Exploration Programme Commences - Panorama Project

RNS Number : 5223S

Greatland Gold PLC

03 October 2017

 

03 October 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")

Exploration Programme Commences at Panorama Project

Significant potential identified across the project area for gold and cobalt mineralisation

Further to the announcement of 4 September 2017, Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to confirm that the initial exploration campaign on the Pilbara gold and cobalt targets at the Panorama project has commenced on time as expected.

Greatland is also pleased to announce that a recently completed review of stream sampling data has highlighted multiple new gold and cobalt anomalies.  

Highlights:

·     The exploration programme on the Pilbara gold and cobalt targets will include orientation drainage sampling, soil sampling and geological reconnaissance;

·     A comprehensive review of historical stream sampling data has highlighted the following:

o  Approximately twenty gold anomalies across the project area, with peak gold-in-streams values of 68.5ppb and 60ppb;

o  The presence of historic gold mines and alluvial gold occurrences immediately to the north of the Company's licences with the mineralised trend continuing south into the Company's licences;

o  Five new cobalt targets in the southern parts of the Panorama project, with peak cobalt-in-streams values of 70ppm and 65ppm.

A detailed review of further historic data is ongoing and may identify additional gold and cobalt targets as work progresses. Geological, geochemical and geophysical data is being integrated into a comprehensive database to assist targeting efforts and field operations. All gold and cobalt targets identified to date will be subject to field reconnaissance during the coming weeks.

Gervaise Heddle, Chief Executive Officer, commented:  "We are very pleased by the results of the review of historical stream sampling data which has confirmed the significant potential across the project area for both gold and cobalt mineralisation. The excellent work by the Greatland technical team over recent weeks has identified approximately twenty new gold anomalies across the licence area, the presence of historical gold mines immediately to the north of the project, and the presence of coarse grained Archean sedimentary rocks with a strike length over 18 kilometres from north to south across the project. We believe that the Pilbara region of Western Australia has the potential to hold some of the largest major gold deposits in Australia and we look forward to updating shareholders on our progress."

Panorama Project

The Panorama project consists of two adjoining exploration licence applications in the Pilbara region of northern Western Australia. The two licences total an area of 130 square kilometres and cover a large area prospective for cobalt and gold mineralisation.

A systematic stream sediment sampling programme was completed over the broader Pilbara region by Anglo American Corporation in the early 1970s. Samples were collected at a nominal 2km spacing and results from these samples have outlined a large cluster of high cobalt in streams. Stream sediments samples consistently returned over 50ppm cobalt, peaking at over 70ppm cobalt (against a background of less than 5ppm cobalt). The area covered by the anomalous cobalt is potentially the largest coherent cobalt in streams anomaly in Western Australia being more than 25 kilometres long and up to 10km wide covering an area of approximately 200 square kilometres. Greatland's licence applications cover the bulk of the cobalt anomaly.

Geology of the area is predominantly greenstone and granite of the Archean Pilbara Craton in northern Western Australia. The definitive source of the cobalt is not yet known however it is likely to be localised in folding and faulting of the bedrock sequences; similar to other known styles of mineralisation in Archean greenstones elsewhere in the Pilbara displaying drill intercepts with high cobalt of up to 0.99%.

Historically, the Pilbara region is recognised for its gold and base metal mineralisation but apart from the work by Anglo American in the early 1970s very little subsequent exploration work has been carried out within the Panorama project area leaving the cobalt mineralisation untested. The large area of the cobalt in streams anomaly suggests a significant mineralising event has occurred.

The Company has recently completed a comprehensive review of historical drainage sampling.  Drainage samples were collected during the mid 1990s and during 2015. Initial results of this review have identified approximately twenty gold in stream anomalies within the Company's 130 square kilometre project area. Gold anomalism in streams peaks at 68.5ppb and 60ppb. Historic gold mines and alluvial occurrences are apparent immediately north of the Company's licences with the mineralised trend and geological strike continuing south into Greatland licences.

The Company notes government geological mapping confirms the presence of coarse grained Archean sedimentary rocks striking over 18km from north to south throughout the Panorama project area. Some of the gold anomalies identified in the latest data review lie along this trend.

The review highlighted that cobalt analysis from existing drainage sampling is sufficient in the southern portion of the project area, but the northern portion requires more comprehensive cobalt drainage sampling and analysis. Five areas of anomalous cobalt have been identified in the southern parts of the Company's licences. Cobalt anomalism in streams peaks at 70ppm and 65ppm.

Detailed review of historic work is ongoing and may identify additional gold and cobalt targets as work progresses. Geological, geochemical and geophysical data is being integrated into a comprehensive database to assist targeting efforts and field operations. All gold and cobalt targets will be subject to field reconnaissance during the coming weeks.

Further information on the Panorama Cobalt 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

Tel  [phone]

Luther Pendragon (Media and Investor Relations)

Harry Chathli/Ana Ribeiro/Alexis Gore

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 six main projects; four 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.

 

END

 

 

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