Green Glen Minerals Ltd recorded a frustrating year with discussions on prospecting rights still continuing at the Lead Trial gold prospect in Perthshire, Scotland.
ASSETS
The company, renamed from Erris Gold Resources, is exploring the discovery near Loch Tay 43km east of the Cononish gold mine and within the Grampian gold belt.
Green Glen has decided not to renew the permits for the Gautelis gold project and the Varden base metals prospect, both of which returned very low grade samples.
NEGOTIATIONS
Executive chairman David Hall and chief executive Aiden Lavelle added that negotiations on the exclusive prospecting agreement with the main landowner had been far slower than anticipated since signing of the head of terms.
“The work is ongoing and there have been issues outside of the company’s control which
have again delayed certain aspects of the prospecting agreement.
“We are still confident that the agreement will be concluded and we will press the legal teams to do so while the agreement terms are acceptable.”
Following agreement, Green Glen will resume activities which include a major follow-up drill programme to determine Lead Trial’s economic potential.
The company will also seek either a listing or other transaction to ensure the company has full legal title, access and the rights to development should an economic resource be defined.
Green Glen added it had sufficient funds to complete the legal process but may consider “further funding as a private vehicle” before listing.
OPPORTUNITIES
During 2022, the company reviewed other opportunities and will pursue possible asset and corporate deals to increase its portfolio.
“This review of other companies’ properties only reinforced the directors view that the Lead Trial prospect in Scotland remains an excellent opportunity for the company and that thoroughly completing the necessary legal work is worth pursuing and will give the company a solid asset with which it can advance and return value to the shareholders.
“We maintain a commitment to build a strong exploration business around this company but there is the need to legally secure the main asset first so that shareholders can obtain some value for their investment.”