Greatland Gold has agreed to acquire the Havieron gold project in Western Australia for an initial payment of A$25,000 in cash and 65,490,000 ordinary shares (approximate value A$225,000), and a second payment, triggered upon a decision to mine, of 145,530,000 ordinary shares (approximate value A$500,000).
The project covers 135 square kilometres in the Paterson Region of north western Australia and is located approximately 40 kilometres east of Newcrest's Telfer gold mine (27 million ounces of gold produced to date).
Limited historical exploration by Newcrest in the late 1990s demonstrated high grade gold and copper mineralisation at Havieron with peak values of 15.45g/t Au and 2.5% Cu.
Greatland says the Havieron project provides the group with a walk up resource definition drill target and other exciting exploration targets in a region that is attracting increasing interest from major mining and exploration companies. Executive director Callum Baxter said: "We are delighted to have entered into a binding agreement with Pacific Trends Resources Pty Ltd to purchase 100% of the rights to the Havieron project in Western Australia.
"The Havieron project has demonstrated high grade gold and copper mineralisation and provides Greatland with a walk up resource definition drill target in addition to several regional exploration targets. "The Havieron project covers 135 square kilometres of under-explored ground in the Paterson Province in Western Australia. The Paterson Province is an area that is gaining interest from numerous entities including Rio Tinto which recently acquired ground immediately adjacent to Havieron."