TIDMGGP
RNS Number : 7855V
Greatland Gold PLC
07 November 2017
7 November 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")
Ground Gravity Surveys Commence at Paterson Project
Havieron Ground Survey to Define Drill Targets for 2018 Drill
Campaign
Further to the announcement of 13 October 2017, Greatland Gold
plc (AIM:GGP), the precious and base metals exploration and
development company, is pleased to announce that ground gravity
surveys have commenced at its Paterson project.
Highlights:
-- Ground gravity surveys have commenced at the Havieron target
with initial station spacing of 200m x 200m, and at the Scallywag
target with a station spacing of 400m x 200m;
-- Objective of the tightly-spaced ground gravity survey at
Havieron is to provide data that can be modelled with modern 3D
inversion techniques to better define drill targets;
-- Results from the ground gravity surveys and the previously
completed Mobile Metal Ion ("MMI") sampling campaign are expected
by the end of this month.
The Paterson project covers more than 385 square kilometres in
the Paterson region of Western Australia and includes the Havieron
licence, the Paterson Range East licence, and the recently acquired
Black Hills licence. Limited historical drilling was conducted by
Newcrest at Havieron during the 1990s where six holes were drilled,
all of which intersected significant hematite alteration and gold
plus copper anomalism. Thick lower grade zones of gold and copper
have been intersected and gold grades within these peak at 15.4g/t
and copper to 2.5%. The Scallywag target hosts several magnetic
anomalies over an area of approximately 6km by 4km with potential
to host gold and/or copper mineralisation.
Gervaise Heddle, Chief Executive Officer, commented: "The ground
gravity survey at Havieron represents an important step towards
defining drill targets for a drilling campaign currently scheduled
for early 2018.
"We believe that the Paterson region, host to Newcrest's Telfer
gold mine, is highly prospective for multiple large mineralised
systems, as demonstrated by our further commitment to the region
with the acquisition of the Black Hills gold project announced
yesterday."
A regional map showing the Havieron and Paterson Range East
licences with regional targets and adjacent landholdings can be
found at: http://greatlandgold.com/paterson/
Overview of Paterson Project (Havieron, Paterson Range East and
Black Hills)
The Company's Paterson project now comprises the Havieron and
Paterson Range East licences, and the Black Hills licence, located
in the Paterson region of northern Western Australia. The three
licences collectively cover more than 385 square kilometres
prospective for iron-oxide-copper-gold ("IOCG") deposits and Telfer
style gold deposits.
The Paterson region hosts several large gold and copper deposits
such as Telfer (27M oz) and Nifty (2MT copper). The region has been
subject to more recent exploration which has outlined several other
deposits including Magnum (Au), Calibre (Au), O'Callaghans (Cu) and
Maroochydore (Cu).
The region is remote, however infrastructure is good with
several operating mines, roads, formed tracks and rail networks
nearby which branch out from the regional industrial hub of Port
Hedland 500km to the west.
The Paterson Province is the northern portion of the Proterozoic
Paterson Orogen. More recent exploration throughout several
Proterozoic Orogens within the western parts of the Australian
continent has resulted in the discovery of the large Tropicana gold
deposit (7.9M oz) and the large Nova nickel-copper deposit (10MT).
Globally these Proterozoic Orogens are highly prospective for large
deposits, and are often under-explored.
Alteration and mineralisation of those targets which have been
drill tested at Havieron and Paterson Range East display
similarities to IOCG-type deposits. Examples of these are the large
Olympic Dam and Ernest Henry deposits in central and eastern
Australia.
Geophysical data has outlined the Havieron target as covering
approximately 1,000m x 1,000m. Depth to top of target is around
400m with these depths easily achieved with modern drilling
equipment. Only six drill holes have been completed to date, all of
which intersected significant hematite alteration and gold, plus
copper anomalism. Thick lower grade zones of gold and copper have
been intersected and gold grades within these peak at 15.4g/t and
copper to 2.5%. Current drill hole spacing is broad and the core of
Havieron therefore represents an immediate resource definition
drilling target.
Following a review of regional geophysical and geochemical data
over the Paterson project approximately fifty IOCG targets have
been identified in the broader region, with around half in ground
held by Greatland. The setting of these licences is on the western
margin of a Proterozoic basin which ranges in depth from less than
100m below surface to more than 400m below surface. Basement rocks
of the basin are predominantly calcareous rich sandstones intruded
by several late stage granitic bodies exploiting basin margin
faults which have also provided a focus for ore fluids.
Historically, several of these targets have been subject to initial
first-pass work and show promise at hosting mineralisation as seen
at Havieron. The geophysical signature of these targets is very
similar to that at Havieron. Basement rocks do not outcrop and
Greatland intends to employ modern geophysical and geochemical
methods to define targets prior to drill testing. The Scallywag
target was identified from this regional review and hosts several
magnetic anomalies over an area of approximately 6km x 4km with
potential to host gold and/or copper mineralisation.
The Black Hills licence, E45/4512, lies 30 km east of the large
Telfer gold mine (27m oz). Black Hills is a granted exploration
licence that covers 25 square kilometres and sits adjacent to the
Company's Havieron exploration licence. The Black Hills licence is
regarded as having high potential to host further gold deposits
similar to Telfer.
There has been a reasonable amount of historical exploration
work at Black Hills with several discrete zones of mineralisation
identified over 5km of strike. Rock chip samples have returned up
to 90g/t gold, and commonly 20g/t gold, with free (visible) gold in
places. Drill intercepts include 4m at 7.0g/t from 25m, 5m at
2.3g/t from 25m, 2m at 3.4g/t from 23m and 2m at 1.29g/t from 10m.
Historical drill spacing appears quite broad with holes at least
400m apart, some up to 600m.
Gold prospects identified to date extend from Black Hills into
the north western parts of the Havieron licence. Proterozoic
sandstone and carbonate rocks of the Yeneena Group formations are
present, including the Telfer Formation, in a domal structure which
is the equivalent geology to that of the large Telfer gold deposit
(27m oz) located 30km to the west.
Prospectivity of the Paterson Province is widely recognised with
several large industry participants present. These include Rio
Tinto, Newcrest and Antipa. Greatland's licences lie adjacent to
Rio Tinto and Antipa.
MMI sampling and ground gravity over the Havieron target are
being carried out with initial sample and station spacing of 200m x
200m. Additionally ground gravity is being carried out at the
Scallywag target at a station spacing of 400m x 200m. Reprocessing
of a 50m line spaced aeromagnetic survey over the Havieron and
Scallywag targets has been completed. MMI sampling is complete and
ground geophysical activities have commenced. Modern geophysical 3D
inversion techniques will greatly assist siting of drillholes into
the Havieron mineralisation. If MMI results are deemed satisfactory
then this technique can be reliably and cost efficiently deployed
to screen the many prospective regional targets identified by the
Greatland technical team (as announced 17 Aug 2017). Currently, we
expect results from MMI sampling and ground gravity to be available
during November 2017.
Additional information on the Havieron and Paterson Range East
licences 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/James Keeshan
Tel +44 (0)20 3368 3550
SI Capital Limited (Broker)
Nick Emerson
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,
nickel and cobalt 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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