Bromus - Downhole EM Results

RNS Number : 0870P

Greatland Gold PLC

14 November 2016

 

14 November 2016

Greatland Gold plc

("Greatland" or "the Company")

Bromus - Downhole EM Results

Greatland Gold plc (LON: GGP), the London Stock Exchange AIM listed precious and base metals exploration and development business is pleased to announce results of downhole EM at its Bromus project in Western Australia. 

Highlights

·     Downhole electromagnetics ("DHEM") recently completed at the Bromus project have identified several highly conductive targets not intersected in the recent drilling campaign conducted at Bromus;

·     Two of the new targets (located near drill holes BRD001 and BRD003) have conductances which are consistent with sulphide mineralisation and are well constrained by the modelling and, therefore, are considered to be high priority targets; and

·     Greatland expects to launch a new drilling campaign at Bromus in early 2017, using existing drill pads, that will target these two high priority targets.

Callum Baxter, Executive Director, commented: 'We are very pleased to release the results of the independent report prepared by Southern Geoscience Consultants Pty Ltd regarding the recent downhole electromagnetics conducted at the Bromus project in Western Australia.

Several highly conductive targets have been identified by DHEM modelling, at least two of which are considered to be high priority targets for massive sulphide mineralisation. These two targets are particularly appealing because they are well defined, relatively shallow (approximately 100 metres below surface) and can be drilled using existing drill pads.

Exploration can be a highly iterative process and we are very encouraged by the fact that a low cost package of drilling and DHEM modelling has demonstrated the potential for massive sulphide mineralisation at this exciting project.

Greatland remains committed to a campaign of active exploration at its key projects including Bromus, Ernest Giles (drilling programme currently underway), Firetower, Warrentinna and the recently acquired Havieron gold project.'

Bromus Project, Western Australia

The Bromus project is located in southern Western Australia, approximately 25km south west of the town of Norseman, and covers approximately 93 square kilometres. Several significant clusters of gold and nickel sulphide deposits lie in the region, such as those at Central Norseman, Kambalda and Widgiemooltha. Greatland owns 100% of the project.

A review of detailed airborne geophysics defined a 4.5km long nickel sulphide prospective ultramafic, with coherent elevated surface geochemistry to 2,690ppm Ni, within the Bromus project area. Field work confirmed the presence of flow textured ultramafic lithologies and, despite the proximity to other deposits, no previous exploration for nickel sulphides is apparent. A fixed loop ground electromagnetic ("EM") survey was completed in 2015 which confirmed several significant bedrock conductors in the survey area.

Such large bodies of conductive material are typically signs of sulphide deposits. The tenor (or grade) of nickel in these deposits can only be determined by drilling and laboratory analysis.

Recent drilling of the conductive bodies by Greatland intersected ultramafic, mafic and granitic lithologies along with massive and stringer sulphide mineralisation explaining the EM response of several targets. However, the primary EM target (BRD001) remained unexplained. (Further information on results from recent drilling are presented in the announcement to the market dated 20 September 2016.)

Downhole EM was recently complete to determine the size and orientation of conductors intersected in each hole and to locate the conductor not intersected in BRD001.

DHEM was successful in identifying several highly conductive targets not intersected by Greatland drilling. These targets have conductances which are consistent with massive sulphide mineralisation and, as such, are considered high priority targets. The conductive targets are located close to BRD001 and BRD003. No conductive sediments were intersected in either of hole BRD001 and BRD003 discounting these as the source of the downhole EM response. The targets are well constrained by the modelling and relatively shallow at approximately 100m below surface.

Modelling of DHEM data shows the conductive targets adjacent to holes BRD001 and BRD003 are of good size being 130m x 100m and 150m x 70m respectively. Two drill holes have been planned to intersect the targets utilising existing drill pads. Drilling is expected to be carried out in early 2017, following receipt of approvals from relevant government authorities. Approvals are expected to be expedited as no ground disturbing activities are required. Further updates will be provided to the market in due course.

Additional information on the Bromus project can be found on the Company's website 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 / Andy Thacker

Tel  [phone]

Notes for Editors:

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

The Company has five main projects; three 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.

Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

 

END

 

 

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