GreenOre Gold plc announced that its joint venture partner Koza Ltd has achieved the second earn-in on the Ayrshire gold prospect.
JOINT VENTURE
The Turkish company now holds an 80% interest in the project with GreenOre retaining 20%. All further spend will be conducted on a pro-rata basis.
GreenOre said that the earn-in represented work by the geological teams on the ground and programmes completed throughout the prospect over the past two years, since Koza’s 60% earn-in during 2018.
Programmes included drilling, soil surveys, geophysical surveys and deep overburden sampling to increase confidence in prospect models.
The company added that further work was also being planned with Koza for its Aberdeenshire joint venture.
Surveys currently being designed include further deep overburden sampling and drilling. Work will begin as soon as lockdown restrictions allow and permitting has been secured.
NEW MINING ERA
Managing director Gavin Berkenheger said it was an exciting time for the Scottish mineral exploration industry.
“There are many new exciting projects being developed across the length and breadth of the country.
“These represent a growth sector and herald a new era for mining and exploration in Scotland.
“Koza still remains a strong and valued partner for GreenOre’s aspirations to be part of this revolution.”
Koza Ltd, a subsidiary of Koza Altin which is part of the Koza Ipek Holding Company (KIHC), was founded in 2014.
The company has gold mining operations in Scotland; Northern Ireland (two JVs with Australian miner Walkabout Resources in Slieve Gallion and in Antrim); and the United States.
GREENORE PROJECTS
Greenore’s projects are based in Aberdeenshire, Ayrshire, Perthshire and Ross-shire.
The company was awarded a Mine’s Royal Option Agreement on 1 January 2013 for approximately 56km2 near the hamlet of Towie in Aberdeenshire.
Following exploration work during the first year, the area was increased to nearly 250km2 in 2014. In 2016, the prospecting area was just under 500km2.
The licence area, now referred to as ‘Towie and Alford’ is some 50km west of Aberdeen in rural farmland and forest plantations.
In Ayrshire, GreenOre secured the site with an Option Agreement from the Crown Estate.
Ground investigations confirmed historic gold localities and discovered new targets. Two main areas of interest include the East and West anomalies at Fore Burn.
A total of 13 holes were drilled between 2017 and 2019.
GreenOre’s Loch Tay prospect in Perthshire encompasses numerous historic gold localities within the Dalradian rock. The area was an historic mining district in the 1700s.
At the end of 2019, GreenOre signed an agreement with Erris Resources who have the option of earning 80% of the project on the discovery of a quarter million ounce gold deposit.
And in Ross-shire, the company’s Kerry Road deposit near Gairloch represents volcanogenic massive sulphide (VMS) type mineralisation in Precambrian rocks.
COMPANY OVERVIEW
GreenOre’s website states that its directors’ and shareholders’ experience dates from the 1970s at Tara Mines in Navan, County Meath, Ireland.
They were also one of the first investors in ilmenite miner Kenmare Resources.
Since the 1980s, the group has been involved in the diamond and gold sector. It founded a kimberlite mine in Botswana, as African Diamonds, one of only 20 hard-rock diamond mines found worldwide. This was sold to Lucara, part of the Lundin Group, for $100m in 2010.
The group recently divested its interests in African gold exploration vehicle, Swala which is now listed on the Toronto Exchange as Concordia Resources. It was also the founder of African Gold which was later merged into Mwana Africa.
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