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.
§ Acquired 100% owned Pascalle tenement covering 75km2 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 100km2
§ Acquired two licence applications in Paterson South, located between 120km-170km south east of Havieron and covering 840km2
§ 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
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 940km2 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 GreatlandGold plc, commented: “This is our first licence acquisition since Havieron and adds over 1,000km2 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 (£26,500), 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 (£79,500) plus A$200,000 (£106,000) in cash or A$200,000 (£106,000) 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/
Greatland Gold PLC
+44 (0)20 3709 4900
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.
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