Greatland Gold plc (LON:GGP) said today it expects to complete the acquisition of the Havieron gold project in Western Australia from Pacific Trends Resources Pty Ltd by mid-August.
Ahead of the completion of the deal, Pacific Trends has been granted the exploration licence 45/4701 for the project.
Greatland, which first announced the acquisition in September 2016, will pay AU$25,000 in cash and the issuance of 65,490,000 ordinary shares.
The company plans to begin a tightly-spaced gravity survey over the Havieron target in the fourth quarter that will be used to finalise the drill targets.
The Havieron project is located in the Paterson region of Western Australia, about 40km east of Newcrest's Telfer gold mine, which has produced more than 27 ounces of gold to date.
Historical geophysical data at Havieron shows a target covering about 1,000m by 1,000m.
At the moment, Greatland is undertaking a review of new regional exploration data that covers both the Havieron and Paterson Range East projects. Findings from this review are expected to be announced shortly.
“We are very pleased to be able to proceed with the acquisition of this exciting gold/copper project in a region that is seeing increased interest from major mining companies,” said chief executive Gervaise Heddle.
“We expect to move forward quickly with on the ground exploration activities as we seek to confirm our belief in the potential for a large gold/copper resource at Havieron.”#
Shares climbed 2.35% to 0.580p at midday trading.