Greatland Gold (LSE:GGP) is an AIM listed natural resource exploration and development company focused on precious and strategic metals projects in Australia.
The company’s principal objective is to identify large mineral deposits within its licensed portfolio using advanced exploration techniques.
Greatland Gold was admitted to AIM on 3rd July 2006 and raised £1.3 million in gross proceeds by placing 65.55 million ordinary shares at a share price of 2 pence each.
Following the placing, GGP had 100.55 million shares in issue and the market capitalisation of the company was £2 million.
In August 2023, the company had 5.069 billion shares in issue and the GGP share price was 7 pence giving a market cap of £354 million.
Overview of the company’s assets
The Company has six mineral resource projects: four situated in Western Australia and two in Tasmania. A summary of each is set out as follows:
1. Ernest Giles (Gold)
The Ernest Giles project (100% owned) is located in central Western Australia and covers an area of more than 2,000 sq km that includes over 230km of strike of gold and nickel prospective rocks.
The region is home to several discoveries such as Tropicana (+7 million ounces) and Yamarna/Gruyere (+6 million ounces). Greatland is targeting +5 million-ounce deposits.
2. Firetower (Gold)
The Firetower project (100% owned) is located in central north Tasmania and covers an area of 62 Sq Km. High-grade, near-surface gold mineralisation has been identified within the licence area.
3. Panorama (Gold and cobalt)
The Panorama project (100% owned) is located in the Pilbara region of Western Australia and consists of three adjacent exploration licences. The licences cover a total area of 155 Sq Km and are prospective for both gold and cobalt mineralisation.
The first exploration campaign, completed in December 2017, indicated two clusters of gold anomalies which confirmed the presence of gold mineralisation.
4. Paterson (Iron, copper and gold)
The Paterson project covers more than 385 Sq Km in the Paterson Province of Western Australia and includes the Havieron licence, the Paterson Range East licence, and the Black Hills licence.
The licences are prospective for iron-oxide-copper-gold (“IOCG”) deposits. The region is believed to be highly prospective and other operators include Rio Tinto and Antipa. Greatland’s licences lie adjacent to both.
Havieron covers 135 Sq Km and is located approximately 40 kilometres east of the Telfer gold mine (27 million ounces of gold produced to date).
The Black Hills licence covers 25 Sq Km and is located adjacent to the Havieron licence and is believed to have the potential to contain gold deposits similar to the Telfer Mine.
In March 2019, the company agreed a US$ 65 million, six-year Farm-in Agreement with Newcrest Mining in respect of the Havieron licence. The Agreement gives Newcrest the option to acquire up to 75% of the licence.
5. Warrentinna (Gold)
The Warrentinna project (100% owned) is located in north east Tasmania and covers an area of 37 Sq Km. The region is highly prospective and in February 2020, Greatland concluded its maiden drilling campaign at the Derby North prospect.
Drilling results indicate high-grade gold mineralisation over the licence area, although Greatland considers this a non-core asset and it eventually intends to dispose of its interest in this project.
6. Bromus (Nickel and gold)
The Bromus project (100% owned) is located in southern Western Australia and covers approximately 52 Sq Km. The region is highly prospective for gold and nickel deposits.
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