Last checked at 4 Mar 2019 07:00
Primorus Investments PLC
("Primorus" or the "Company")
Further Investment in Greatland Gold PLC
Primorus Investments plc (AIM: PRIM, NEX: PRIM) is pleased to advise shareholders that, as per its investment mandate, it has acquired a further 2m shares in AIM-listed metals exploration company Greatland Gold PLC ("Greatland"; (GGP.L). The Company now holds 37m shares in Greatland, representing approximately 1.15% of its issued share capital in Greatland, purchased at weighted average price of 1.71p per share, which remains unchanged from the previous investment as announced on 10 January 2019.
The most recently announced drilling by Greatland at Haiveron (5 February 2019) yielded excellent results, including 367.1m at 1.15g/t gold, 0.44% copper and 176ppm cobalt from 471m, including: 150.5m at 2.25g/t gold, 0.67% copper and 224ppm cobalt from 471.5m in HAD006. HAD008 yielded 89m at 1.97g/t gold, 0.8% copper and 362ppm cobalt from 426m.
Previously announced drilling by Greatland at Havieron (19 November 2018) reported several excellent Gold/Copper intercepts including the outstanding combined drilling intercept of 275m at 4.77g/t gold and 0.61% copper, including an upper zone of 118m at 3.08g/t gold and 0.84% copper from 459m and a lower zone of 157m at 6.04g/t gold and 0.44% copper from 660m (HAD005) at its 100%-owned Havieron Gold/Copper project in the Paterson Province region of Western Australia.
Alastair Clayton, Executive Director commented "Recently Rio Tinto unveiled the high-anticipated results from its recently discovered Winu Project, also located in the Paterson Province. These were impressive and indicated broad widths of sustained gold/copper mineralisation that occurs closer to the surface than at Haiveron. Pleasingly, and despite being deeper than at Winu, several drill holes at Haiveron contain large widths of very high-tenor gold and copper mineralisation. We believe the discovery of such high-tenor mineralisation is thus far unique to Haiveron in terms of Paterson Province gold and copper discoveries."
Greatland has indicated its next drilling campaign is due to commence at Haiveron this month and it appears a number of other explorers are also planning drill campaigns adjacent to Haiveron and elsewhere in the Paterson Province so we expect the next few months to be the beginning of a modern-day exploration rush in this largely underexplored part of Western Australia."
"Given the above and taking advantage of recent unexpected weakness in the GGP share price we have added to our position without moving our weighted average investment price and we look forward to a prolonged period of exploration news and results now that the short summer rainy season has passed."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Primorus Investments plc: +44 (0) 20 7440 0640
Alastair Clayton
Nominated Adviser: +44 (0) 20 7213 0880
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson
Broker: +44 (0) 20 3621 4120
Turner & Pope Investments
Andy Thacker