GPN exchanged shares to aquire Apogie see belowGreater Pacific...

GPN exchanged shares to aquire Apogie see below


Greater Pacific Gold expands in Northern Territory
RWE Australian Business News Information Service via Comtex- 106 days ago

(RWE Australian Business News) Greater Pacific Gold Ltd (ASX code:

GPN) has acquired Prescingot Pty Ltd for an issue of 55 million GPN shares and 55 million options in the same class of existing GPN listed options.

Prescingot holds a 20 per cent interest in Apogei Pty Ltd, which owns the West Arnhem Tenure (ELA 25638 - Gumadeer and ELA 25645 - Table Hill) and McKeddies (MCN 668-671).

Both areas are located in the Northern Territory.

Effectively, this means GPN owns 20% of the tenements known as the West Arnhem Tenure and 20% of the tenements known as McKeddies.

The Gumadeer and Table Hill tenements, known as the West Arnhem Tenure (WAT), are found in the Alligator Rivers Uranium Field (ARUF), a region located about 250 kilometres east of Darwin and 30 kilometres east of the Nabarlek Uranium Mine. They cover an area of 700 sq km.

The worked-out uranium mine of Nabarlek, which produced 12,000 tonnes of uranium oxide at the high average yield of 1.95% U3O8, is close to the two tenements.

Geologists consider the Nabarlek area as a suitable exploration model for the WAT because of the similar geological setting and geographical proximity.

Alluvial gold was first discovered at McKeddies Prospect in 1900 and over the next five years a considerable quantity of gold was extracted as nuggets or in high-yield ore dug from shallow pits.

A lack of permanent water on the site prevented further exploration until 1993 when MRC built dams and a reservoir on site to prepare for a drilling program to test promising surface results.

However, the low price of gold made mining of the tenements at depth uneconomical.

GBS Gold has revitalised the gold industry in the Northern Territory recently by re-opening more than a dozen old mines in an area south of McKeddies.

Drill-testing the area to depths of more than 400 metres, it announced an overall resource estimate of more than 3.4 million ounces of gold.

To process this resource, GBS's recently commissioned dual-mill gold processing plant is now operating at a capacity of 2.5 million tonnes of ore per year.

Shares in Greater Pacific Gold rose 0.4c to 4.9c today.