RE: Primorous29 Jan 2020 07:56
Pid- the had a nice little meeting with GH ETC After AGM then released RNS below
Greatland Gold Investment Update
Wed, 11th Dec 2019 07:00
RNS Number : 4302W
Primorus Investments PLC
11 December 2019
Primorus Investments plc
("Primorus" or the "Company")
Greatland Gold Investment Update
Primorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to provide an investor update regarding its current holding in Greatland Gold PLC ("Greatland") (AIM: GGP) following a meeting with the Greatland executive team subsequent to the Annual General Meeting attended by Primorus on 3 December 2019.
Highlights
· Newcrest drilling expands already very large Havieron footprint 300m to the North.
· Primorus believes Havieron is a Tier 1 Australian Gold/Copper deposit that may host 20Moz+.
· High priority project with 6 rigs to work throughout the Australian summer.
· 100% owned Scallywag a potential second Havieron
· Look to add to investment as the Board believes Greatland shares currently undervalued.
Background
Greatland Gold PLC is an AIM-listed precious and base metals exploration and development company with several active projects in Western Australia and Tasmania. Greatland has a market capitalisation of circa £59 million at the time of writing. The Havieron Gold/Copper Project near the Telfer mine in the Paterson Province region of Western Australia is Greatland's most advanced exploration project to date and is subject to an up to US$65 million farm-in agreement ("Farm-in Agreement") with the owner of the Telfer mine, Newcrest Mining Limited ("Newcrest") (ASX: NCM), Australia's largest ASX-listed gold producer.
Primorus began buying shares in Greatland in October 2018 and now holds circa 37 million shares at an average price of 1.71p per share representing approximately 1.03% of the issued capital of Greatland. The Shares of Greatland have traded between 1.49p and 2.5p with a price at the time of writing of 1.64p. The Greatland investment at circa £607,000 "mark to market" value is currently Primorus's largest listed investment.
Alastair Clayton, Executive Director of Primorus summarised the meetings:
"We came away from the Greatland Gold AGM and follow-on management meeting with a new sense of excitement as to the potential scale of Havieron. Drilling reported last week from hole HAD023 has demonstrated that Havieron continues at least 300m to the North of the initial discovery area around HAD005. A review of drill plans in the AGM presentation and publicly available Satellite data suggest that even today current drilling is still working to find the limits of the deposit.
With a working geological model now developed at Havieron, we also look with some excitement at GGP's nearby Scallywag Project where analogous geology and new geophysical modelling make the case for similar mineralisation but at levels much closer to the surface than at Havieron. Importan