Source - RNS
RNS Number : 5501T
Greatland Gold PLC
13 October 2017
 

 

13 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")

 

Commencement of Exploration Programme at Paterson Project

 

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce that the first phase of field activities has commenced on time at its Paterson project.

 

Highlights:

 

·     Mobile Metal Ion ("MMI") sampling has commenced across the Havieron target with initial sample spacing of 200 metres by 200 metres over a 9 square kilometre area;

·     The objective of the MMI sampling is to determine whether this relatively low cost technique can be deployed to screen the many regional targets already identified by Greatland (see announcement dated 17 August 2017);

·     Additionally, the Company expects to commence ground gravity surveys before the end of this month, with efforts initially focused on the Havieron and Scallywag targets.

 

The Paterson project covers over 360 square kilometres in the Paterson region of Western Australia and includes both the Havieron licence (acquisition announced 26 September 2016) and the Paterson Range East licence (application announced 6 June 2017). Limited historical drilling (six drill holes) by Newcrest during the 1990s demonstrated high grade gold and copper mineralisation at the Havieron target with peak values of 15g/t Au and 2.5% Cu. 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:  "We are very excited to have started exploration work at the Paterson project on time. The initial MMI sampling campaign at more than twenty Iron-Oxide-Copper-Gold targets will attempt to demonstrate that a relatively low-cost geochemical technique can be used in this region to detect potential Iron-Oxide-Copper-Gold systems.

 

"We are also looking forward to commencing ground gravity surveys at the Havieron and Scallywag targets. We expect that a tightly-spaced ground gravity survey at Havieron should greatly improve our ability to define drill targets for any future drilling campaign at Havieron. The Scallywag target consists of a number of magnetic amomalies over a relatively wide area and will be the first of the regional IOCG targets that we investigate."

 

A new regional map showing the Havieron and Paterson Range East licences with regional targets and adjacent landholdings can be found at:

http://greatlandgold.com/project/2016/havieron/

 

 

Overview of Paterson Project (Havieron and Paterson Range East licences)

 

The Company's Paterson project comprises the Havieron and Paterson Range East licences located in the Paterson region of northern Western Australia. The two licences collectively cover more than 360 square kilometres prospective for iron-oxide-copper-gold ("IOCG") 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.

 

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 will be conducted with initial sample and station spacing of 200m x 200m. Additionally ground gravity will be 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 is underway. MMI sampling has commenced and ground geophysical activities will follow in the coming weeks. Modern geophysical 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). We expect results from MMI sampling and geophysical activities to be available in early December.

 

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:  [email protected]

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 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
 
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