Ernest Giles East - Exploration Results

RNS Number : 3075T

Greatland Gold PLC

11 October 2017

 

11 October 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")

Multiple Gold Targets Identified at Ernest Giles East

 

Results from MMI Surface Geochemistry and Ground Gravity Surveys Outline Multiple Gold Targets at Ernest Giles East

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce that it has identified multiple gold targets at Ernest Giles East following the successful completion of Mobile Metal Ion ("MMI") surface geochemistry and ground gravity surveys.

The Ernest Giles East exploration licences are currently under an agreement with Newmont Exploration Pty Ltd, a subsidiary of Newmont Mining Corporation (NYSE:NEM), providing them with access to the project tenements and exploration database, as well as the right of first refusal should Greatland wish to sell or joint venture the project, as stated in the announcement of  16^th May 2017.

Highlights:

·    Multiple gold anomalies identified over 60 kilometres of strike at Ernest Giles East coincident with the prospective basement geology;

·    Several clusters of MMI anomalies have been identified, with key clusters exhibiting a strike in excess of 9km long and up to 3km wide;

·    Detailed analysis of the ground gravity results from this campaign, and the recently acquired detailed airborne magnetics, confirms the gold prospectivity highlighted by the latest MMI results.

The Eastern blocks of the Ernest Giles project ("Ernest Giles East") cover approximately 600 square kilometres, including a large 80km long north-south trending sequence of rocks which represent an extension of the gold prospective Ernest Giles greenstone sequences. There has been virtually no modern exploration conducted at Ernest Giles East prior to this most recent campaign reported today.

Gervaise Heddle, Chief Executive Officer, commented:

 "We believe these results further highlight the potential for the Ernest Giles gold project to be one of most significant gold districts to be identified globally within the last decade. These latest findings have significantly improved our understanding of the prospective geology of the Eastern block.

"The MMI sampling has identified several clusters of anomalies across multiple adjacent sample traverses, which is extremely encouraging given the traverses were spaced at 3.2 kilometre intervals. The work carried out further enhances the potential of the Ernest Giles project and confirms our previously stated view that the Ernest Giles project has the potential to host several multi-million ounce deposits."

Overview of Ernest Giles Project

The Ernest Giles project is located in central Western Australia, covering an area of more than 1,800 square kilometres that includes over 200km of strike of gold and nickel prospective rocks. The area is covered by desert sands and sediments, making it virtually unexplored. The region is home to several successful exploration discoveries such as Tropicana (AngloGold ASX:AGG), which contains over 7 million ounces, and Yamarna/Gruyere (Gold Road Resources ASX:GOR), with over 6 million ounces. The Company is targeting large +5m ounce deposits and clusters of several camp-type +1m ounce gold discoveries at Ernest Giles.

Earlier drill programmes by the Company at Ernest Giles intersected gold mineralisation and large alteration systems in wildcat drilling of blind structural targets defined by airborne geophysics. This was considered a major achievement for such a large prospective area with virtually no historical work.

In late 2016, the Company completed a comprehensive broad spaced Reverse Circulation "RC" drilling programme at Meadows in the south-east of the project area which tested several large areas based on work completed by the Company and earlier work by Western Mining Corporation. This RC drill programme comprised 23 holes for 5,581m. Holes were drilled on a broad spaced grid pattern of 1,600m x 800m.

Mineralisation was observed in 13 of the 23 holes and several holes exhibited gold anomalous zones over tens of metres, peaking at 0.78g/t gold with mineralisation at end of hole. Two large zones of mineralisation were identified; Western 6km x 1.5km and Eastern 2km x 1.5km. Additional 1m sampling of several intercepts was undertaken to confirm preliminary results and better define mineralisation with many significant gold results returned up to 2g/t. Results confirmed mineralisation is present over a large area at Meadows and suggest that Greatland has discovered a new gold province in this largely unexplored region.

In late 2014, the Company completed a restricted programme of MMI surface geochemistry over several target areas which were outlined from interpretation of detailed aeromagnetics. Sample spacing was at a nominal 800m x 200m. Results from this sampling were positive over the Meadows area (peaking at 68ppb gold), and at the Empress area. At Empress many samples returned +5ppb gold, which is quite high for MMI results, plus several above 40ppb gold peaking at 338ppb gold at the eastern extremity of three consecutive sample lines potentially outlining a significant anomaly 3km long by 1km wide which remains open to the east.

In May 2017, a detailed airborne survey was acquired over the northern sequences and the newly acquired Ernest Giles East block which includes a 600 square kilometres area covering an 80km long north-south trending sequence of rocks that represents a continuation of the gold prospective greenstone sequence.

In June 2017, a comprehensive ground gravity survey was completed over parts of the Western licences at a station spacing of 1,600m x 200m. Data was collected over the Empress, Wishbone and greater Meadows area. The ground gravity data integrated with airborne magnetics has highlighted several additional targets conducive to gold mineralisation at each of the areas surveyed.

Greatland has recently completed its initial work over the Eastern block. The Eastern block, covering 600 square kilometres, represents an extension of the gold prospective Ernest Giles greenstone sequences. Work included broad spaced ground gravity and first pass MMI sampling. Gravity work was completed on a station spacing of 1,600m x 200m while MMI samples were collected on 3,200m x 400m centres. Results from both surveys have been received.  

MMI results from Ernest Giles East have outlined multiple gold anomalies over approximately 60km of strike. Many anomalies are clusters of elevated responses over several adjoining east-west sample traverses with peak responses up to 1.3ppb gold (against a background of 0.0-0.1ppb). Several anomalies exhibit a strike length in excess of 9km and up to 3km wide. Ground gravity and detailed airborne magnetics confirms the MMI anomalies lie subparallel to the regional geological strike or within cross cutting structures displaying demagnetisation of bedrock geology. Further work will include collection of additional MMI samples to close the spacing over the targets to 800m x 200m.

Greatland's recent successful efforts at Ernest Giles East have enhanced the potential of the Ernest Giles project to host several, very large, mineralised systems.

In May 2017, Greatland entered into an agreement with Newmont Exploration Pty Ltd, a subsidiary of Newmont Mining Corporation (NYSE:NEM) over the Ernest Giles project.

Additional information on the Ernest Giles 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 (AIM: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

 

 

MSCFMMMGRMGGNZG