TIDMGGP
RNS Number : 8096N
Greatland Gold PLC
14 August 2017
14 August 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")
Exploration Programme Commences at Ernest Giles East
Surface Geochemistry and Ground Gravity Surveys Seek to
Demonstrate Prospectivity of Virtually Unexplored New Eastern
Licences
Greatland Gold plc (AIM:GGP), the precious and base metals
exploration and development company, is pleased to announce that a
Mobile Metal Ion ("MMI") surface geochemistry survey has begun at
Ernest Giles East. In addition, a ground gravity survey across
Ernest Giles East is expected to commence within the next few
weeks. Results of the exploration programme are expected to be
disclosed in September 2017.
Highlights:
-- Exploration work seeks to demonstrate the broader potential for gold mineralisation;
-- Greatland's technical team has begun a 3.2 kilometre by 400
metre spaced MMI survey, and the Company expects to commence a 1.6
kilometre by 200 metre spaced gravity survey across the same area
within the next few weeks;
-- Results from these surveys will be used to establish gold
exploration targets on these new licences for follow up work and
drilling.
The Ernest Giles East area covers 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. This exploration
programme 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) at the Meadows
target in the south-west corner of the project, 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: "This
survey is a natural progression following successful demonstration
last year of the presence of large zones of gold mineralisation on
the Western side of the Ernest Giles project. We hope that this new
exploration programme will highlight the prospectivity of the new
Eastern licences, licence areas where virtually no modern
exploration has taken place, and confirm our belief in the
potential of this exciting new gold district 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.
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 new 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 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.
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 commenced 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 includes geological reconnaissance along with broad
spaced gravity traverses and orientation MMI sampling. Gravity work
will be carried out initially at a nominal station spacing of
1,600m x 200m. Orientation MMI sample traverses will be completed
on 3,200m x 400m centres with results to be assessed in conjunction
with aeromagnetic and gravity data. We expect integration and
review of these data sets to be complete during September.
Greatland's successful efforts to date have highlighted 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 +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
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 (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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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