Preparing To Undertake Regional Drilling Programme
Greatland Gold plc (AIM:GGP) has received notification it has won a government conducted ballot in regard to Greatland’s application for its fourth exploration licence in the Paterson region (E45/5533 Rudall).
Due to successful grant, Greatland’s application for E45/5533 has priority and will be processed ahead of other competing applications.
The Rudall licence application covers an area of approximately 65 sq. km and is located 20 km south-southeast of Greatland’s Havieron gold-copper deposit, with the new licence expanding the company’s landholding in the Paterson region from 385 sq. km to 450 sq. km.
Chief Executive Officer, Gervaise Heddle, said that once granted, Greatland expects to complete the acquisition of detailed aeromagnetics, ground gravity and surface geochemistry to enhance preliminary targets already outlined within the Rudall licence.
Mr Heddle said Greatland is in a strong financial position with approximately £6 million in cash as at June 30, 2020 and remains well financed to conduct all planned activities over the next 12 months.
“We are very pleased to be moving forward with our exploration plans in the Paterson and to have the opportunity to consolidate our strategic position in this exciting and highly prospective region,” Mr Heddle said.
“Geophysical and geochemical studies conducted last year highlighted a range of exciting, high-priority targets across our Paterson licences, many of which display similar geophysical characteristics to Havieron, and we look forward to systematically drill testing many of these targets over the coming months.
“In addition, the application for the Rudall licence gives us the opportunity to expand our footprint in a region that we view as one of the most attractive frontiers in the world for the discovery of tier-one, gold-copper deposits.”
The company’s Paterson project comprises three granted licences (Havieron, Paterson Range East, and Black Hills) and one licence application (Rudall), located in the Paterson region of northern Western Australia. The four licences collectively cover more than 450 sq. km and are prospective for Telfer and Havieron style gold-copper deposits.
The Paterson region is currently one of the most active exploration areas in Australia. Recent discoveries by Greatland (Havieron) and Rio Tinto (Winu) demonstrate the potential of the region and highlight the lack of historical exploration, particularly over the extensive areas under cover.
As well as hosting several large gold and copper deposits such as Telfer and Nifty, more recent exploration has outlined several other deposits including Magnum (Au), Calibre (Au), O’Callaghans (W, 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.
Cultural heritage clearances are now underway in the Paterson and subject to the receipt of cultural heritage approvals, the company expects to commence drilling at its 100%-owned Scallywag prospect area in the next four to six weeks. Drilling will initially focus on high-priority targets within the Scallywag prospect area including Kraken, Blackbeard and London. Once the initial phase of drilling is complete at Scallywag the company expects to continue with drilling of additional high-priority targets on its Paterson Range East licence including Goliath and Los Diablos.
