By Samuel Indyk
Investing.com – Greatland Gold (LON:GGPL) announced on Thursday that it has entered into an agreement 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 from Province Resources (ASX:PRL).
The AIM-listed company said the Pascalle tenement covers 75km2 and is proximal to both its Havieron project to the east and the Newcrest’s (ASX:NCM) Telfer mine to the west.
The Taunton tenement is 240km southeast from the Havieron project and covers 100km2.
The two licence applications in Paterson South cover 840km2 and are located between 120km-170km southeast of Havieron.
“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,” said Greatland Gold Chief Executive Officer Shaun Day.
“As with Havieron, these new exploration licences contain multiple magnetic and geophysical anomalies.
“We consider these licences significant and exciting additions to our growth portfolio as we seek to discover further tier-one gold-copper deposits in the Paterson province.”
Greatland has acquired the Pascalle tenement from PRL for a consideration of AUD$50,000, free of any encumbrance.
Greatland will pay a consideration of AUD$150,000 plus AUD$200,000 in cash or AUD$200,000 in fully paid ordinary shares in respect to the withdrawal of the PRL applications and sale and purchase of the Taunton tenement, and if necessary the sale and purchase of the licences created if the PRL Applications are granted.
At 09:47BST, shares in Greatland Gold were lower 0.9% at 18.125 pence per share.
Greatland Gold acquires exploration tenements in the Paterson province
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