Greatland raises $5m to explore Australian gold project

The Paterson region of Western Australia, where Greatland’s project is located, sits to the southwest of the Canning Basin, pictured here. Photo by the Government of WA.

Britain’s Greatland Gold (AIM:GGP) raised approximately $5.05 million to advance key exploration targets in the Paterson region of Western Australia.

In a media statement, Greatland said the funds were obtained through a placing and subscription of new ordinary shares in the company.

The Paterson region hosts several large gold and/or copper deposits such as Nifty, Winu and Newcrest’s Telfer

“We are delighted with the support shown from our current shareholders and welcome a number of new institutional and high net worth investors to our register,” Gervaise Heddle, the firm’s CEO, said in the press brief. “Their support is indicative of the significant progress Greatland has made over the last 12 months and our strategic position in the highly prospective Paterson region, where we believe there are multiple potential tier-one opportunities present.”

The Paterson project comprises the Havieron, Black Hills and Paterson Range East licences, covering over 385 square kilometres of under-explored ground in Western Australia.

According to Greatland, the region is highly prospective for intrusion-related gold-copper systems. 

“Our 2019 exploration programme has presented some exciting results to date, which led to the decision to ramp up our exploration activities,” Heddle said. “The funds raised will initially be used to advance our Scallywag target and several high-priority targets recently identified at our Paterson Range East licence. With the advancement of our exploration programme, alongside the excellent first drill results from Newcrest at Havieron, Greatland is moving forward apace on multiple fronts.”

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