Panorama Project Update

RNS Number : 6984P

Greatland Gold PLC

04 September 2017

 

 

04 September 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")

Panorama Project Update

Exploration Activities at Greatland's Panorama Project to Commence in Early October, Focusing on Potential Cobalt and Gold Mineralisation

Further to the announcement of 12 June 2017, Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce plans for the first stage of exploration activities at its Panorama project.

Highlights:

·     Key objective of the initial exploration campaign is to outline and refine the primary target areas for further detailed ground work and potential drilling campaigns;

·     Plans for initial field work include orientation drainage sampling, soil sampling and geological reconnaissance;

·     Exploration activities at the Panorama project are scheduled to commence in the first week of October.

The Panorama project consists of two adjoining exploration licences, covering a total area of 130 square kilometres, in the Pilbara region of Western Australia. The Panorama project occupies a dominant and strategic position across what is potentially the largest coherent cobalt in streams anomaly in Western Australia. Stream sediment sampling data gathered by Anglo American Corporation in the early 1970s outlined a 25 kilometre long by 10 kilometre wide area of highly anomalous cobalt, but very little exploration work on the project area has been carried out since.

Greatland also notes the increasing level of precious metals exploration activity in the Pilbara region following recent announcements by Novo Resources Corporation (TSX.V:NVO) and Artemis Resources Limited (ASX:ARV) regarding high grade gold mineralisation in bulk sampling at the Purdy's Reward prospect.

Gervaise Heddle, Chief Executive Officer, commented:  "The recent sustained strength in the cobalt price supports our view that cobalt is becoming an increasingly important component in many of the new technologies that are set to reshape the future of the global energy and consumer electronics market. We intend to move quickly with our field efforts and use this first pass exploration work to outline primary targets ahead of next year's field season.

"Greatland will be submitting soil, rock chip and drainage samples for multi-element analysis to assess the areas prospectivity for cobalt, gold and other elements. The predominant geology of the project area is greenstone and granite of the Archean Pilbara Craton, similar to the geology that hosts many major gold deposits within Western Australia."

Further announcements will be made as the Company finalises its plans for field activities.

Panorama Cobalt Project

Greatland has made application for two adjoining exploration licences 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.

Current work on the project includes a review of airborne aeromagnetics and integration of geological and geochemical data. Resultant targets will be subject to geological reconnaissance, soil sampling and rock chip sampling which is scheduled for Q4 2017.

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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