TIDMGGP
RNS Number : 5172R
Greatland Gold PLC
30 June 2020
30 June 2020
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR)
Greatland Gold plc
( " Greatland " or "the Company " )
Application for Fourth Licence in the Paterson and Update on
Drilling Programme
Greatland wins ballot for new licence application in the
Paterson, drilling campaign at Scallywag expected to commence
within the next four to six weeks
Greatland Gold plc (AIM:GGP), the precious and base metals
exploration and development company, is pleased to announce that it
has received notification from the Western Australian Department of
Mines, Industry Regulation and Safety ("DMIRS") that it has won a
government conducted ballot in regard to Greatland's application
for its fourth exploration licence in the Paterson region (E45/5533
Rudall). The Company is also pleased to provide an update on the
Company's exploration activities in the Paterson region (excluding
the Havieron Farm-in).
Greatland is in a strong financial position with approximately
GBP6 million in cash as at 30 June 2020 and remains well financed
to conduct all planned activities over the next 12 months.
Fourth Exploration Licence (E45/5533 Rudall) in the Paterson
-- Greatland has received notification from DMIRS that it has
won a government conducted ballot in regard to the Company's
application for the Rudall licence (E45/5533).
-- Consequently, Greatland's application for E45/5533 has
priority and will be processed ahead of other competing
applications.
-- The Rudall licence application covers an area of
approximately 65 square kilometres and is located 20 kilometres
south-southeast of Greatland's Havieron gold-copper deposit.
-- New licence will expand Greatland's landholding in the
Paterson region from 385 square kilometres to 450 square
kilometres.
-- The Rudall licence is considered to be prospective for
Havieron and Telfer style gold/copper occurrences.
-- Once granted, Greatland expects to complete the acquisition
of detailed aeromagnetics, ground gravity and surface geochemistry
to enhance preliminary targets already outlined within the Rudall
licence.
Greatland's Exploration Activities in the Paterson (excluding
the Havieron Farm-in)
-- Cultural heritage clearances, which were previously deferred
due to COVID-19 concerns (see announcement dated 1 April 2020), are
now underway.
-- Drilling expected to commence at Greatland's 100%-owned
Scallywag prospect area within the next four to six weeks, subject
to receipt of heritage approvals.
-- The drilling campaign will initially focus on high-priority
targets within the Scallywag prospect area including Kraken,
Blackbeard and London.
-- Once the initial phase of drilling is complete at Scallywag,
the Company expects to drill additional high-priority targets on
its Paterson Range East licence including Goliath and Los
Diablos.
Gervaise Heddle, Chief Executive Officer of Greatland Gold plc,
commented: "We are very pleased to be moving forward with our
exploration plans in the Paterson and to have the opportunity to
consolidate our strategic position in this exciting and highly
prospective region. Geophysical and geochemical studies conducted
last year highlighted a range of exciting, high-priority targets
across our Paterson licences, many of which display similar
geophysical characteristics to Havieron, and we look forward to
systematically drill testing many of these targets over the coming
months. In addition, the application for the Rudall licence gives
us the opportunity to expand our footprint in a region that we view
as one of the most attractive frontiers in the world for the
discovery of tier-one, gold-copper deposits. "
Background to the Paterson Project
The Company's Paterson project comprises three granted licences
(Havieron, Paterson Range East, and Black Hills) and one licence
application (Rudall), located in the Paterson region of northern
Western Australia. The four licences collectively cover more than
450 square kilometres and are prospective for Telfer and Havieron
style gold-copper deposits.
Cultural heritage clearances are now underway in the Paterson.
These were previously deferred due to COVID-19 concerns (see
announcement dated 1 April 2020). Subject to the receipt of
cultural heritage approvals, the Company expects to commence
drilling at its 100%-owned Scallywag prospect area in the next four
to six weeks.
Drilling will initially focus on high-priority targets within
the Scallywag prospect area including Kraken, Blackbeard and
London. Once the initial phase of drilling is complete at Scallywag
the Company expects to continue with drilling of additional
high-priority targets on its Paterson Range East licence including
Goliath and Los Diablos.
Greatland has received notification from DMIRS that it has won a
government conducted ballot in regard to the Company's application
for licence E45/5533 Rudall . Consequently, Greatland's application
for E45/5533 has priority and will be processed ahead of other
competing applications. The new licence application E45/5533 Rudall
covers an area of approximately 65 square kilometres and is located
20 kilometres south-southeast of Greatland's Havieron gold-copper
deposit.
Once granted Greatland expects to complete acquisition of
detailed aeromagnetics, ground gravity and surface geochemistry to
enhance preliminary targets already outlined within the Rudall
licence.
The Paterson region is currently one of the most active
exploration areas in Australia. Recent discoveries by Greatland
(Havieron) and Rio Tinto (Winu) demonstrate the potential of the
region and highlight the lack of historical exploration,
particularly over the extensive areas under cover. As well as
hosting several large gold and copper deposits such as Telfer and
Nifty, more recent exploration has outlined several other deposits
including Magnum (Au), Calibre (Au), O'Callaghans (W, Cu) and
Maroochydore (Cu). 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.
In March 2019, Greatland entered into a Farm-in Agreement with
Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest
Mining Limited (ASX:NCM), to explore and develop Greatland's
Havieron gold-copper discovery in the Paterson region of Western
Australia. Newcrest has the right to earn up to a 70% interest in a
12-block area within E45/4701 that covers the Havieron target by
spending up to US$65m. Newcrest may acquire an additional 5%
interest at the end of the Farm-in period at fair market value.
During the Farm-In period, Newcrest will have a right of first
refusal over three of Greatland's Paterson licences (Black Hills,
Paterson Range East and the remainder of the Havieron licence). The
right of first refusal does not extend to the new Rudall licence
(E45/5533).
Competent Person:
Information in this announcement has been reviewed and approved
by Mr Mick Sawyer, a member of the Australian Institute of
Geoscientists and a Registered Professional Geoscientist (R.P.Geo
#10194), who has more than 15 years relevant industry experience.
Mr Sawyer is Exploration Manager and a full-time employee of
Greatland Pty Ltd, and holds employee options in Greatland Gold
plc. Mr Sawyer, has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration, and to the
activity which he is undertaking 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 , which outline standards of disclosure
for mineral projects. Mr Sawyer consents to the inclusion in this
announcement of the matters based on this information in the form
and context in which it appears.
Additional information on the Paterson project, including maps
showing regional targets, can be found at:
www.greatlandgold.com/paterson
In addition to this release, a PDF version of this report, with
supplementary information can be found at the Company's website:
www.greatlandgold.com/media/jorc
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)
Andrew Emmott/ James Keeshan
Tel : +44 (0)20 3368 3550
SI Capital Limited (Joint Broker)
Nick Emerson/Alan Gunn
Tel: +44 (0)14 8341 3500
Numis Securities Limited (Joint Broker)
John Prior/Paul Gillam/Alamgir Ahmed
Tel: +44 (0)20 7260 1000
Luther Pendragon (Media and Investor Relations)
Harry Chathli/Alexis Gore/Joe Quinlan
Tel: +44 (0)20 7618 9100
Notes for Editors:
Greatland Gold plc is a London Stock Exchange AIM-listed
(AIM:GGP) natural resource exploration and development company with
a current focus on precious and base metals. The Company has six
main projects; four situated in Western Australia and two in
Tasmania.
In March 2019, Greatland signed a Farm-in Agreement with
Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest
Mining Limited (ASX:NCM), to explore and develop Greatland's
Havieron gold-copper deposit in the Paterson region of Western
Australia. Newcrest has the right to earn up to a 70% interest in a
12-block area within E45/4701 that covers the Havieron target by
spending up to US$65 million.
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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