Greatland Launches Third Exploration Programme

RNS Number : 5868X

Greatland Gold PLC

13 August 2018

 

13 August 2018

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

Greatland Gold plc

("Greatland" or "the Company")

Greatland Gold Launches Third Exploration Programme in the Paterson Region

Scallywag target selected for first phase of new regional exploration programme as Greatland seeks to test high priority regional gold/copper targets following excellent results from maiden exploration campaigns at Black Hills and Havieron 

Greatland Gold plc (AIM: GGP), the precious and base metals exploration and development company, is pleased to announce a new regional exploration programme within its 100% owned Paterson project in Western Australia. The new programme will initially focus on the Scallywag target and will be conducted in parallel to the two previously announced programmes at Havieron and Black Hills.

The Scallywag target, located within the Havieron licence, consists of several magnetic anomalies over a large area of approximately 6km x 4km, each with the potential to host gold and/or copper mineralisation.

Recent drilling by the Company at the Havieron target, returned excellent results including 121m at 2.93g/t gold and 0.23% copper from 497m with peak gold of 137.69g/t and copper to 4.11%.

Highlights of Regional Exploration Programme

·     New exploration programme in the Paterson to test the multiple regional targets, many with a similar geophysical signature to Havieron, that were identified by a review of regional geophysical and geochemical data conducted last year by Greatland (see announcement 17 August 2017);

·     First phase of new programme, expected to commence this month, will focus on the Scallywag target and includes plans for Mobile Metal Ion ("MMI") sampling with samples to be collected on an initial 400m x 200m spacing;

·    Ground gravity was completed over the Scallywag target in late 2017 (see announcement 6 December 2017) and results showed gravity highs co-incident with the magnetic targets over approximately 2km of strike;

·    Results of MMI sampling will be reviewed in conjunction with detailed ground gravity and airborne magnetic data to determine the most prospective areas for a maiden drilling program at Scallywag.

Gervaise Heddle, Chief Executive Officer, commented: "The Paterson region remains relatively underexplored and we believe that it is highly prospective for large mineralised systems. Our licences host multiple large magnetic anomalies, similar in scale and structure to Havieron, and, over the course of the next twelve months, we intend to pursue a systematic programme of regional exploration that will test a number of these additional regional targets.

"Scallywag hosts coincident magnetic and gravity anomalies and is a good starting point for our exploration programme because of its relative proximity to Havieron and its potential to host the prospective basement sequence at depths of less than 100 metres."

Overview of Havieron and Scallywag Targets

The Company's Paterson project comprises the Havieron, Paterson Range East, and Black Hills licences, located in the Paterson region of northern Western Australia. The three licences collectively cover more than 385 square kilometres prospective for iron-oxide-copper-gold ("IOCG"), skarn and Telfer style gold deposits.

The Paterson region hosts several large gold and copper deposits such as Telfer (gold) and Nifty (copper). The region has been subject to more recent exploration which has outlined several other deposits including Magnum (gold), Calibre (gold), O'Callaghans (copper) and Maroochydore (copper). The region is remote, however infrastructure is good with several operating mines, roads, telecommunications, gas pipeline, formed tracks and rail networks nearby which branch out from the regional industrial hub of Port Hedland 500km to the west.

The Havieron licence, E45/4701, lies 30 km east of the large Telfer gold mine. Havieron is a granted exploration licence that covers 135 square kilometres and sits adjacent to the Company's Black Hills exploration licence. Recent drilling by the Company at the Havieron target, within the Havieron licence, returned excellent results including 121m at 2.93g/t gold and 0.23% copper from 497m with peak gold of 137.69g/t and copper to 4.11% (HAD001).

The Havieron target lies under approximately 400m of cover and presents itself as a coincident magnetic and gravity high approximately 600m across. Mineralisation is hosted in Proterozoic sandstone and carbonate rocks of the Yeneena Group formations.

Following a review of regional geophysical and geochemical data over the Paterson project (see announcement 17 August 2017) approximately 50 targets similar to Havieron were identified in the broader region, with around half in ground held by Greatland. The setting of these licences is on the western margin of a Proterozoic basin which ranges in depth from less than 100m below surface to more than 400m below surface. Basement rocks of the basin are predominantly calcareous rich sandstones intruded by several late stage granitic bodies exploiting basin margin faults which have also provided a focus for ore fluids.

Historically, several of these targets have been subject to initial first-pass work and show promise at hosting mineralisation as seen at Havieron. Basement rocks do not outcrop and Greatland employs modern geophysical and geochemical methods to define targets prior to drill testing.

The Scallywag target, located within the Havieron licence, was identified from this regional review and hosts several magnetic anomalies over a large area of approximately 6km x 4km with potential to host gold and/or copper mineralisation. Initial interpretation suggests the prospective basement sequence is at depths of less than 100m.

Ground gravity was completed over the Scallywag target in late 2017 (see announcement 6 December 2017). Data was collected at a station spacing of 400m x 200m and results showed gravity highs co-incident with the magnetic targets over approximately 2km of strike.

A map of the Paterson targets showing the location of Scallywag can be found on the Company web site at www.greatlandgold.com/paterson

MMI sampling has been used effectively over the Havieron target (see announcement 6 December 2017) providing mineral system signatures and enhancing interpretation of subsurface geology. The Company intends to complete MMI sampling over the Scallywag target with samples to be collected on an initial 400m x 200m spacing. The program is scheduled to commence this month. Results of MMI sampling will be reviewed in conjunction with detailed ground gravity and airborne magnetic data to determine the most prospective areas for a maiden drilling program at Scallywag.

Additional information on the Black Hills licence can be found under 'Paterson' 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

Gervaise Heddle/Callum Baxter

Tel: [phone]

Email:  [e-mail]

www.greatlandgold.com

SPARK Advisory Partners Limited (Nominated Adviser)

Mark Brady /Andrew Emmott/James Keeshan

Tel: [phone]

SI Capital Limited (Broker)

Nick Emerson/Alan Gunn

Tel:  [phone]

Luther Pendragon (Media and Investor Relations)

Harry Chathli/Ana Ribeiro/Alexis Gore

Tel: [phone]

Notes for Editors:

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

The Company has six main projects; four situated in Western Australia and two in Tasmania.  All projects are 100% owned by Greatland.

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.

 

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