Last checked at 18 Feb 2021 12:32
18 February 2021
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)
Greatland Gold plc
("Greatland" or "the Company")
New Licence Application to Expand Footprint in the Paterson Region
Application for new exploration licence 'Canning' covering Havieron-style magnetic target in the Paterson Region
Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, announces that it has lodged an application for a new exploration licence in the Paterson Region.
The Canning exploration licence application (E45/5862) comprises an area of 114km2 and is located approximately 175km south east of Havieron. The new licence application contains the bulk of a large magnetic "bullseye" anomaly, similar to the magnetic "bullseye" located over the Havieron deposit. No previous drill testing of this anomaly has been reported in historical records.
Ahead of the expected grant of the licence, Greatland will compile and review historical exploration data, including regional aeromagnetic data and detailed gravity data, and remodel the magnetic and gravity data.
Shaun Day, Chief Executive Officer of Greatland Gold plc, commented: "We are pleased to apply for the new Canning licence which will expand our footprint in the Paterson region and build on our exploration momentum in this region. The licence application area contains the bulk of a large magnetic 'bullseye' anomaly similar to the one located over the Havieron deposit. This fits in with our strategy of seeking to discover tier 1 gold-copper deposits. We look forward to reporting progress on the application in due course."
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/
Further Information on 'Canning' Exploration Licence Application
The new 'Canning' licence application, E45/5862, covers an area of 114km2 and is located approximately 175km south east of Havieron, within the south eastern extensions of the Paterson Province. The licence covers a buried sequence of rocks correlated with either units of the Proterozoic Tabletop Terrane, or units of the Proterozoic Yeneena Basin (host to Telfer and the Havieron gold deposits), adjacent to a major crustal scale fault. The new licence application contains the bulk of a large magnetic 'bullseye' anomaly, similar to the magnetic 'bullseye' located over the Havieron deposit. Greatland's exploration work in the Paterson is focussed on the discovery of intrusion related gold-copper deposits such as Havieron, Telfer and Winu.
Greatland will compile and review historical exploration data, including detailed gravity data, and remodel the historic magnetic and gravity data, looking to precisely model the anomaly, and the depth of cover to the source of the anomaly. No previous drill testing of this anomaly has been reported in historical records.
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/
Competent Person:
Information in this announcement pertaining to Reporting of Exploration Results has been reviewed and approved by Mr John McIntyre, a Member of the Australian Institute of Geoscientists (MAIG), who has more than 30 years relevant industry experience. Mr McIntyre is a full-time consultant to the Company and has no financial interest in Greatland Gold plc or its related entities. Mr McIntyre 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 McIntyre consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Mr McIntyre confirms that the Company is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that the form and context in which the information has been presented has not been materially modified.
Additional information on the project can be found on the Company's website 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
Berenberg (Joint Corporate Broker and Financial Adviser)
Matthew Armitt/Jennifer Wyllie/Detlir Elezi
Tel: +44 (0)20 3207 7800
Hannam & Partners (Joint Corporate Broker and Financial Adviser)
Andrew Chubb/Matt Hasson/Jay Ashfield
Tel: +44 (0)20 7907 8500
SI Capital Limited (Joint Broker)
Nick Emerson/Alan Gunn
Tel: +44 (0)14 8341 3500
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. The Havieron Project is operated by Newcrest under a Joint Venture Agreement with Greatland Gold plc. Newcrest can earn up to a 70% joint venture interest through total expenditure of US$65 million and the completion of a series of exploration and development milestones in a four-stage farm-in over a six year period that commenced in March 2019. Newcrest may acquire an additional 5% interest at the end of the farm-in period at fair market value.
The Joint Venture Agreement includes tolling principles reflecting the intention of the parties that, subject to a successful exploration programme and feasibility study and a positive decision to mine, the resulting joint venture mineralised material will be processed at Telfer, located 45km west of Havieron.
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.