Exciting drilling results in the Carnegie area

RNS Number : 2964V

Greatland Gold PLC

06 August 2015

 

6 August 2015

Greatland Gold plc

("Greatland" or "the Company")

Exciting drilling results in the Carnegie area of Ernest Giles

Greatland Gold plc is pleased to announce the results of drilling at its Ernest Giles project in central Western Australia, including exciting nickel prospective rocks in the Carnegie area.

Highlights

·     Intersected exciting nickel prospective rocks in the Carnegie area

·     Conducting ground geophysical work to follow up

·     Gold targets were also tested

Callum Baxter, CEO, commented: "Recent drilling at Ernest Giles was very well executed and efficient. The Carnegie area produced a particularly exciting result, with nickel prospective rocks confirmed. We also successfully tested gold targets, although some are too deep to currently pursue. Our focus now is on Carnegie and completing ground geophysics."

Ernest Giles Project, Western Australia

The Ernest Giles project is located in central Western Australia, covering an area of 660km² that includes over 100km 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 of gold, and Yamarna (Gold Road Resources ASX:GOR), with over 3.5 million ounces of gold.

Greatland has drilled several significant gold and nickel targets across the Ernest Giles licences. These targets included the surface MMI (mobile metal ion) anomalies at Empress and Meadows. Drilling was also carried out at the Dromedary structural target in the north of the project area and at the new Carnegie nickel sulphide target, which resembles the size and geophysical signature of the 'Nova' discovery by Sirius Resources NL (ASX:SIR). 'Nova' is one of the most exciting nickel sulphide discoveries in recent years.

We have now completed drilling and received analytical results.

At Carnegie, we intersected a geophysical magnetic anomaly thought to be prospective for nickel sulphide mineralisation. Significantly, our drilling intersected mafic intrusive rocks from 286m below the surface to end of hole at 300m. These rocks displayed very strong heamatite and magnetite alteration, supporting the presence of a mafic intrusive body prospective for nickel sulphides. Analytical results highlight the prospectivity, with elevated As and Pb to 18ppm and 40ppm, respectively, at end of hole.

At Meadows, the drill hole tested anomalous surface MMI results near to the gold mineralisation discovered in previous holes. We intersected recent siltstones and sandstones to 66m, Proterozoic shale to 230m, as well as the targeted Archean basement (to end of hole at 304m). Drilling results confirmed consistent, low-level gold to 4ppb, intersected in the Archean basement from 280m to 300m. However, we believe that this result does not warrant further work at this particular location.

At Empress, we drilled a significant gold MMI anomaly. However, no definable Archean basement rocks were intersected in the 300m deep hole, making the target too deep to pursue. The surface MMI anomaly was somewhat explained by low level gold (to 12ppb) being encountered in transported Proterozoic overburden, around 88m down the hole.

The Dromedary structural target was also tested to a depth of 300m. No Archean basement was intersected in this hole, making the target too deep to pursue.

Overall, the drill programme was very well executed and efficient. We will now evaluate those areas considered too deep to pursue or less prospective, with a view to reducing our land holding. The exciting results from Carnegie provide Greatland with a focus for additional work, which will begin with ground geophysics to define buried bodies which may host nickel sulphide mineralisation.

Enquiries:

Greatland Gold PLC

Callum Baxter

Tel [phone]

Email:  [e-mail]

www.greatlandgold.com

Grant Thornton UK LLP (Nomad)

Colin Aaronson / Richard Tonthat

Tel [phone]

SI Capital Limited (Broker)

Nick Emerson / Andy Thacker

Tel  [phone]

Finsbury (Media Relations)

Gordon Simpson / Olivia Simpson

Tel [phone]

Notes to Editors

Greatland is a mineral exploration and development company based in Australia. The principal activity of Greatland Gold plc is to explore for and develop natural resources, with a focus on gold and nickel. The Company currently has four mineral projects located in Australia, including the Ernest Giles, Bromus, Firetower and Warrentinna projects. The pipeline of projects targets highly prospective areas for large gold and nickel sulphide orebodies. The Company was established in London in 2005 and admitted to AIM in July 2006.

The board seeks to increase shareholder value through the systematic evaluation of its existing resource assets, as well as the acquisition of suitable exploration and development projects and producing assets.

Greatland has a UK and Australian based board of directors, with a head office in London and an exploration office in Australia.

Competent Persons

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). 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.

 

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