TIDMGGP
RNS Number : 5806J
Greatland Gold PLC
29 June 2017
29 June 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")
Extensive Gravity Survey Highlights Additional Targets at Ernest
Giles Project
Greatland Gold plc (AIM:GGP), the precious and base metals
exploration and development company, is pleased to announce that
initial results from an extensive ground gravity survey at its
Ernest Giles project have successfully highlighted additional
targets for gold exploration throughout the project area.
Highlights
-- A comprehensive ground gravity survey across a significant
portion of the Ernest Giles gold project has highlighted several
additional targets conducive to gold mineralisation;
-- A total of approximately 1,800 stations were used to collect
over 360 line kilometres of gravity data across the Empress,
Wishbone and greater Meadows area;
-- Good resolution images from the gravity survey were generated
and are being systematically reviewed in conjunction with the
detailed airborne magnetic data that was recently acquired (see
announcement dated 22 May 2017);
-- Greatland anticipates that it will follow up this work with
an initial broad-spaced gravity survey across the new Ernest Giles
East licences (see announcement dated 9 May 2017), and in-fill
gravity work on selected high priority targets in the second half
of the year.
The Ernest Giles gold project is located in central Western
Australia and covers an area of more than 1,800 square kilometres.
The completion of the gravity survey follows on from recent
significant developments at the project including the
identification of two large zones of gold mineralisation (announced
12 and 19 January 2017), and an agreement with Newmont Exploration
Pty Ltd, a subsidiary of Newmont Mining plc (NYSE:NEM), one of the
world's largest gold producers (announced 16 May 2017).
Gervaise Heddle, Chief Executive Officer, commented: "The data
collected from this extensive gravity survey further highlights the
potential of the Ernest Giles project to host several, very large,
mineralised systems. This data, in conjunction with the recently
acquired airborne magnetic data, previous soil sampling data and
the data from the successful drilling campaign in late 2016, has
outlined several additional gold targets in this new gold province
where Greatland holds a dominant landholding and we believe this
data set will prove to be an excellent tool for guiding future
drill campaigns."
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 detailed
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. Hole locations were based 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
Mobile Metal Ion ("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.
It should be noted that the Ernest Giles project area covers
over 1,800 square kilometres and is host to a number of other high
priority targets such as Wishbone (a high priority structural
target), and Maple (a coincident MMI and structural target in the
west of the project area).
The recent acquisition of additional ground sees Greatland
dominating the landholding in the region. Over 800 square
kilometres of additional acreage was acquired to cover extensions
of known prospective sequences which are an integral addition to
the project. Success from previous work over recent months has
demonstrated the potential of the region to host very large
mineralised systems and securing further ground is an important
step for the overall development of the project.
A detailed airborne survey was recently acquired over the new
areas, particularly over the northern sequences and the newly
acquired Ernest Giles East 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.
A comprehensive ground gravity survey has been completed at a
station spacing of 1,600m x 200m. Gravity data was collected over
the Empress, Wishbone and greater Meadows area. Total number of
stations was approximately 1,800 for a total of 360 line kilometres
of data. Good resolution images have been generated and the data is
being reviewed in conjunction with the recently acquired high
resolution airborne magnetic data. The ground gravity data has
highlighted several additional targets conducive to gold
mineralisation at each of the areas surveyed. Results of the
gravity work is significantly instructive to justify additional
data acquisition (in-fill gravity to 800m x 200m).
Greatland's successful efforts to date have highlighted the
potential of the Ernest Giles project to host several, very large,
mineralised systems.
During May 2017 Greatland entered into an agreement with Newmont
Exploration Pty Ltd, a subsidiary of Newmont Mining Corporation
(NYSE:NEM).
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 +44 (0)20 7747 9980
Email: info@greatlandgold.com
www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady/Sean Wyndham-Quin/James Keeshan
Tel +44 (0)20 3368 3550
SI Capital Limited (Broker)
Nick Emerson / Andy Thacker
Tel +44 (0)14 8341 3500
Luther Pendragon (Media and Investor Relations)
Harry Chathli/Ana Ribeiro/Alexis Gore
Tel +44 (0)20 7618 9100
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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