Greenpower Announces High Grade Drilling Results From Lincoln Springs Project; Extends SPP

Greenpower Announces High Grade Drilling Results From Lincoln Springs Project; Extends SPP

A clean energy exploration and production company, Greenpower Energy Limited (ASX: GPP), announced the extension of closing date of Share Purchase Plan (SPP) to 10 May 2019 (Friday, 5:00 PM WST) from the earlier date of 18 April 2019 to allow all the eligible shareholders to participate in SPP. The issue date is now extended to 17 May 2019 with a quotation of shares expected to be around 20 May 2019. These shares are being offered at a 20% discount to the VWAP of the last five days before the issue date.

On 1 April 2019, the company announced that it intended to raise funds through the share purchase plan up to $1,000,000 for the completion as well as progressing its exploration programs in Queensland and to conclude the OHD field trials.

The company, on 15 April 2019, also provided its shareholders with the preliminary exploration drilling results at the Copper-Cobalt Project of the company, which is situated 220km north west of Townsville, Queensland.

Lincoln Springs Project

The assay results from the first 5 Reverse Circulation (RC) drill holes at the Lincoln Springs Copper-Cobalt Project has now been received by the company.

Drill hole LSRC001 tested an area of copper-cobalt soil anomalism, that was situated in the north west direction of the Lincoln Springs Prospect. On the other hand, from dill holes LSRC002 to LSRC005, the drilling was done on the two north-south section lines adjacent to the historic copper workings.

From dill holes LSRC002 to LSRC005, the drilling led to the intersection of the mineralised shear zone at the Lincoln Springs Prospect. The assay results gave an indication that the shear zone is anomalous in copper-cobalt-zinc. The range of the shear zone lies in between 12 metres and 28 metres.

At the hole LSRC004, a drilling of 4 metres from 24 metres resulted in 3.30% of Copper, 0.16% of Cobalt & 0.27% of Zinc. The intersection of high-grade copper indicates the presence of malachite logged in drill chips at that hole depth. At present, only 4 metres composite samples were submitted for evaluation. The company expects that another one metre samples across the anomalous intersections, will be submitted to the laboratory by this week.

The drilling program is designed in such a manner, wherein the test will include the combination of 3 target types at the Project like historic copper workings, copper-cobalt soil anomalies, as well as Induced Polarization (IP) geophysical targets.

The company recently announced about the beginning of the reverse circulation drilling work, at the Lincoln Springs Project. At the project site, the company had around 25 holes for roughly 2000 meters of drilling, with an expectation to complete the program by four weeks.

By 10 April 2019, the company confirmed that they had completed 11 reverse circulation drill holes and further drilling was under progress.

Besides, on 11 April 2019, the company announced that the shares of GPP were supposed to remain under trading halt, pending for an announcement related to the preliminary drill results, from its drilling program at its Lincoln Spring project. Post the announcement of the preliminary drilling results on 15 April 2019, the shares of GPP started trading on ASX.

By the closure of the market on 15 April 2019, the closing price of the shares was A$0.003, up by 50% as compared to its previous closing price. GPP holds a market capitalization of A$3.13 million and 1.57 billion outstanding shares. Also, around 6.6 million GPP shares traded on ASX today.


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