REG - Greatland Gold PLC - Farm-in to Rio Tinto's Paterson South tenure
30/05/2023 07:15
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RNS Number : 9894A Greatland Gold PLC 30 May 2023
Greatland Gold plc (AIM: GGP)
E: info@greatlandgold.com
W: https://greatlandgold.com
: twitter.com/greatlandgold
NEWS RELEASE | 30 May
2023
Farm-in to Rio Tinto Exploration's highly prospective Paterson South tenure
Exploration farm-in and joint venture arrangement entered into with Rio Tinto
Exploration
Greatland secures access to highly prospective tenure
Enhanced alignment between the discoverers of the world-class Havieron and
Winu deposits
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
MARKET ABUSE REGULATIONS. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
Greatland Gold plc (AIM:GGP) (Greatland or the Company) is pleased to announce
that the Company has entered into a farm-in and joint venture arrangement with
global mining group Rio Tinto (ASX/LSE:RIO), to accelerate exploration across
1,884km² of highly prospective tenure within the Paterson Province of Western
Australia (Paterson South Project) located near the Company's world-class
Havieron gold-copper project(1) (Havieron).
The Paterson South Project farm-in and joint venture arrangement is consistent
with Greatland's Australian asset growth strategy including the Company's
commitment to exploration success.
The tenements are an outstanding package, which host several underexplored
anomalies which the Company considers to be the closest to a Havieron
lookalike within the Paterson Province.
In addition, there has been historical delineation of gold in rock chips and
copper intersected with strong correlation to a Telfer style deposit.
The expansion of Greatland's footprint and exploration activities in the
Paterson Province leverages Greatland's existing presence in the region, its
good standing within the Paterson community and the strong technical knowledge
fostered through the discovery of Havieron.
The Paterson South Project remains relatively underexplored and is a logical
fit for Greatland's existing adjacent tenure holdings.
1 Held by the Havieron JV between Greatland (30%) and Newcrest Mining
Limited (Newcrest) (70%).
Highlights
§ The eastern group of the Paterson South Project tenements host several
underexplored magnetic anomalies. These targets are within Proterozoic
sediments and are considered by the Company to be the closest to a Havieron
lookalike within the Paterson Province
§ The western group of the Paterson South Project tenements have a geological
setting which is a strong correlation to the Telfer deposit with historical
delineation of gold in rock chips and copper intersected in the limited
drilling undertaken to date
§ Greatland to commence drilling in 2023
§ Initial minimum commitment of A$1.1 million of expenditure and 2,000 metres
of drilling before 31 December 2024
§ Farm-In: Greatland is entitled to earn up to a 75% joint venture interest
in the Project Tenements under a two-stage farm-in arrangement:
- Stage 1 Farm-In: Greatland is entitled to earn a 51% joint venture
interest in the Paterson South Project by incurring at least A$7.1 million of
exploration expenditure and completing 7,500 metres of drilling within four
years; and
- Stage 2 Farm-In: Greatland is entitled to earn an additional 24% joint
venture interest in the Paterson South Project (cumulative joint venture
interest of 75%) by spending at least an additional A$14 million of
exploration expenditure and completing a further 17,000 metres of drilling
within three years of completing the Stage 1 Farm-In.
Greatland Managing Director, Shaun Day, commented:
"The Paterson South Project tenement package is an outstanding opportunity
with a number of high priority, highly prospective and heritage cleared drill
targets. We expect that some of these targets can be incorporated in our
2023 drilling campaign.
These targets include underexplored anomalies which the Company considers to
be the closest to a Havieron lookalike within the Paterson Province.
Other opportunities include historical delineation of gold in rock chips and
copper intersected with strong correlation to a Telfer style deposit.
This tenure complements the Company's current ground position to provide a
105km contiguous holding. The addition of the Paterson South Project more
than doubles our current footprint with the most prospective targets within
50km of Telfer.
Our farm-in and joint venture with Rio Tinto is consistent with our strategy
of continuing to invest in exploration success, and aligns the companies
responsible for the discovery of Havieron and Winu, the two biggest and most
significant orebodies found within the Paterson Province since Telfer in the
1970s."
Paterson South Project farm-in and joint venture arrangement
Greatland Paterson South Pty Ltd, a wholly-owned subsidiary of the Company,
has executed a long form farm-in and joint venture term sheet with Rio Tinto
Exploration Pty Limited (RTX), a wholly-owned subsidiary of Rio Tinto in
respect of the Paterson South Project which comprises exploration licences
E45/4807, E45/4815, E45/4834, E45/5122, E45/5238, E45/5242, E45/5532, E45/5351
and E45/5576 (Project Tenements). The Paterson South Project is currently
100% beneficially held by RTX.
Under the farm-in and joint venture arrangement:
§ Up-front Payment: Greatland will make an up-front payment of A$350,000 to
RTX payable in either cash or Greatland shares at Greatland's election to be
paid within 30 days of execution if Greatland elects to pay in cash or within
6 months if Greatland elects to pay in shares
§ Farm-In: Greatland is entitled to earn up to a 75% joint venture interest
in the Project Tenements under a two-stage farm-in arrangement:
§ Stage 1 Farm-In: Greatland is entitled to earn a 51% joint venture interest
in the Paterson South Project by incurring at least A$7.1 million of
exploration expenditure and completing 7,500 metres of drilling within four
years; and
§ Stage 2 Farm-In: Greatland is entitled to earn an additional 24% joint
venture interest in the Paterson South Project (cumulative joint venture
interest of 75%) by spending at least an additional A$14 million of
exploration expenditure and completing a further 17,000 metres of drilling
within three years of completing the Stage 1 Farm-In.
As part of the Stage 1 Farm-In, Greatland's minimum commitment comprises A$1.1
million of exploration expenditure and 2,000 metres of drilling to be
completed before 31 December 2024. Greatland is entitled to withdraw once it
has met this minimum commitment.
If Greatland completes the Stage 1 Farm-In and elects to acquire a 51% joint
venture interest in the Paterson South Project, an unincorporated joint
venture (PSJV) will be formed between Greatland Paterson South Pty Ltd (51%)
and RTX (49%). Greatland Paterson South Pty Ltd will be the manager of the
PSJV. RTX is entitled, after completion of the Stage 1 Farm-In, to elect to
contribute to its share of PSJV expenditure. If RTX so elects, Greatland
Paterson South Pty Ltd's PSJV joint venture interest will remain at 51% and
the Stage 2 Farm-In will not apply.
Outside of the farm-in periods, each PSJV participant is required to
contribute to PSJV expenditure in proportion to its joint venture interest.
A PSJV participant is entitled to elect not to contribute to its share of PSJV
expenditure at the beginning of a budget year. If it does so, it will be
diluted under a customary dilution mechanism. If a PSJV participant's joint
venture interest reduces to less than 10%, its joint venture interest will be
converted to a net smelter royalty (NSR) of 1.25% plus an additional 0.25% if
the quarterly average gold price is above US$2,000 per ounce (CPI adjusted).
The NSR is at a reduced level for production from the Strickland tenement
(E45/4807) of 0.75% plus 0.125% if the quarterly average gold price is above
US$2,000 per ounce (CPI adjusted) for so long as the Strickland Royalty (as
defined below) applies over that tenement.
An existing 1.25% NSR applies over the Strickland tenement (E45/4807) in
favour of Strickland Metals Limited (Strickland, ASX:STK), as the former
holder of that tenement (Strickland Royalty). The Strickland Royalty is
payable in respect of the first 420,000 ounces of gold (or gold equivalent)
production from E45/4807 only. Strickland is also entitled to a pre-payment
of that royalty on a decision to mine calculated based on the prevailing spot
price for 42,000 ounces of gold (or gold equivalent).
Overview of the Project Tenements
Figure 1: Overview of the Paterson South Project
Eastern group of tenements
§ Budjidowns (E45/4815, 191km(2)) hosts several short strike length magnetic
anomalies of similar size to the Havieron anomaly (which is associated with
the SE Crescent's magnetic massive pyrrhotite ore), which are untested or have
only single drill holes testing the anomaly. Of particular interest is the
Decka target (see Figure 2), a magnetic anomaly which also sits on the same
gravity gradient as Havieron and has a coincident late time airborne
electromagnetic anomaly interpreted as a bedrock conductor, indicating the
potential presence of pyrrhotite as distinct from the less conductive but
magnetic magnetite.
Figure 2: Decka prospect location with effective drilling on RTP magnetics
§ Basel (E45/5122, 639km(2)) adjoins to the north of Greatland's Paterson
Range East (E45/4928)(2) tenement. A review of the historical drilling has
identified two reverse circulation (RC) holes with +0.5g/t Au single metre
assays at the Calypso prospect (see Figure 3) (CAW3-0 - 3.03g/t Au and CAW5-0
- 0.74g/t Au) likely in Permian cover and approximately 5.7km apart. These
holes were originally targeted on anomalous surface sample results.
Subsequent airborne magnetic and gravity surveys confirmed them as sitting on
the margin of a magnetic granite. The target is prospective for intrusion
related gold-copper mineralisation in the basement.
§ Wilki Lake (E45/5576, 32km(2)) sits over a NE trending break in the
magnetic granite on a deep seated fault, approximately 8km east of and
parallel to a similar structure seen at Telfer. Minimal exploration work has
been conducted on the tenement, with an aeromagnetic survey completed, but
limited on-ground activity. The area is considered prospective for intrusive
related gold-copper mineralisation.
§ Skylar (E45/5351, 143km(2)) and Triangle South (E45/5532, 143km(2)) adjoin
to the south of the Havieron (M45/1287) and Scallywag (E45/5316) tenements.
They contain an anticline / syncline pair outlined by the magnetic base of the
Wilki formation with Puntapunta and possibly Malu formation sediments
interpreted in the core of the anticline. The tenements are considered
prospective for Telfer style mineralisation.
(2) Held by the Juri JV between Greatland (49%) and Newcrest (51%)
Figure 3: Eastern Group of tenements showing diamond and RC drill coverage
over the tenure on magnetics.
Western group of tenements
§ Strickland (E45/4807, 424km(2)) is centred on the sub-cropping to shallowly
buried Proterozoic, doubly plunging Paterson Dome Anticline fold. The fold
is interpreted to contain Telfer Member sediments in the core. Gold
mineralisation has been identified in surface sampling in the core of the NW
Dome (Manuka) (Figure 4) with a peak of 2.67g/t Au and considered to be
similar to Telfer mineralisation. Coherent copper mineralisation has been
intersected in the Puntapunta formation on the NW margin of the SE Dome
(Paterson Dome W) in shallow, 600m spaced rotary air blast drilling with a
peak of 45m at 0.11% Cu from 68m to end of hole (GPW015). The mineralisation
has been identified over a strike length of ~ 3km and is open to the
northwest.
§ Telfer Domain (E45/4834, 147 km(2)) adjoins to the north of the Strickland
(E45/4807) tenement. It contains similar stratigraphy and structure to that
seen in the Strickland (E45/4807) tenure but appears to be under thicker
cover.
§ Kaliranu (E45/5238, 57km(2)) overlies Proterozoic Mount Crofton Granites
directly south of the Strickland (E45/4807) tenure. The granites are part of
a series intruded along a 70km NE trending crustal break. The Geological
Survey of Western Australia (GSWA) airborne gravity appears to show a slight
magnetic upgrade where the intrusives crosscut the Paterson Dome anticline.
Kaliranu (E45/5238) is considered prospective for intrusion related
gold-copper style mineralisation.
§ Paterson 8 (E45/5242, 6km(2)) is a small tenement covering the Wilki /
Puntapunta contact ~20km north of Telfer on an interpreted north - south
structure considered prospective for intrusive related mineralisation.
Figure 4: Western Group of tenements on GSWA geology overlain on magnetics and
displaying the Paterson Dome anticline, a Telfer correlative
Planned Exploration
The planned exploration programme for the financial year to June 2024 is
intended to include:
§ Budjidowns (E45/4815): systematic drill testing of the Decka and Stingray
targets following forward modelling of the magnetic anomalies to ensure the
most effective drilling programme. Reviews of the remaining magnetic
anomalies are underway to better target these anomalies;
§ Strickland (E45/4807): the Paterson Dome West and Chilly prospects will be
targeted with drilling subject to heritage clearances; and
§ Basel (E45/5122): a heritage survey is planned for the Calypso prospect to
enable regional scale drilling to basement utilising multi-element
geochemistry both within the cover and basement to vector to source
mineralisation.
Work is ongoing to identify and prioritise targets on the remainder of the
Paterson South Project Tenements with testing based on their prospectivity
ranking.
Contact
For further information, please contact:
Greatland Gold plc
Shaun Day, Managing Director | info@greatlandgold.com
Nominated Adviser
SPARK Advisory Partners
Andrew Emmott / James Keeshan / Neil Baldwin | +44 203 368 3550
Corporate Brokers
Berenberg | Matthew Armitt / Jennifer Lee | +44 203 368 3550
Canaccord Genuity | James Asensio / Patrick Dolaghan | +44 207 523
8000
SI Capital Limited | Nick Emerson / Sam Lomanto | +44 148 341 3500
Media Relations
UK - Gracechurch Group | Harry Chathli / Alexis Gore / Henry Gamble |
+44 204 582 3500
Australia - Fivemark Partners | Michael Vaughan | +61 422 602 720
About Greatland
Greatland is a mining development and exploration company focused primarily on
precious and base metals.
The Company's flagship asset is the world-class Havieron gold-copper project
in the Paterson Province of Western Australia, discovered by Greatland and
presently under development in joint venture with ASX gold major, Newcrest
Mining Limited (which is the subject of a takeover by Newmont Corporation by
way of a scheme of arrangement).
Havieron is located approximately 45km east of Newcrest's existing Telfer gold
mine. The box cut and decline to the Havieron orebody commenced in February
2021. Significant progress continues with total development now exceeding
2,025m including over 1,600m of advance in the main access decline (as at 19
April 2023). Subject to a positive feasibility study and Decision to Mine,
Havieron is intended to leverage the existing Telfer infrastructure and
processing plant. Access to Telfer will de-risk the development, reduce
capital expenditure and lower the project's carbon footprint.
Greatland has a proven track record of discovery and exploration success and
is pursuing the next generation of tier-one mineral deposits by applying
advanced exploration techniques in under-explored regions. Greatland has a
number of exploration projects across Western Australia and in parallel to the
development of Havieron is focused on becoming a multi-commodity miner of
significant scale.
Competent Persons Statement
Information in this announcement pertaining to Reporting of Exploration
Results has been reviewed and approved by Mr Damien Stephens, a Member of the
AusIMM, who has more than 30 years relevant industry experience. Mr Stephens
is a full-time employee of the Company and has a financial interest in
Greatland. Mr Stephens has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration, and to the activity
which he is undertaking to qualify as a Competent Person as defined by the
2012 Edition of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (the JORC Code) and under the AIM Rules -
Note for Mining and Oil and Gas Companies, which outline standards of
disclosure for mineral projects. Mr Stephens consents to the inclusion in
this announcement of the matters based on this information in the form and
context in which it appears. Mr Stephens confirms that the Company is not
aware of any new information or data that materially affects the information
included in the historical market announcements, and that the form and context
in which the information has been presented has not been materially modified.
APPENDIX 1
JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code Explanation Commentary
Sampling techniques § Nature and quality of sampling (eg cut channels, random chips, or specific § Gindalbie AirCore (AC) program Strickland 1999 (DMIRS rept A61274)
specialised industry standard measurement tools appropriate to the minerals
under investigation) § AC samples were taken at 1m intervals and laid on the ground prior to
compositing a 2-3kg lab sample for each 4m or 6m interval over the full length
§ Include reference to measures taken to ensure sample representivity and the of the hole. No intervals were re-assayed in 1m intervals
appropriate calibration of any measurement tools or systems used
§ Strickland tenement rock chip samples were taken as part of a small (7
§ Aspects of the determination of mineralisation that are Material to the sample) reconnaissance programme in 2019 by RTX
Public Report
§ In cases where 'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information
Drilling techniques § Drill type (eg core, reverse circulation, open-hole hammer, rotary air § Vertical AC drilling was carried out by Gindalbie in 1999
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc)
Drill sample recovery § Method of recording and assessing core and chip sample recoveries and § No information on sample recovery is available for the Gindalbie 1999 AC
results assessed program
§ Measures taken to maximise sample recovery and ensure representative nature
of the samples
§ Whether a relationship exists between sample recovery and grade and whether
sample bias may have occurred due to preferential loss/gain of fine/coarse
material
Logging § Whether core and chip samples have been geologically and geotechnically § Gindalbie AC
logged to a level of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical studies § The entire hole is logged for lithology, weathering and colour and is
sufficient for the reporting of exploration results but is not of sufficient
§ Whether logging is qualitative or quantitative in nature. Core (or costean, quality to support a Mineral Resource estimate
channel, etc) photography
§ The total length and percentage of the relevant intersections logged
Sub-sampling techniques and sample preparation § If core, whether cut or sawn and whether quarter, half or all core taken. § Gindalbie AC
§ If non-core, whether riffled, tube sampled, rotary split, etc and whether § All samples were submitted to ULTRATRACE Analytical Laboratories in Perth.
sampled wet or dry Sample preparation comprised drying and pulverising total samples received to
80% pass -75 micron grain size
§ For all sample types, the nature, quality and appropriateness of the sample
preparation technique § Sub sampling is reduced to a minimum by using total sample pulverisation
prior to sub sampling wherever possible
§ Quality control procedures adopted for all sub-sampling stages to maximise
representivity of samples § The sample sizes (2-3kg) are considered appropriate for the material being
sampled
§ Measures taken to ensure that the sampling is representative of the in situ
material collected, including for instance results for field § Rock chip samples were submitted to ALS Laboratories in Perth. Sample
duplicate/second-half sampling preparation comprised pulverising total samples received to 80% pass -75micron
grain size
§ Whether sample sizes are appropriate to the grain size of the material
being sampled
Quality of assay data and laboratory tests § The nature, quality and appropriateness of the assaying and laboratory § Gindalbie AC
procedures used and whether the technique is considered partial or total
§ The samples were assayed for Au by 40gm fire assay with an aqua regia acid
§ For geophysical tools, spectrometers, handheld XRF instruments, etc, the digest and ICPOEs and for Ag,As, Cu, Pt, Pd and Zn via aqua regia acid
parameters used in determining the analysis including instrument make and digest and ICPOEs. The assays are considered total rather than partial
model, reading times, calibrations factors applied and their derivation, etc
§ Apart from standard laboratory check work, no information is available on
§ Nature of quality control procedures adopted (eg standards, blanks, QA QC procedures
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. § The work is considered sufficient for exploration results reporting
Verification of sampling and assaying § The verification of significant intersections by either independent or § Gindalbie AC
alternative company personnel.
§ No intervals were re-assayed in 1m intervals
§ The use of twinned holes
§ The assays have not been verified against source laboratory files
§ Documentation of primary data, data entry procedures, data verification,
data storage (physical and electronic) protocols § No holes were twinned
§ Discuss any adjustment to assay data. § Logging was recorded digitally and supplied to the Department of Mines and
Energy (DOME) along with section and plans.
Location of data points § Accuracy and quality of surveys used to locate drill holes (collar and § Gindalbie AC
down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. § Drill collar locations were rounded to the nearest 5 metres, indicative of
the accuracy of the locations
§ Specification of the grid system used.
§ As holes were vertical no attempt was made to align the drill rig
§ Quality and adequacy of topographic control
§ No downhole surveys were collected in line with the prevailing industry
practice
§ The topography is generally low relief to flat
§ All collar coordinates are provided in the Geocentric Datum of Australian
(GDA94 Zone 51). No height data was recorded
Data spacing and distribution § Data spacing for reporting of Exploration Results § Gindalbie AC
§ Whether the data spacing and distribution is sufficient to establish the § Drilling was carried out on a series of traverses spaced between 400 and
degree of geological and grade continuity appropriate for the Mineral Resource 800m with hole spacings of 50 -100m
and Ore Reserve estimation procedure(s) and classifications applied
§ Drilling is not sufficient for Mineral Resource or Ore Reserve calculation
§ Whether sample compositing has been applied
Orientation of data in relation to geological structure § Whether the orientation of sampling achieves unbiased sampling of possible § Drilling is oriented vertically into assumed vertical stratigraphy and is
structures and the extent to which this is known, considering the deposit type not optimal for representative sampling
§ If the relationship between the drilling orientation and the orientation of
key mineralised structures is considered to have introduced a sampling bias,
this should be assessed and reported if material
Sample security § The measures taken to ensure sample security § Sample security measures are not recorded, but assumed adequate
Audits or reviews § The results of any audits or reviews of sampling techniques and data § No audits or reviews have been completed
Section 2 Reporting of Exploration Results
Criteria JORC Code Explanation Commentary
Mineral tenement and land tenure status § Type, reference name/number, location and ownership including agreements or § The tenure is subject to a land access agreement between the Western Desert
material issues with third parties such as joint ventures, partnerships, Lands Aboriginal Corporation (now Jamukurnu-Yapalikurnu Aboriginal
overriding royalties, native title interests, historical sites, wilderness or Corporation; JYAC) and Rio Tinto (in respect of E45/4815, E45/4834, E45/5122,
national park and environmental settings E45/5238, E45/5242, E45/5532, E45/5351 and E45/5576) and Strickland Metals
Limited (in respect of E45/4807) (pending its proposed assignment to Rio
§ The security of the tenure held at the time of reporting along with any Tinto), and Greatland will undertake work, subject to the terms of these
known impediments to obtaining a licence to operate in the area agreements
Gindalbie AC
§ The work was carried out in what is now the Strickland tenement (E45/4807),
currently beneficially held 100% by RTX. Greatland is currently farming into
this tenement with the right to earn up to a 75% interest, under certain
conditions. There is a 1.25% NSR on the first 420,000 ounces of production
from that tenement payable to Strickland Metals Limited (as royalty holder),
with a prepayment of the royalty due on a decision to mine
§ Areas of the tenement are subject to a temporary heritage exclusion zone
which affects ~50% of the total area of the tenement. A review of this
temporary exclusion zone has been agreed with JYAC
Exploration done by other parties § Acknowledgment and appraisal of exploration by other parties E45/4807 (Strickland)
§ Previous work including surface sampling wide spread rotary air blast,
diamond drilling and aeromagnetic surveys were all carried out prior to the
Gindalbie AC drilling in 1999 principally by Newmont and BHP in the 1980s and
1990s. This regional work identified several gold and copper targets including
the Paterson dome west anomalism were followed up by Gindalbie
§ A complete summary of previous exploration across the tenement package is
included in Appendix 4
Geology § Deposit type, geological setting and style of mineralisation § Exploration is for intrusion related and orogenic, structurally controlled
Au-Cu deposits similar to Telfer, Havieron and Winu, all located in
Neo-Proterozoic Yeneena Group sediments of the Paterson Province, Western
Australia
Drill hole Information § A summary of all information material to the understanding of the § Drillhole collar tables are supplied for the 1999 Gindalbie AC program on
exploration results including a tabulation of the following information for the Strickland tenement and the RC drilling on Basel in Appendix 3.
all Material drill holes:
§ easting and northing of the drill hole collar
§ elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
§ dip and azimuth of the hole
§ down hole length and interception depth
§ hole length
§ If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case
Data aggregation methods § In reporting Exploration Results, weighting averaging techniques, maximum § No economically significant results have been reported, and no data
and/or minimum grade truncations (eg cutting of high grades) and cut-off aggregation methods have been applied
grades are usually Material and should be stated
§ Where anomalous results are quoted (Table 2) the samples have been selected
§ Where aggregate intercepts incorporate short lengths of high grade results as follows:
and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations § Au >0.1ppm; or
should be shown in detail
§ Ag >2ppm; or
§ The assumptions used for any reporting of metal equivalent values should be
clearly stated § Cu >200ppm; or
§ Bi >1ppm; or
§ Pb >200ppm; or
§ Zn >1000ppm
Relationship between mineralisation widths and intercept lengths § These relationships are particularly important in the reporting of § No economically significant results are reported, and there is no known
Exploration Results relationship between reported widths and the geometry of any mineralisation
§ If the geometry of the mineralisation with respect to the drill hole angle § All intercepts are reported downhole as true width is not known
is known, its nature should be reported
§ If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known')
Diagrams § Appropriate maps and sections (with scales) and tabulations of intercepts § Maps are provided in Figures 1 to 4. No significant discovery is reported
should be included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar locations and
appropriate sectional views
Balanced reporting § Where comprehensive reporting of all Exploration Results is not § The reporting is considered balanced
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results
Other substantive exploration data § Other exploration data, if meaningful and material, should be reported § No other substantive exploration data other than that provided in the
including (but not limited to): geological observations; geophysical survey Figures
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances
Further work § The nature and scale of planned further work (eg tests for lateral § Further work is outlined in the Planned Exploration section of the main
extensions or depth extensions or large-scale step-out drilling) body of the text
§ Diagrams clearly highlighting the areas of possible extensions, including
the main geological interpretations and future drilling areas, provided this
information is not commercially sensitive
APPENDIX 2
Tenure Status
The Paterson South Project Tenements have been relatively underexplored to
date due to access challenges and concealing cover sediments. This may have
some bearing on the ability to retain some tenure when renewals are due. The
tenements will benefit from the logistical benefits that proximity to Havieron
will provide.
There are three tenements (Telfer Domain (E45/4834), Budjidowns (E45/4815) and
Strickland (E45/4807)) that are due for compulsory surrender in respect of 40%
of the tenement blocks this year, with the surrender having already been
submitted for Telfer Domain (E45/4834). The Company is of the view that the
40% reductions for these tenements will not impact their prospective portions.
An extension of term application has been submitted for Basel (E45/5122).
Table 1: Project Tenement status summary
Tenement Name Area (km(2)) Expiry Comment
E45/4815 Budjidowns 191 12 Oct 2027 A compulsory surrender in respect of 40% of the tenement blocks due October
2023
E45/4807 Strickland 424 2 Dec 2027 A compulsory surrender in respect of 40% of the tenement blocks due December
2023
E45/5122 Basel 638 19 Aug 2023 Extension of term submitted
E45/5576 Wilki Lake 32 13 May 2025
E45/5351 Skylar 143 30 Jun 2024
E45/5238 Kaliranu 57 19 Dec 2023
E45/4834 Telfer Domain 249 30 Apr 2027 A compulsory surrender in respect of 40% of the tenement blocks has been
submitted
E45/5532 Triangle South 143 13 May 2025
E45/5242 Paterson 8 6 10 Mar 2024
The Project Tenements are subject to land access agreements with the Native
Title holders Western Desert Lands Aboriginal Corporation (now
Jamukurnu-Yapalikurnu Aboriginal Corporation or JYAC) and Greatland will
undertake work, subject to the terms of these agreements. Areas of the
tenure which are subject to a temporary heritage exclusion zone represent ~12%
of the total area of the Paterson South Project. Greatland will work with JYAC
in respect of their review of the temporary exclusion.
Appendix 3: Gindalbie AC program collars and intercepts and
Strickland rock chips.
Table 2: Gindalbie AC
ID Type North East Az dip Final Depth from Depth To Width Grade Grade
(deg) (deg) (m) (m) (m) (m) (ppb Au) (ppm Cu)
GPW003 AC 7638200 396000 0 90 113 98 106 8 23
GPW004 AC 7638290 395985 0 90 44 28 40 12 45 247
GPW005 AC 7638330 395980 0 90 116 44 56 12 529
68 72 4 111
80 116 36 599
108 112 4 2470
GPW006 AC 7638380 395990 0 90 51 20 51 31 271
32 40 8 231
48 51 3 56
GPW007 AC 7638420 395990 0 90 120 22 54 32 365
GPW009 AC 7637700 396800 0 90 83 24 72 48 336
56 60 4 35
60 64 4 194
68 72 4 32
GPW010 AC 7637800 396800 0 90 55 24 44 20 74 344
40 44 4
GPW013 AC 7637515 397280 0 90 101 52 101 49 350
GPW014 AC 7637270 397800 0 90 93 88 93 5 22 475
GPW015 AC 7637175 397800 0 90 113 68 113 45 1135
80 88 8 2570
108 113 5 52
GPW017 AC 7637080 397800 0 90 80 78 80 2 49 351
GPW020 AC 7636750 398300 0 90 100 50 62 12 55 638
86 90 4 78
98 100 2 66
GPW025 AC 7636500 398560 0 90 100 78 84 6 43
GPW027 AC 7634720 402785 0 90 83 80 83 3 62
GPW028 AC 7634800 402876 0 90 110 76 80 4 44
Table 3: Strickland tenement rock chips 2019
SAMPLEID 10335138 10335139 10335183 10335192 10387801 10387802 10387804
East 400717 402556 392907.281 397673.071 392954 392283 392307
North 7624825 7631012 7639448.38 7641591.18 7638753 7638619 7638563
Grid GDA94_MGA_51 GDA94_MGA_51 GDA94_MGA_51 GDA94_MGA_51 GDA94_MGA_51 GDA94_MGA_51 GDA94_MGA_51
SAMPLETYPE Rock Rock Rock Rock Rock Rock Rock
Ag_4HSIMS_ppm 0.012 0.003 0.835 0.006 0.177 0.064 0.062
Al_4HSIMS_pct 0.23 0.97 0.38 0.73 1.8 1.39 1.75
As_4HSIMS_ppm 4.27 1.58 1755 0.38 5.74 1.95 4.02
Au_4HSIMS_ppm 0.0002 0.0007 2.19 0.0005 0.0157 0.0076 0.0016
Au_F30ICP_ppm 2.67
Ba_4HSIMS_ppm 30 65 1410 660 1170 214 460
Be_4HSIMS_ppm 0.08 0.19 0.5 0.19 0.35 0.37 0.45
Bi_4HSIMS_ppm 0.065 0.036 15.8 0.295 0.25 1.055 0.099
Ca_4HSIMS_pct 0.005 0.01 0.02 0.04 0.02 0.01 0.02
Cd_4HSIMS_ppm 0.0025 0.0025 0.136 0.0025 0.021 0.008 0.008
Ce_4HSIMS_ppm 2.65 17.95 15.5 9.1 30.3 21.6 12.1
Co_4HSIMS_ppm 0.482 1.005 95.7 0.388 4.36 0.631 1.435
Cr_4HSIMS_ppm 11.9 12.8 15.7 10.3 20.7 14.1 8
Cs_4HSIMS_ppm 0.03 0.45 0.15 0.46 0.18 0.17 0.24
Cu_4HSIMS_ppm 1.85 1.9 334 3.84 6.35 3.8 2.95
Fe_4HSIMS_pct 1.7 0.88 11 0.57 0.86 0.57 0.49
Ga_4HSIMS_ppm 0.58 2.1 1.14 1.39 4.17 2.38 3.93
Ge_4HSIMS_ppm 0.025 0.025 0.14 0.05 0.05 0.025 0.025
Hf_4HSIMS_ppm 0.198 1.21 0.6 0.966 3.17 2.07 1.8
In_4HSIMS_ppm 0.008 0.01 0.308 0.0025 0.009 0.007 0.023
K_4HSIMS_pct 0.01 0.24 0.07 0.15 0.12 0.17 0.76
La_4HSIMS_ppm 1.585 10.3 11.05 5.17 12.1 11.35 5.13
Li_4HSIMS_ppm 0.5 5.7 0.7 1.1 8.7 1.5 0.8
Mg_4HSIMS_pct 0.005 0.03 0.01 0.02 0.06 0.01 0.02
Mn_4HSIMS_ppm 81.4 78.1 159 66.4 1015 218 734
Mo_4HSIMS_ppm 1.33 0.44 2.14 1.86 1.5 0.87 0.78
Na_4HSIMS_pct 0.001 0.022 0.023 0.017 0.221 0.018 0.047
Nb_4HSIMS_ppm 0.262 1.435 0.386 1.08 4 1.68 1.245
Ni_4HSIMS_ppm 1.96 2.72 19.95 3.07 6.88 2.29 1.08
P_4HSIMS_pct 0.005 0.006 0.011 0.003 0.013 0.005 0.004
Pb_4HSIMS_ppm 6.2 7.25 13.45 1.88 7.66 4.23 11.9
Pd_4HSIMS_ppm 0.0001 0.0001 0.0001 0.0001 0.0001 0.002 0.0001
Pt_4HSIMS_ppm 0.0002 0.0002 0.0002 0.0002 0.0002 0.0002 0.0002
Rb_4HSIMS_ppm 0.63 12.55 3.61 10.45 6.01 8.84 32.5
Re_4HSIMS_ppm 0.002 0.0001 0.00002 0.00002 0.002 0.0001 0.002
S_4HSIMS_pct 0.005 0.005 0.07 0.02 0.04 0.01 0.01
Sb_4HSIMS_ppm 0.11 0.06 0.63 0.23 0.51 0.3 0.15
Sc_4HSIMS_ppm 0.48 1.23 2.62 1.02 1.37 2.11 0.64
Se_4HSIMS_ppm 0.1 0.1 1.63 0.021 0.1 0.8 0.1
Sn_4HSIMS_ppm 0.15 0.61 1.36 0.54 2.47 0.55 3.13
Sr_4HSIMS_ppm 4.54 6.88 30.7 24.6 40.2 8.98 17.7
Ta_4HSIMS_ppm 0.02 0.14 0.03 0.07 0.38 0.18 0.13
Te_4HSIMS_ppm 0.02 0.02 0.174 0.005 0.02 0.02 0.02
Th_4HSIMS_ppm 1.38 3.91 1.73 2.29 7.72 4.85 1.575
Ti_4HSIMS_pct 0.008 0.043 0.013 0.034 0.111 0.055 0.037
Tl_4HSIMS_ppm 0.009 0.052 0.024 0.058 0.469 0.142 1.155
U_4HSIMS_ppm 0.12 0.38 0.92 0.44 1.64 1.35 0.57
V_4HSIMS_ppm 8 11.6 11.7 5.1 19.4 10.5 5.5
W_4HSIMS_ppm 0.139 0.418 4.72 0.477 6.77 3.99 4.67
Y_4HSIMS_ppm 0.49 2.28 2.96 2.64 4.35 6.61 1.7
Zn_4HSIMS_ppm 1.9 3.7 11.9 1.4 3.8 1.3 3.2
Zr_4HSIMS_ppm 6.6 34.1 15.7 31.2 114 74.4 57.7
Appendix 4: Historical exploration by tenement
Table 4: Telfer Domain (E 45/4834) historical exploration summary
Tenement Period Company Exploration completed Comment
Telfer Domain 1978 WMC Ltd § Soil and lag sampling
1988 Newmont Australia Ltd § Aerial photogrammetry § No significant results
§ Regional gravity and aeromagnetic surveys
§ Geological mapping
§ BLEG and rock chip sampling
2016 Reward Minerals § Widely spaced RC drilling targeting potash around Lake Waukarlycarly (7
holes)
Note: historical exploration took place inside of exploration and/or mining
tenements (that have now expired) with different spatial extents to the
current tenement(s)
Table 5: Strickland (E 45/4807) historical exploration summary
Tenement Period Company Exploration completed Comment
Strickland 1980s Newmont Australia Ltd § Extensive regional geochemistry sampling
§ Field mapping
§ Regional aeromagnetic and gravity surveys
§ RAB drilling over limited outcrops
1983-84 Duval Mining § Regional RAB, RC, and diamond drilling - none on the tenement
§ Rock chip sampling
1986-87 Battle Mountain § Regional mapping
§ Drilling - none on the tenement
§ Regional magnetic surveys
1993-97 BHP Minerals Pty Ltd § Regional scale RAB and diamond drilling - none completed on the tenement
§ 1,107-line km aeromagnetic surveys
1999 Normandy Gold Exploration Pty Ltd § 11 AC holes for 1,085 m drilled over the southeastern corner of the § No significant results
tenement
1999-2000 Gindalbie Gold NL § Reconnaissance field investigations § No significant results
§ Ground EM orientation survey
§ AC drilling (29 holes, 2,589 m and 591 samples)
2014-15 Reward Minerals Ltd § Widely spaced RC drilling targeting potash around Lake Waukarlycarly (7
holes)
Note: historical exploration took place inside of exploration and/or mining
tenements (that have now expired) with different spatial extents to the
current tenement(s)
Table 6: Kaliranu (E 45/5238) historical exploration summary
Tenement Period Company Exploration completed Comment
Kaliranu 1980 WMC Ltd § Ironstone sampling mostly to the north of the tenement
1985-89 Newmont Australia Ltd § BLEG sampling § No significant results
1994-97 BHP Minerals Pty Ltd § 1 RAB hole for 49 m § Drill hole intersected cover consisting of sand and gravels to a depth of
41 m and then granitic basement rock
§ No significant results
1998 Mt Burgess § Regolith mapping and lag sampling § No significant results
2014-19 Antipa Mineral Ltd § Historical data compilation and review § Lack of high priority targets led to surrender of the tenement
§ Target generation
Note: historical exploration took place inside of exploration and/or mining
tenements (that have now expired) with different spatial extents to the
current tenement(s)
Table 7: Basel (E45/5122) historical exploration summary
Tenement Period Company Exploration completed Comment
Basel 1986-89 Newmont Australia Ltd § Aerial photogrammetry § RC drilling of the 4 CAW prefix holes intersected a peak of 1m @ 3.03g/t Au
in Permian sediments overlying Mt Crofton granite in the south of the
§ Regional gravity and aeromagnetic surveys tenement
§ Geological mapping
§ BLEG and rock chip sampling.
§ 4 70m RC holes targeting BLEG anomalies CAW-3-CAW-6 for 280m
1992-96 BHP Minerals Pty Ltd § Regional magnetic geophysical survey § The RAB holes were drilled in southern and western parts of the tenement
and mostly intersected shallow weathered granite and sandstone
§ 19 shallow RAB drill holes for approximately 900 m (maximum depth 72 m)
§ No significant results
Note: historical exploration took place inside of exploration and/or mining
tenements (that have now expired) with different spatial extents to the
current tenement(s)
Table 8: Paterson 8 (E45/5242) historical exploration summary
Tenement Period Company Exploration completed Comment
Paterson 8 1970s-1980s Newcrest Mining Ltd § BLEG and lag sampling
1991-97 MIM Exploration Pty Ltd/ Mount Burgess Mining NL JV § Magnetic and IP surveys § No significant results
§ Rock chip sampling
§ 15 AC holes for 1,157 m
1998-99 Normandy Gold Ltd § Soil sampling § AC drilling intersected cover approximately 20 m thick consisting of a
sequence of pisolitic gravels and calcrete. Bedrock consisted of weathered
§ AC drilling - 25 holes for 240 m limestone, sandstone and siltstones
§ RAB drilling - 16 holes for 1,376 m § RAB drilling intersected cover to a maximum depth of 45 m and bedrock
consisted of ferruginous and strongly weathered siltstones and sandstones with
minor quartz veining and ferruginous and manganiferous bands
No significant results
Note: historical exploration took place inside of exploration and/or mining
tenements (that have now expired) with different spatial extents to the
current tenement(s)
Table 9: Budjidowns (E45/4815) historical exploration summary
Tenement Period Company Exploration completed Comment
Budjidowns 1980-1991 Newmont Australia Ltd § Regional aeromagnetic and gravity surveys § Drilling intersected granites and amphibolites (potentially skarns at
Decka)
§ Regional BLEG and lag sampling
§ The hole at Stringray did not exit the permian
§ Single diamond hole to 463m into Decka and a 216m diamond hole at
Stingray
§ Ground magnetic surveys
1993-96 BHP Mineral Pty Ltd § 1 RAB hole for 73 m § Drilled to a depth of 73 m before being stopped in Permian cover
§ No significant results
Note: historical exploration took place inside of exploration and/or mining
tenements (that have now expired) with different spatial extents to the
current tenement(s)
Table 10: Skylar (E 45/5351) historical exploration summary
Tenement Period Company Exploration completed Comment
Skylar 1978 WMC Ltd § Ironstone and soil sampling.
1986-88 Newmont Australia Ltd § Aerial photography § No significant results
§ Regional gravity and aeromagnetic surveys,
§ Geological mapping
§ BLEG sampling and rock chip sampling
1992-96 BHP Mineral Pty Ltd § Ground magnetics § The drilling intersected rocks from the Yeneena Group however there were no
anomalous geochemical results, and the ground was surrendered
§ Regional lag sampling
§ 10-hole RAB/AC drilling program for 660 m - just off tenement to the
northwest
2014 Reward Minerals Ltd § Widely spaced RC drilling targeting potash around Lake Waukarlycarly (9
holes)
Note: historical exploration took place inside of exploration and/or mining
tenements (that have now expired) with different spatial extents to the
current tenement(s)
Table 11: Wilki Lake (E45/5576) historical exploration summary
Tenement Period Company Exploration completed Comment
Wilki Lake 1988-90 Newmont Australia Ltd § Geological mapping § RAB holes intersected potassic rich granite near to the surface
§ Rock chip and BLEG sampling § Normandy concluded that the Wilke Dome had been extensively tested with no
significant mineralisation found and relinquished the tenement
§ Regional airborne magnetic geophysical survey
§ 76 hole RAB drilling program for 548 m; 60 holes were collared inside of
the tenement
Note: historical exploration took place inside of exploration and/or mining
tenements (that have now expired) with different spatial extents to the
current tenement(s)
Table 12: Triangle South (E 45/5532) historical exploration summary
Tenement Period Company Exploration completed Comment
Triangle South 1978 WMC Ltd § Ironstone and soil sampling.
1986-88 Newmont Australia Ltd § Aerial photography. § No significant results
§ Regional gravity and aeromagnetic surveys
§ Geological mapping
§ BLEG sampling and rock chip sampling
1992-96 BHP Mineral Pty Ltd § Ground magnetics § The drilling intersected rocks from the Yeneena Group however there were no
anomalous geochemical results, and the ground was surrendered
§ Regional lag sampling
§ 10 hole RAB/aircore drilling program for 660 m - just off tenement to the
northwest
2014 Reward Minerals Ltd § Widely spaced RC drilling targeting potash around Lake Waukarlycarly (6
holes)
Note: historical exploration took place inside of exploration and/or mining
tenements (that have now expired) with different spatial extents to the
current tenement(s)
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