Extension of Field Operations at Panorama Project

RNS Number : 2258V

Greatland Gold PLC

01 November 2017

 

1 November 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")

Extension of Field Operations at Panorama Project

Field mapping and metal detecting commences on conglomerate horizons at the Panorama project

Further to the announcement of 24 October 2017, Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce that extended field operations have commenced to assess the gold potential at Greatland's Panorama project in the Pilbara region of Western Australia.

Highlights:

·     Exploration campaign at Panorama project extended in order to focus on the potential for gold mineralisation in the Southern licence area;

·     Extended exploration programme includes additional geological field mapping, stream sampling and metal detecting;

·     Key objective of the extended campaign is to determine the potential for conglomerate hosted gold on the Southern licence and generate targets for further exploration.

The Panorama project consists of two adjoining exploration licence applications in the Pilbara region of Western Australia. The two licences cover a total area of 130 square kilometres and are prospective for both gold and cobalt mineralisation. On 24 October 2017, the Company announced that a gold prospective conglomerate horizon had been confirmed at two locations within the project area, with strike lengths of 2.6km and 1.9km respectively.

Gervaise Heddle, Chief Executive Officer, commented:  "Greatland is in a fortunate position to have a project with significant potential for gold mineralisation in the Pilbara region of Western Australia, a region that is currently experiencing a rapid increase in gold exploration activity.

"In recognition of the increased level of interest in region, we have extended the exploration campaign at Panorama to focus on two areas where the presence of coarse grained sandstones and conglomerates has been confirmed by detailed government mapping.

"In addition to general field mapping and reconnaissance, Greatland's technical team will be panning/loaming and metal detecting along drainage lines following the base of the Mt Roe basalt sequence. The Mt Roe basalt sequence covers a significant strike length within the Southern project licence."

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 gold and cobalt mineralisation.

Geology of the area is predominantly greenstone and granite of the Archean Pilbara Craton in northern Western Australia, and younger overlying sedimentary and volcanic sequences.

The Company has recently completed a comprehensive review of historical drainage sampling. 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 sediment 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.

Following Anglo American in the 1970s additional drainage samples were collected during the mid 1990s and 2015. A review of results from this work 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 60.0ppb. 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 the Panorama project area. Gold in stream anomalies are also present over the younger Fortescue Group sequences in the southern licence area.

Detailed review of historic work is complete and has revealed many rock chip samples with an elevated gold response from within the project area. Rock chip samples were collected during the mid to late 1990s, mainly over the northern parts of the project area. The most significant samples identified to date lie along a north-south trending zone approximately 3.2km long with rock chip results including 1.4g/t, 2.5g/t, 2.8g/t, 3.2g/t, 10.5g/t, 14.0g/t, 14.5g/t, 20.0g/t and 66.0g/t gold. The geological setting is a prominent ridge marking the structural contact of basaltic and ultramafic rocks of Archean age. Field reconnaissance along this zone has been completed and visual indications of mineralisation are present. Verification rock chip sampling of this area has been completed and results are pending.

In the southern parts of the project area, detailed government geological mapping confirms the presence of lower Fortescue Group coarse grained sandstones and conglomerates at two locations adjacent to the Mt Roe Basalt. This is the equivalent geological setting to the target horizon of the Purdy's Reward and Comet Well gold prospects currently under the operation of Novo Resources Corp. (TSV-V:NVO). The first area has a strike length of approximately 1.9km and the second 2.6km. One of the areas shows a co-incident gold in streams anomaly peaking at 4.6ppb gold. Other gold in stream anomalies are co-incident with the Mt Roe basalt sequence.

Greatland has extended the field season at Panorama to evaluate the conglomerate horizons. Geological mapping and metal detecting has commenced to define further areas of interest. Sampling of streams (panning/loaming) and metal detecting is also being carried out along drainage lines following the base of the Mt Roe basalt sequence which covers a significant strike length within the southern project licence. Results of this work will be provided to the market as they become available.

The Mount Roe Basalt sits at the base of the Fortescue Group stratigraphy that is widespread throughout the Pilbara region of Western Australia. There is considerable geological discussion as to the origin of palaeo-placer gold in the Pilbara. It is known to occur in the Hardy Formation Conglomerate immediately overlying the Mount Roe basalt, and it is also known to occur in a stratigraphically lower conglomerate horizon occurring at the base of the Mt Roe Basalt. These palaeo-placer deposits are different to gold associated with other styles of mineralisation such as lode or epithermal types.

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/ 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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