Ernest Giles - New Licence Applications

RNS Number : 5727E

Greatland Gold PLC

09 May 2017

 

09 May 2017

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

Greatland Gold plc

("Greatland" or "the Company")

Ernest Giles - New Licence Applications Expand Strategic Landholding

Greatland Gold plc (LON:GGP), the London Stock Exchange AIM listed precious and base metals exploration and development business, is pleased to provide an update with respect to the Ernest Giles gold project.

Highlights

·     Greatland is pleased to announce that it has significantly expanded its interest in the region by applying for four additional exploration licences covering a further 800 square kilometres that, in the opinion of Greatland, are highly prospective for gold mineralisation;

·     Three of the additional licences, representing an area of 600 square kilometres to the east of the Ernest Giles project, cover a large north-south trending sequence of prospective rocks ("Ernest Giles East");

·     The fourth licence is contiguous to the existing Ernest Giles tenement area and lies immediately to the north of the Empress target where Mobile Metal Ion (MMI) surface geochemistry detected a 3km long by 1km wide gold in soil anomaly with values peaking at 338ppb gold;

·     Greatland is currently conducting a comprehensive gravity survey across the Ernest Giles project (see announcement dated 20 April 2017) and is pleased to confirm that work is progressing to schedule.

Gervaise Heddle, Chief Executive Officer, commented: 'We are pleased to announce that Greatland has significantly expanded its strategic landholding in the Ernest Giles region. The new licence applications increase Greatland's area of interest and we are particularly excited about the potential of "Ernest Giles East", a north-south trending sequence of prospective rocks  that represent a continuation of the Ernest Giles greenstone belt.

Previous work by Greatland has demonstrated the prospectivity of the broader region, including the discovery of two large zones of gold mineralisation earlier this year (see announcements dated 12 January 2017 and 19 January 2017). Our view is that the Ernest Giles region represents a new gold province in Western Australia and that these new licence applications secure our stake in the future of this exciting new gold district.'

Callum Baxter, Chief Technical Officer, commented: 'The new licence applications at Ernest Giles expand the strategic footprint from around 1,000 square kilometres to more than 1,800 square kilometres. The new areas have been subject to very little prior exploration work but are an extension of our known prospective sequences which makes them an important addition to our 100% owned Ernest Giles project.

Success from our previous work over recent months has demonstrated the potential of the region to host very large mineralised systems and we are very pleased to be able to secure further prospective ground.

An updated map of the Ernest Giles project can be found on Greatland's website in the Ernest Giles project section.'

Overview of Ernest Giles Project

The Ernest Giles project is located in central Western Australia, now covers an area of more than 1,800 square kilometres that includes over 200km of strike of gold and nickel prospective rocks. The area is covered by desert sands and sediments, making it virtually unexplored. The region is home to several successful exploration discoveries such as Tropicana (AngloGold ASX:AGG), which contains over 7 million ounces, and Yamarna/Gruyere (Gold Road Resources ASX:GOR), with over 6 million ounces. The Company is targeting large +5m ounce deposits and clusters of several camp-type +1m ounce gold discoveries at Ernest Giles.

The Ernest Giles project tenements are listed in Appendix I and a map of the licence areas can be found at http://greatlandgold.com/project/2014/ernest-giles/

Earlier drill programmes by the Company at Ernest Giles intersected gold mineralisation and large alteration systems in wildcat drilling of blind structural targets defined by detailed airborne geophysics. This was considered a major achievement for such a large prospective area with virtually no historical work.

In late 2016, the Company completed a comprehensive broad spaced RC drilling programme at Meadows in the south-east of the project area which tested several large areas based on work completed by the Company and earlier work by Western Mining Corporation. This RC drill programme comprised 23 holes for 5,581m. Hole locations were based on a broad spaced grid pattern of 1,600m x 800m.

Mineralisation was observed in 13 of the 23 holes and several holes exhibited gold anomalous zones over tens of metres, peaking at 0.78g/t gold with mineralisation at end of hole. Two large zones of mineralisation were identified; Western 6km x 1.5km and Eastern 2km x 1.5km. Additional 1m sampling of several intercepts was undertaken to confirm preliminary results and better define mineralisation with many significant gold results returned up to 2g/t. Results confirmed mineralisation is present over a large area at Meadows and suggest that Greatland has discovered a new gold province in this largely unexplored region.

In late 2014, the Company completed a restricted programme of Mobile Metal Ion (MMI) surface geochemistry over several target areas which were outlined from interpretation of detailed aeromagnetics. Sample spacing was at a nominal 800m x 200m. Results from this sampling were positive over the Meadows area (peaking at 68ppb gold), and also at the Empress area. At Empress many samples returned +5ppb gold, which is quite high for MMI results, plus several above 40ppb gold peaking at 338ppb gold at the eastern extremity of three consecutive sample lines potentially outlining a significant anomaly 3km long by 1km wide which remains open to the east.

It should be noted that the Ernest Giles project area covers over 1,800 square kilometres and is host to a number of other high priority targets such as Wishbone (a high priority structural target), and Maple (a coincident MMI and structural target in the west of the project area).

A comprehensive ground based gravity survey is currently underway over several targets to better define structural and lithological features. Ground gravity station spacing will be initially set at 1,600m x 200m. Also, a relatively new passive seismic technique (Tromino) is being trialed in an effort to provide reliable basement profiles in areas of interest.

Our successful efforts to date have highlighted the potential of the Ernest Giles project to host several, very large, mineralised systems.

Additional information on the Ernest Giles project can be found on the Company web site at www.greatlandgold.com/projects

Competent Person:

Information in this announcement that relates to exploration results is based on information compiled by Mr Callum Baxter, a director of Greatland Gold plc, who is a member of the Australasian Institute of Mining and Metallurgy and Australian Institute of Geoscientists. Mr Baxter has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr Baxter consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

 

Enquiries:

Greatland Gold PLC

Callum Baxter/Gervaise Heddle

Tel [phone]

Email:  [e-mail]

www.greatlandgold.com

SPARK Advisory Partners Limited (Nominated Adviser)

Mark Brady/Sean Wyndham-Quin/James Keeshan

Tel [phone]

SI Capital Limited (Broker)

Nick Emerson / Andy Thacker

Tel  [phone]

Notes for Editors:

Greatland Gold plc is London listed (LON:GGP) natural resource exploration and development company with a current focus on gold and nickel exploration projects.  

The Company has five main projects; three situated in Western Australia and two in Tasmania.  All projects are 100% owned by Greatland or Greatland has the right to take 100% ownership.  

Greatland is seeking to identify large mineral deposits in areas that have not been subject to extensive exploration previously.  It is widely recognised that the next generation of large deposits will come from such under-explored areas and Greatland is applying advanced exploration techniques to investigate a number of carefully selected targets within its focused licence portfolio.

The Company is also actively investigating a range of new opportunities in precious and strategic metals and will update the market on new opportunities as and when appropriate.

APPENDIX I

Ernest Giles Project - Tenement List

Tenement	Name	Size sq kms
E38/2205	Calanchini	208
E38/2882	Carnegie	61
E38/3183	Empress	172
E38/3184	Ida Range	323
E38/3185	Peterswald Hill	282
E38/3228	Empress North	182
E38/3235	Westwood North	193
E38/3236	Westwood Central	208
E38/3237	Westwood South	205
	Total	1,834

 

END

 

 

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