“GreenOre Gold PLC is pleased to announce the acquisition of a further 248km squared prospecting area to the north and east of the ‘Towie’ licence. This has increased the total prospecting area to 500km squared encompassing the townships of Towie, Rhynie and Alford. The increased size of the prospecting area was due to the positive results obtained in the second half of 2015. The results include many high grade rock samples up 53.8g/t over a 10km trend. Visible gold was also noted in a rock sample and numerous streams. Future work will aim to identify the extent of the gold trend and locate new targets. Work will include stream sediment sampling, rock and soil analysis with the possibility of trenching and drilling to obtain gold in bedrock. This move is a part of the joint venture agreement with Koza Ltd.”
GreenOre Gold plc
(“GreenOre” or the “Company” or the “Group”)
Joint Venture agreement on Scottish acreage
GreenOre Gold plc is pleased to announce that it has signed an agreement with Koza Limited, a subsidiary of Koza Altın İsletmeleri A.Ş., regarding gold and silver exploration activities on GreenOre Gold plc’s acreage in Aberdeenshire, Scotland.
Exploration activities will be funded and executed in accordance with the agreement. Koza, which will operate and/or develop the project, will have the right to own 60% of shares of the JV company, based on certain expenditure criteria. Koza will have the option to increase its ownership rights up to 80% based on further committed funding
under the agreement.
Managing Director, Gavin Berkenhager, commented “GreenOre Gold is delighted to partner with Koza, a major gold producer. This further supports our belief in the potential for major gold deposits in Scotland. Our main prospect is on the Dalradian trend, which stretches from Northern Ireland up through Scotland. A 3.5 million ounce gold deposit is currently being developed by Dalradian Gold in Northern Ireland. We hope to repeat this success.”
Greenore Gold PLC www.greenoregold.com
Gavin Berkenheger, Managing Director +44 7841 455 632
Colm O’Reilly, Director +353 87 206 2896
The Directors of the issuer accept responsibility for this announcement.
‘Greenore’ successfully tests two gold outcrops in existing quarries at Towie, Aberdeenshire. The preliminary drilling indicates economic grades of gold at surface with potential that continued or increased grade exist at depth. Higher grade material has been found in three other localities but no associated outcrop identified as of yet. The latest results prove the potential for Aberdeenshire to host significant precious metal mineralisation. Further exploration will continue into the new year. -GB
On the 1st of January 2013, GreenOre Gold Plc was awarded a Mine’s Royal Option Agreement for an area approximately 56km squared near the hamlet of Towie in Aberdeenshire, Scotland. As a result of the work carried out during the first year of exploration this area was then increased to nearly 250km squared in 2014. Historical work conducted by Navan Resources and the British Geological Survey identified this area to have anomalous minerals, including gold and silver…More Details >>