Paterson good as gold for Greatland

As the close of Greatland Gold’s acquisition of Newmont’s Telfer and Havieron copper-gold mines draws closer, Greatland is ramping up exploration activities in the Paterson region where the mines are hosted.

The Newmont-Greatland deal is expected to be completed by the end of the year. In the meantime, Greatland is currently earning up to a 75 per cent joint venture interest with Rio Tinto Exploration (RTX) in over 1500km² of tenure at the neighbouring Paterson South project, which is managed by Greatland.

Part of the project is the Chilly and Teague deposits, which have been showing promise for the miner.

Assay results from drilling at Chilly has revealed mineralisation has been intersected at the deposit with a peak of 37m at 0.21 grams per tonne (g/t) of gold and 0.13 per cent copper from 136m. This includes 1m at 6.1g/t of gold and 0.24 per cent copper from 137m.

Though assay results are pending, drilling at the Teague deposit intersected veining, sulphides and alteration.

Drilling has also commenced at the nearby London and Bootstrap prospects, and strong magnetic and gravity targets have been identified at the Atlantis deposit, which Greatland has plans to drill in the future.

“Completion of our transformational acquisition of Havieron and Telfer is targeted for this December quarter, and ownership of the Telfer infrastructure greatly enhances the value of exploration success in our Paterson portfolio,” Greatland managing director Shaun Day said.

“Greatland will emerge from the acquisition with interests in up to approximately 4500 square kilometres of tenure in the Paterson, providing significant option value within our exploration portfolio

“Pleasing recent exploration progress includes highly encouraging results from drilling at our Chilly and Teague prospects, identification of new drill targets at Atlantis from magnetic and gravity surveying and modelling, and soil sampling results which enhance our ability to map geology undercover.”

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