TIDMGGP
RNS Number : 9896L
Greatland Gold PLC
16 September 2021
16 September 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
Greatland Gold plc
( " Greatland " or "the Company " )
Acquisition of exploration tenements in the Paterson
Province
Greatland to expand footprint in the Paterson province by over
1,000km (2) , including a prospective area strategically located
between Havieron and Telfer
Greatland Gold plc (AIM:GGP), a leading mining development and
exploration company with a focus on precious and base metals, is
pleased to announce it has entered into an agreement with Province
Resources Limited (ASX:PRL) to acquire the 100% owned Pascalle
tenement, the 100% owned Taunton tenement and two tenement
applications for exploration licences in the Paterson Province of
Western Australia for a consideration of cash and shares.
Highlights:
-- Acquired 100% owned Pascalle tenement covering 75km(2) in the
Paterson Province
-- New tenement is proximal to world class gold-copper deposits
with Havieron 20km to the East and Newcrest's Telfer Mine 14km to
the West
-- Acquired the 100% owned Taunton tenement in Paterson South,
centered 240km south-east of Havieron and covering 100km(2)
-- Acquired two licence applications in Paterson South, located
between 120km-170km south east of Havieron and covering
840km(2)
-- Greatland has separately lodged the Canning licence
application, which is adjacent to one of the Paterson South licence
applications and consolidates the area of interest
-- All areas contain multiple magnetic and other geophysical
anomalies identified to date and remain untested
Pascalle Tenement:
The Pascalle tenement (E45/5316) is an area covering 75km (2)
located in the heart of the Paterson Province situated
approximately equidistant between the world class Havieron
gold-copper deposit and Newcrest Mining's Telfer Gold Mine.
The Pascalle tenement remains underexplored as bedrock sits
beneath 20-50m of cover limiting the application of traditional
exploration methods. The area has a number of key geological
similarities with other major discoveries in the region including a
heat source (O'Callaghan's Granite) to generate circulation of
metal rich fluids, hydrothermal pathways along basement faults and
both structural and stratigraphic traps to concentrate mineral
deposition.
Paterson South Tenements:
The Paterson South tenements, comprising the 100% owned Taunton
tenement (E45/5756 ) and two licence applications (E45/5754,
E45/5755) total 940km (2) in size are located between 120km-240km
south east of Havieron. The tenements demonstrate exciting
geophysical targets under around 400 meters of cover thought to be
prospective for Telfer, Winu and Havieron style mineralisation.
The E45/5755 tenement application is adjacent to Greatland's
licence application for Canning (E45/5862) with the border crossing
an observed regional structure on both sides.
These tenements are situated in the underexplored southern
extensions of the Paterson Province, where Greatland interprets
there is bedrock geology similar to the host formations and
structures common to the major mineral deposits in the region
further to the north. Despite the known geological affinities, the
area has seen very limited historic exploration.
Shaun Day, Chief Executive Officer of Greatland Gold plc,
commented: "This is our first licence acquisition since Havieron
and adds over 1,000km(2) of exploration ground in the Paterson
region expanding Greatland's strategic footprint in one of the most
prospective exploration areas for gold-copper deposits in
Australia.
The Pascalle tenement is optimally located directly between two
world class discoveries of Havieron and Telfer and nearby existing
infrastructure. We know this area well and our exploration team has
the experience and intellectual property from Havieron to explore
for prospective mineralisation systems.
Furthermore, the tenements in the Paterson South region give us
exposure to some exciting geophysical targets under around 400
meters of cover with one adjacent to our existing Canning licence
application. This provides an opportunity to use the knowledge we
have gained in the northern Paterson and apply this to the same
host rock formations and structures we are seeing in the south.
As with Havieron, these new exploration licences contain
multiple magnetic and geophysical anomalies. The new ground sits
under cover and remains untested, which will allow us to apply our
proven record of discovery and exploration success to identify
prospective Telfer, Winu and Havieron style mineralisation.
We consider these licences significant and exciting additions to
our growth portfolio as we seek to discover further tier-one
gold-copper deposits in the Paterson province."
Further Information on the transaction:
Greatland and Province Resources Limited (PRL) have entered into
a binding agreement whereby:
1. Greatland has acquired the right, title and interest in
E45/5316 (Pascalle tenement) from PRL for a consideration of
A$50,000 (GBP26,500), free of any encumbrance; and
2. PRL is the sole applicant of the applications for exploration
licences E45/5754 and E45/5755 (PRL Applications) and is the 100%
owner of E45/5756 (Taunton tenement). Greatland will pay a
consideration of A$150,000 (GBP79,500) plus A$200,000 (GBP106,000)
in cash or A$200,000 (GBP106,000) in fully paid ordinary shares in
the capital of Greatland in respect to the withdrawal of the PRL
Applications and sale and purchase of the Taunton tenement, and if
necessary, the sale and purchase of the licences created if the PRL
Applications are granted.
A regional map showing the Paterson licence area with regional
targets and adjacent landholdings can be found at:
www.greatlandgold.com/paterson /
Enquiries:
Greatland Gold PLC +44 (0)20 3709
Shaun Day 4900
info@greatlandgold.com
www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated
Adviser) +44 (0)20 3368
Andrew Emmott/James Keeshan 3550
Berenberg (Joint Corporate Broker and Financial
Adviser) +44 (0)20 3207
Matthew Armitt/Jennifer Wyllie/Detlir Elezi 7800
Canaccord Genuity (Joint Corporate Broker
and Financial Adviser) +44 (0)20 7523
James Asensio/Patrick Dolaghan 8000
Hannam & Partners (Joint Corporate Broker
and Financial Adviser) +44 (0)20 7907
Andrew Chubb/Matt Hasson/Jay Ashfield 8500
SI Capital Limited (Joint Broker) +44 (0)14 8341
Nick Emerson/Alan Gunn 3500
Luther Pendragon (Media and Investor Relations) +44 (0)20 7618
Harry Chathli/Alexis Gore/Joe Quinlan 9100
Notes for Editors:
Greatland Gold plc (AIM:GGP) is a leading mining development and
exploration company with a focus on precious and base metals . The
Company's flagship asset is the world-class Havieron gold-copper
deposit in the Paterson region of Western Australia, discovered by
Greatland and presently under development in Joint Venture with
Newcrest Mining Ltd.
Havieron is located approximately 45km east of Newcrest's Telfer
gold mine and, subject to positive decision to mine, will leverage
the existing infrastructure and processing plant to significantly
reduce the project's capital expenditure and carbon impact for a
low cost pathway to development. An extensive growth drilling
programme is presently underway at Havieron with a Pre-Feasibility
Study due for release in the second half of CY21. Construction of
the box cut and decline to develop the Havieron deposit commenced
in February 2021.
Greatland has a proven track record of discovery and exploration
success. It is pursuing the next generation of tier-one mineral
deposits by applying advanced exploration techniques in
under-explored regions. The Company is focused on safe, low-risk
jurisdictions and is strategically positioned in the highly
prospective Paterson region. Greatland has a total six projects
across Australia with a focus on becoming a multi-commodity mining
company of significant scale.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQMZGMLNVNGMZG
(END) Dow Jones Newswires
September 16, 2021 03:20 ET (07:20 GMT)
Greatland Gold (LSE:GGP)
Historical Stock Chart
From Apr 2024 to May 2024
Greatland Gold (LSE:GGP)
Historical Stock Chart
From May 2023 to May 2024