Greatland Gold PLC - Completion of the Havieron Project Acquisition
25 July 2017
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 to Complete the Acquisition of
· Exploration licence 45/4701, the "
· Greatland expects to complete the acquisition of the
· Greatland expects to commence a tightly spaced gravity survey over the Havieron target during Q4 2017 that will be used to finalise drill targets; and
· Greatland's technical team is currently undertaking a review of new regional exploration data that covers both the Havieron and Paterson Range East Projects, and significant findings from this review are expected to be announced shortly.
"Initial inspections of the historic
In addition to the Havieron target itself, Greatland believes that there are many exciting targets within both the Havieron and
A map showing the Havieron and
Under the purchase agreement executed on
Subsequently, exploration licence 45/4701 has been granted to the Vendor and Greatland expects to complete the acquisition within the next few weeks.
The consideration to be paid to the Vendor by the Purchaser consists of AUD$25,000 in cash and 65,490,000 fully paid ordinary shares in
In the event the Licence Area is the subject of a completed bankable feasibility study and the Purchaser makes a decision to mine,
Issuance of Shares
As a result of the completion of the Havieron project acquisition, 65,490,000 new ordinary shares are expected to be admitted to trading on or around
Following Admission the total issued share capital of the Company will consist of 2,054,435,081 ordinary shares. As such the total number of voting rights in the Company will be 2,054,435,081 ordinary shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the
The Havieron and Paterson Range East licences are located in the Paterson region of northern
The region is remote, however infrastructure is good with several operating mines, roads, formed tracks and rail networks nearby which branch out from the regional industrial hub of Port Hedland 500km to the west.
Alteration and mineralisation of those targets which have been drill tested at Havieron and Paterson Range East display similarities to IOCG-type deposits. Examples of these are the large
Geophysical data has outlined the Havieron target as covering approximately 1,000m x 1,000m. Depth to top of target is around 400m with these depths easily achieved with modern drilling equipment. Only six drill holes have been completed to date with all intersecting significant alteration and gold plus copper anomalism.
Thick lower grade zones of gold and copper have been intersected and within these gold grades peak at 15.4g/t and copper to 2.5%. Current drill hole spacing is broad and so the core of Havieron represents an immediate resource definition drilling target.
Within the Paterson Range East licence several IOCG targets have been identified. Historically, several of these targets have been subject to initial first-pass work and show promise at hosting mineralisation as seen at Havieron. Basement rocks do not outcrop and Greatland intends to employ modern geophysical methods to define targets prior to drill testing.
Prospectivity of the
Greatland's Havieron licence covers 137 square kilometres and Paterson Range East covers 224 square kilometres, totaling over 360 square kilometres in the Paterson region
Additional information on the Havieron and Paterson Range East licences can be found on the Company web site at www.greatlandgold.com/projects .
Information in this announcement that relates to exploration results is based on information compiled by Mr
Greatland Gold PLC
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Notes for Editors:
The Company has six main projects; four situated in
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
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