 confirmed on Thursday that it has entered into an agreement with Province Resources Limited to acquire the 100% owned Pascalle tenement.){kind=link}
Greatland Gold to expand footprint in the Paterson province
Greatland Gold (LON:GGP) confirmed on Thursday that it has entered into an agreement with Province Resources Limited to acquire the 100% owned Pascalle tenement.
The 100% owned Taunton tenement and two tenement applications will be purchased for exploration licenses in the Paterson Province of Western Australia for a consideration of cash and shares.
The AIM-listed firm acquired the 100% owned Pascalle tenement covering 75km2. 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.
Greatland has acquired the 100% owned Taunton tenement in Paterson South, centred 240km
south-east of Havieron and covering 100km2.
The gold miner acquired two licence applications in Paterson South, located between 120km-
170km south east of Havieron and covering 840km2.
All areas contain multiple magnetic and other geophysical anomalies identified to
date and remain untested
Shaun Day, Chief Executive Officer of Greatland Gold, commented: “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.”
“The Pascalle tenement is optimally located directly between two world class discoveries of Havieron and Telfer and nearby existing infrastructure. We know this area well and our exploration team has the experience and intellectual property from Havieron to explore for prospective mineralisation systems.”
“Furthermore, the tenements in the Paterson South region give us exposure to some exciting
geophysical targets under around 400 meters of cover with one adjacent to our existing Canning licence application. This provides an opportunity to use the knowledge we have gained in the northern Paterson and apply this to the same host rock formations and structures we are seeing in the south.”
The Greatland Gold share price is down by 1.6% on Thursday morning.