Update on Exploration Campaign at Panorama Project

RNS Number : 7737E

Greatland Gold PLC

08 July 2019

 

8 July 2019

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

Greatland Gold plc

("Greatland" or "the Company")

Update on Exploration Campaign at Panorama Project

Field reconnaissance at Panorama locates numerous gold nuggets in multiple locations and confirms the presence of mineralisation over several kilometres of strike

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce that field reconnaissance activities have located numerous gold nuggets, confirming the presence of mineralisation over several kilometres of strike at the Company's 100% owned Panorama project, located in the Pilbara region of Western Australia. The zone of gold mineralisation has been extended from 3.2km of strike to 4.3km.

Highlights:

·    Numerous gold nuggets found in thin soil cover over several hundred metres of strike, confirming the presence of gold mineralisation along the mineralised zone.

·   Gold nuggets found in more than 10 locations, including an area further south along strike, thereby extending the strike extent of the mineralised trend from 3.2km to 4.3km.

·    The mineralised zone, hosted in Archean basement, currently remains open to the south west and will be subject to further reconnaissance activities and systematic, grid-based surface geochemical sampling, which is expected to be completed by late July.

·    Additionally, a detailed, low level aeromagnetic survey covering the entire Panorama project area is expected to commence next week.

Gervaise Heddle, Chief Executive Officer, commented: "The discovery of numerous gold nuggets in multiple locations within the first week of the new field campaign at Panorama represents a very exciting start to this campaign and further confirms our belief in the significant potential of this project.

"The dual geochemical and geophysical campaign that we are conducting at Panorama represents a step up in the scale of exploration previously conducted at this project and clearly these early results support our decision to accelerate the pace of exploration activity at this exciting gold target in the Pilbara. We look forward to providing further updates as the exploration campaign progresses, including results from soil and rock chip sampling and the aeromagnetic survey."

A photo of the gold nuggets collected and a map indicating collection points can be found on the Panorama project page of Greatland's website at: www.greatlandgold.com/panorama/

Panorama Project

The Panorama project consists of three adjoining granted exploration licences located in the Pilbara region of northern Western Australia. The three licences cover a total area of approximately 155 square kilometres and are prospective for gold and base metal 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. As such the project is prospective for Archean lode style gold mineralisation and also 'conglomerate' style gold mineralisation.

The Company completed a detailed review of historic work at Panorama, which 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 66.0g/t, 14.5g/t, 4.1g/t, 2.1g/t and 1.1g/t gold. The geological setting is a prominent ridge marking the structural contact of basaltic and ultramafic rocks of Archean age.

Greatland carried out sporadic rock chip sampling along this zone during 2017 with results including 18.45g/t, 1.82g/t, 0.71g/t, and 0.61g/t gold over approximately 3.2km of strike, essentially confirming the presence of gold mineralisation and the high grade potential of this zone. Rock chip results are presented in Table 1.

Table 1 - Rock Chip Results (>10ppb gold)

Sample ID	East	North	Company	Year	Gold (ppb)
93105	778899	7580466	Bacome Pty Ltd	1993	33
93170	779099	7582746	Bacome Pty Ltd	1993	2120
93171	779099	7582746	Bacome Pty Ltd	1993	1050
93172	779069	7582956	Bacome Pty Ltd	1993	289
93173	779049	7583076	Bacome Pty Ltd	1993	699
93175	779409	7581886	Bacome Pty Ltd	1993	28
932228	779099	7582746	Bacome Pty Ltd	1993	4120
1561	778657	7579766	Great Southern Mines	1997	66000
1562	778645	7579804	Great Southern Mines	1997	620
5656	778616	7579870	Great Southern Mines	1997	310
5657	778622	7579876	Great Southern Mines	1997	14500
5658	778641	7579876	Great Southern Mines	1997	460
5659	778641	7579851	Great Southern Mines	1997	70
5660	778635	7579876	Great Southern Mines	1997	50
5662	778653	7579913	Great Southern Mines	1997	50
HK1004	779116	7582752	Greatland	2017	326
HK1005	778683	7579880	Greatland	2017	710
HK1008	779096	7581748	Greatland	2017	200
HK1012	778908	7580786	Greatland	2017	21
HK1013	778676	7579887	Greatland	2017	609
HK1014	778906	7580516	Greatland	2017	22
HK1015	779105	7582750	Greatland	2017	18448
HK1016	779031	7582984	Greatland	2017	74
HK1018	779092	7582749	Greatland	2017	1823
HK1021	779097	7581764	Greatland	2017	21

*all coordinates MGA94_Z50

Late last month, Greatland commenced field activities at the Panorama project with reconnaissance activities and surface geochemical work primarily focussed on Archean lode style gold mineralisation. To date, numerous gold nuggets have been found in thin soil cover over several hundred metres of strike confirming the presence of gold mineralisation along the mineralised zone. Gold nuggets have been found further south along strike than previously identified, extending the strike extent of the mineralised trend from 3.2km to 4.3km. The zone remains open to the south west. All nugget locations are presented in Table 2.

Table 2 - Gold Nugget Locations

Site ID	East	North	Site Type
PAN_NUG001	778073	7579250	hill side
PAN_NUG002	778021	7579263	hill side
PAN_NUG003	778021	7579375	gully
PAN_NUG004	778112	7579386	gully
PAN_NUG005	778228	7579425	gully
PAN_NUG006	778259	7579490	gully
PAN_NUG007	778278	7579453	hill side
PAN_NUG008	778232	7579457	hill side
PAN_NUG009	778306	7579550	hill side
PAN_NUG010	778341	7579893	hill side
PAN_NUG011	778588	7579840	hill top
PAN_NUG012	778861	7581741	hill top
PAN_NUG013	778828	7581618	hill side

*all coordinates MGA94_Z50

Ongoing work will include further reconnaissance along the mineralised trend and systematic grid based soil sampling on 100m x 50m grid. Rock chip samples will also be collected at suitable locations. This work is expected to be complete in late July.

High quality geophysical datasets are a critical component of early stage exploration programmes. Of particular importance are high resolution aeromagnetic surveys as they are cost-effective and enable rapid target definition over large tenement packages. As previously announced, Greatland has commissioned a detailed, low level airborne magnetic survey to cover the entire area. The survey comprises approximately 8,000 line kilometres at a line spacing of 50m with an estimated mean terrain clearance of 40m. The airborne survey is expected to commence next week. 

Further information on the Panorama 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 Mick Sawyer, Exploration Manager for Greatland Pty Ltd, who is a member of the Australian Institute of Geoscientists and is a Registered Professional Geoscientist (R.P.Geo #10194). Mr Sawyer 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 Sawyer consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

Information in this announcement that relates to Panorama project exploration results has been extracted from the following announcements:

"Greatland Commences New Exploration Campaign at Panorama Project", dated 27 June 2019

"Panorama Project - New Licence Application", dated 31 May 2018

"Panorama Project - First Exploration Campaign", dated 21 December 2017

"Extensions of Field Operations at Panorama Project", dated 1 November 2017

"Panorama Project Update", dated 24 October 2017

"Panorama Project - Exploration Programme Commences", dated 3 October 2017

"Greatland Gold plans to enter new market with Panorama Cobalt Project", dated 12 June 2017

Further information on the Panorama licence can be found under 'Panorama' on the Company's website: www greatlandgold.com

Enquiries:

Greatland Gold PLC

Gervaise Heddle/Callum Baxter

Tel: [phone]

Email:  [e-mail]

www.greatlandgold.com

SPARK Advisory Partners Limited (Nominated Adviser)

Andrew Emmott/James Keeshan

Tel: [phone]

SI Capital Limited (Broker)

Nick Emerson/Alan Gunn

Tel:  [phone]

Luther Pendragon (Media and Investor Relations)

Harry Chathli/Alexis Gore/Joe Quinlan

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, copper 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.

In March 2019, Greatland signed a Farm-in Agreement with Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest Mining Limited (ASX:NCM), to explore and develop Greatland's Havieron gold-copper project in the Paterson region of Western Australia. Newcrest has the right to acquire up to a 70% interest in a 12 block area within E45/4701 that covers the Havieron target by spending up to US$65m.

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

 

 

UPDUGUAUMUPBURR