 announced on Tuesday that it expects to complete the acquisition of the Havieron Project){kind=link}
Precious metals exploration company Greatland Gold (LON:GGP) announced on Tuesday that it expects to complete the acquisition of the Havieron Project within the next few weeks, causing shares to jump nearly 5 percent.
The company confirmed that Pacific Trends Resources was granted the exploration licence for the location, meaning Greatland expects to complete the acquisition of the Havieron Project by mid-August with payment of AUD$25,000 in cash and the issuance of 65,490,000 ordinary shares of 0.1 pence each in the Company to Pacific Trends Resources.
Greatland’s technical team is currently undertaking a review of new regional exploration data that covers both the Havieron and Paterson Range East Projects, and significant findings from this review are expected to be announced shortly.
Greatland agreed to buy the Havieron project from Pacific Trends back in September, a project located in the Paterson Region of Western Australia. Limited historical drilling (six drill holes) by Newcrest during the 1990s demonstrated high grade gold and copper mineralisation at the Havieron target with peak values of 15g/t Au and 2.5 percent Cu.
Gervaise Heddle, Chief Executive Officer, commented: “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. 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.
“Initial inspections of the historic Newcrest drill core by Greatland’s technical team are very encouraging, and we hope that modern exploration methods will be able to quickly shed light on the vast potential of this target.”
Greatland Gold shares are currently trading up 4.25 percent at 0.589 (1436GMT).