Pacific Trends gets exploration licence 45/4701 for Havieron project
Pacific Trends Resources has secured the 45/4701 exploration licence for the Havieron project in the Paterson region of Western Australia.
The latest development will allow UK-based exploration company Greatland Gold to close its previously announced acquisition of the project from Pacific Trends Resources by mid-August.
Under the agreement, Greatland Gold is due to acquire all of the vendor's rights, title and interest in the exploration licence 45/4701 once granted.
Greatland Gold CEO Gervaise Heddle said: "We are very pleased to be able to proceed with the acquisition of this exciting gold/copper project in a region that is seeing increased interest from major mining companies.
“We expect to move forward quickly with on the ground exploration activities as we seek to confirm our belief in the potential for a large gold/copper resource at Havieron.
"Initial inspections of the historic Newcrest drill core by Greatland's technical team are very encouraging, and we hope that modern exploration methods will be able to quickly shed light on the vast potential of this target."
The Havieron project is around 40km east of Newcrest's Telfer gold mine.
Based on historical drilling, gold and copper mineralisation targets were identified with peak values of 15g/t Au and 2.5% Cu.
In order to establish drill targets, Greatland intends to begin a tightly spaced gravity survey over the Havieron target during the fourth quarter of this year.
The company is currently carrying out a review of new regional exploration data that covers both the Havieron and Paterson Range East projects.
Furthermore, the company has identified several targets within both the Havieron and Paterson Range East licence areas.