% copper from 568.5m (HAD001), and 21m at
3.79g/t gold 0.44% copper from 418m (HAD003). Significantly, the
first campaign established the presence of a zone of high grade
mineralisation (peak grades 137.69g/t gold and 4.11% copper) and
demonstrated the potential for Havieron to represent a very large
mineralised system.
The new drilling campaign at Havieron, which commenced today,
consists of up to ten core holes to a depth of 600 metres each for
a total of approximately 6,000 metres. The drilling programme is
designed to further determine the extent and direction of the
high-grade zone of mineralisation at Havieron that was detected in
Greatland's maiden drilling campaign conducted earlier this
year.
Gervaise Heddle, Chief Executive Officer, commented: "We are
excited to be on the ground and pushing forward with our second
major drilling campaign at Havieron following the excellent results
from the first campaign which established a zone of high grade gold
mineralisation peaking at almost 4.5 ounces gold per tonne.
"The results from the first drill programme, combined with
independent geophysical modelling, indicate that Havieron has the
potential to represent a very large mineralised system."
Issue of Shares and Warrants to DDH1 Drilling Pty Ltd
As announced on 3 September 2018, Greatland re-appointed DDH1
Drilling Pty Ltd ("DDH1"), one of Australia's most highly regarded
mineral exploration drilling providers, to conduct this second
drill programme at Havieron. As an expression of their support and
confidence in the Havieron project, DDH1 agreed to accept part
payment of its drill programme fees in the form of shares and
warrants in Greatland.
Greatland has issued DDH1, as part payment for drilling services
and in consideration for an amount of GBP142,045.45, or
approximately $250,000 Australian Dollars, 11,363,636 ordinary
shares of 0.1 pence each in Greatland Gold plc (the "DDH1
Shares").
Each DDH1 Share issued has an accompanying unlisted and
non-transferrable warrant to subscribe for an additional Greatland
new ordinary share at a price of 2.0p at any time within the 12
months following admission to trading of the DDH1 Shares
(representing the issue of a total of 11,363,636 warrants). Each
warrant will include an accelerated exercise condition
("Accelerator") such that in the event the that the Company's
volume weighted average share price exceeds 3.0p for a period of
five consecutive trading days the Company shall have the right, but
not the obligation, to give holders of the warrants 7 calendar
days' notice that the warrants must be exercised within a further
14 calendar days, following which they will otherwise expire.
Should all of these warrants be exercised, GBP227,272.72 in funds
will be paid by DDH1 to Greatland at a price of 2.0p.
The 11,363,636 DDH1 Shares are expected to be admitted to
trading on, or around, 1 October 2018. For the purposes of the
Financial Conduct Authority's Disclosure and Transparency Rules
("DTRs"), the issued ordinary share capital of Greatland following
the issue and allotment of the DDH1 Shares comprises 3,225,620,145
Ordinary Shares with voting rights attached (one vote per share).
There are no shares held in treasury. This total figure of
3,225,620,145 may be used by shareholders as the denominator for
the calculation by which they will determine whether they are
required to notify their interest in, or a change to their interest
in Greatland under the DTRs.
Competent Person:
Information in this announcement that relates to exploration
results is based on information compiled by Mr Callum Baxter, a
director of Greatland Gold plc, who is a member of the Australasian
Institute of Mining and Metallurgy and Australian Institute of
Geoscientists. Mr Baxter has sufficient experience relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which has been undertaken to qualify as a Competent
Person as defined by the 2012 Edition of the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves (the JORC Code) and under the AIM Rules - Note for Mining
and Oil & Gas Companies. Mr Baxter consents to the inclusion in
the announcement of the matters based on their information in the
form and context in which it appears.
Additional information on Greatland's projects can be found on
the Company web site at www.greatlandgold.com/projects.
Enquiries:
Greatland Gold PLC
Gervaise Heddle/Callum Baxter
Tel: +44 (0)20 3709 4900
Email: info@greatlandgold.com
www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady /Andrew Emmott/James Keeshan
Tel: +44 (0)20 3368 3550
SI Capital Limited (Broker)
Nick Emerson/Alan Gunn
Tel: +44 (0)14 8341 3500
Luther Pendragon (Media and Investor Relations)
Harry Chathli/Ana Ribeiro/Alexis Gore
Tel: +44 (0)20 7618 9100
Notes for Editors:
Greatland Gold plc (AIM: GGP) is a London listed natural
resource exploration and development company with a current focus
on gold, nickel and cobalt exploration projects.
The Company has six main projects; four situated in Western
Australia and two in Tasmania. All projects are 100% owned by
Greatland.
Greatland is seeking to identify large mineral deposits in areas
that have not been subject to extensive exploration previously. It
is widely recognised that the next generation of large deposits
will come from such under-explored areas and Greatland is applying
advanced exploration techniques to investigate a number of
carefully selected targets within its focused licence
portfolio.
The Company is also actively investigating a range of new
opportunities in precious and strategic metals and will update the
market on new opportunities as and when appropriate.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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