Gold explorer Greatland Gold plc (AIM:GGP) has entered into an agreement with Province Resources Limited (ASX:PRL) to acquire the 100% owned Pascalle tenement, the 100% owned Taunton tenement and two tenement applications for exploration licences in the Paterson Province of Western Australia for a consideration of cash and shares.
The Pascalle tenement is optimally located directly between the two world class discoveries of Havieron and Telfer and nearby existing infrastructure. Greatland Gold knows the area well and its exploration team is considered to have the experience and intellectual property from Havieron to explore for prospective mineralisation systems.
Furthermore, the tenements in the Paterson South region give the miner exposure to some intriguing geophysical targets under around 400 meters of cover with one adjacent to its existing Canning licence application. This provides an opportunity to use the knowledge gained in the northern Paterson and apply this to the same host rock formations and structures that can be seen in the south.
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Greatland Gold has acquired 100% of the Pascalle tenement covering 75 square kilometres in the Paterson Province. The new tenement is proximal to world class gold-copper deposits with Havieron 20km to the east and Newcrest’s Telfer Mine 14km to the west.
It confirms that it has acqquired the 100% owned Taunton tenement in Paterson South, centered 240km south-east of Havieron and covering 100 square kilometres. It has also acquired two licence applications in Paterson South, located between 120km- 170km south east of Havieron and covering 840 square kilometres.
Greatland Gold has also lodged Canning license application
Greatland Gold has separately lodged the Canning licence application, which is adjacent to one of the Paterson South licence applications and consolidates the area of interest
“This is our first licence acquisition since Havieron and adds over 1,000km2 of exploration ground in the Paterson region expanding Greatland’s strategic footprint in one of the most prospective exploration areas for gold- copper deposits in Australia,” explained Shaun Day, Chief Executive Officer of Greatland Gold. “As with Havieron, these new exploration licences contain multiple magnetic and geophysical anomalies. The new ground sits under cover and remains untested, which will allow us to apply our proven record of discovery and exploration success to identify prospective Telfer, Winu and Havieron style mineralisation.”
Day says he considers these licences “significant and exciting additions” to Greatland Gold’s growth portfolio. All the areas contain multiple magnetic and other geophysical anomalies identified to date and remain untested.
These tenements are situated in the underexplored southern extensions of the Paterson Province, where Greatland interprets there is bedrock geology similar to the host formations and structures common to the major mineral deposits in the region further to the north. Despite the known geological affinities, the area has seen very limited historic exploration.
Greatland Gold shares are trading up 6.62% over the past 30 days. They hit at 30 day high of 19.09p on 7 September.