09:31 Mon 06 Nov 2017
Greatland Gold PLC - Acquisition of Black Hills Gold Project
6 November 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 Gold adds to its Paterson Project through Acquisition of Black Hills Gold Project
Black Hills Gold Project hosts known high-grade gold at surface in similar style to the Newcrest Telfer gold mine
Highlights:
· Greatland acquires 100% of the rights, title and interest in the mining tenement E45/4512 (the "Black Hills gold project");
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· Historical work at Black Hills by
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· The acquisition increases the size of Greatland's Paterson project to more than 385 square kilometres prospective for iron-oxide-copper-gold ("IOCG") and Telfer style deposits.
A regional map showing the Black Hills licence with regional targets and adjacent landholdings will be available within the next few days at:
http://greatlandgold.com/project/2016/havieron/
Acquisition Terms
Under the sale and purchase agreement executed on
The consideration to be paid to the Vendor by the Purchaser consists of AUD$25,000 in cash and that number of fully paid ordinary shares in
The Consideration is payable by the Purchaser to the Vendor upon receipt by the Purchaser of an unstamped but registrable transfer form for the Mining Tenement in favour of the Purchaser and duly executed by the Vendor and all documents of title evidencing the Vendor's interest in the Mining Tenement.
Issuance of Shares
As a result of the completion of the Black Hills project acquisition, 6,500,000 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 2,941,637,461 ordinary shares. As such the total number of voting rights in the Company will be 2,941,637,461 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
Overview of Black Hills
There has been a reasonable amount of historical exploration work at Black Hills with several discrete zones of mineralisation identified over 5km of strike. Rock chip samples have returned up to 90g/t gold, and commonly 20g/t gold, with free (visible) gold in places. Drill intercepts include 4m at 7.0g/t from 25m, 5m at 2.3g/t from 25m, 2m at 3.4g/t from 23m and 2m at 1.29g/t from 10m. Historical drill spacing appears quite broad with holes at least 400m apart, some up to 600m. Additional work by the Company will include compilation of historical data, surface geochemistry, ground geophysics and RC drilling.
Gold prospects identified to date extend from Black Hills into the north western parts of the Havieron licence. Proterozoic sandstone and carbonate rocks of the
Overview of
The Company's Paterson project now comprises the Havieron and
The Paterson region hosts several large gold and copper deposits such as Telfer (27M oz) and Nifty (2MT copper). The region has been subject to more recent exploration which has outlined several other deposits including Magnum (Au), Calibre (Au), O'Callaghans (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.
Alteration and mineralisation of those targets which have been drill tested at Havieron and
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, all of which intersected significant hematite alteration and gold, plus copper anomalism. Thick lower grade zones of gold and copper have been intersected and gold grades within these peak at 15.4g/t and copper to 2.5%. Current drill hole spacing is broad and the core of Havieron therefore represents an immediate resource definition drilling target.
Following a review of regional geophysical and geochemical data over the Paterson project approximately fifty IOCG targets have been identified in the broader region, with around half in ground held by Greatland. The setting of these licences is on the western margin of a Proterozoic basin which ranges in depth from less than 100m below surface to more than 400m below surface. Basement rocks of the basin are predominantly calcareous rich sandstones intruded by several late stage granitic bodies exploiting basin margin faults which have also provided a focus for ore fluids. Historically, several of these targets have been subject to initial first-pass work and show promise at hosting mineralisation as seen at Havieron. The geophysical signature of these targets is very similar to that at Havieron. Basement rocks do not outcrop and Greatland intends to employ modern geophysical and geochemical methods to define targets prior to drill testing.
Prospectivity of the
Additional information on the Paterson project can be found on the Company web site at www.greatlandgold.com/projects
Competent Person:
Information in this announcement that relates to exploration results is based on information compiled by Mr
Enquiries:
Greatland Gold PLC
Tel +44 (0)20 7747 9980
Email: info@greatlandgold.com
Tel +44 (0)20 3368 3550
Tel +44 (0)14 8341 3500
Harry Chathli/
Tel +44 (0)20 7618 9100
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.
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