TIDMGGP
RNS Number : 2467O
Greatland Gold PLC
17 August 2017
17 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")
Paterson Project Update
Review of Geophysical and Geochemical Data Highlights the
Potential for Multiple Iron-Oxide-Copper-Gold ("IOCG") Targets
Across Greatland's Paterson Project
Greatland Gold plc (AIM:GGP), the precious and base metals
exploration and development company, is pleased to announce that
regional targeting across the Paterson project area has highlighted
the potential for a new IOCG district. Approximately fifty IOCG
targets have been identified by the Company in the broader region,
with around half located in ground held by Greatland.
Highlights:
-- Multiple new IOCG targets identified across Greatland's
Paterson project, an area which lies along the western margin of a
Proterozoic basin in the north of Western Australia;
-- A review of historical exploration activity indicates that
many of the new targets exhibit a similar geophysical signature to
the Company's Havieron target and have the potential for hosting
similar copper and gold mineralisation;
-- Greatland is currently planning field activities for H2 2017
aimed at highlighting the presence of multiple IOCG occurrences in
the region.
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.
Gervaise Heddle, Chief Executive Officer, commented: "We are
very excited by the results of this extensive data review which
highlight the potential for a new IOCG district in Western
Australia. Our technical team has identified approximately fifty
targets across the broader area, and roughly half of those targets
lie within Greatland's Paterson licences. Over the next few weeks,
we intend to prioritise the multiple regional targets for further
follow up work, while we also prepare our plans for exploration
work at the Havieron target itself."
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/
Further announcements will be made as the Company finalises its
plans for field activities.
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.
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. Results announced recently (21 June 2017) by
Antipa (ASX:AZY) highlight the exploration and development
potential of the Paterson Region which include 42.0m at 7.8g/t gold
from 262m down hole, including 13.0m at 22.1g/t gold and 1.0m at
222.0g/t gold. Plus 28.0m @ 3.6g/t gold form 13m downhole,
including 12.0m at 7.2g/t gold. High grade mineralisation is from
near surface and highlights open pit potential and mineralisation
remains open along strike to the north and south and at depth.
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/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 (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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