TIDMGGP
RNS Number : 0465A
Greatland Gold PLC
21 December 2017
21 December 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")
Panorama Project - First Exploration Campaign Identifies New
Gold Anomalies and Confirms the Presence of Gold Mineralisation
Further to the announcement of 1 November 2017, Greatland Gold
plc (AIM:GGP), the precious and base metals exploration and
development company, is pleased to announce that an initial
campaign of field mapping, stream sampling, soil sampling and rock
chip sampling has highlighted the presence of several gold
anomalies within the Southern Licence and confirmed the presence of
gold mineralization in the Northern Licence of Greatland's Panorama
project in the Pilbara region of Western Australia.
Highlights of First Exploration Campaign:
New Gold Anomalies in Southern Licence:
-- Two clusters of gold anomalies identified coincident with base of Mt Roe Basalt and adjacent conglomerates;
-- First cluster of high gold in stream sediment samples
(results include 38ppb, 41ppb, 48ppb and 76ppb gold) extends over a
strike length of 1km at the base of the Mt Roe Basalt, with a
further 5km of strike remaining untested;
-- Second cluster of anomalous gold in soil samples, also
located in the southern licence, extends over approximately 200m
and is located in conglomerates near the base of the Mt Roe
Basalt;
Gold Mineralisation in Northern License
-- Rock chip sampling returned results up to 18.45g/t gold,
confirming previously released historic data, indicating a
potential high grade zone of gold mineralisation approximately 3.2
kilometres long.
The Panorama project consists of two adjoining exploration
licence applications in the Pilbara region of Western Australia.
The two licences cover a total area of 130 square kilometres and
are prospective for both gold and cobalt mineralisation. The first
exploration campaign was extended to evaluate historical results
and several gold prospective conglomerate horizons with the view of
determining the potential within the project area and to generate
targets for the further exploration.
Gervaise Heddle, Chief Executive Officer, commented: "The
results of the exploration campaign are an affirmation of
management's belief in the significant potential of the Panorama
project. These results provide us with a good foundation to move
ahead with a more extensive exploration programme in 2018."
Panorama Project
The Panorama project consists of two adjoining exploration
licence applications in the Pilbara region of northern Western
Australia. The two licences total an area of 130 square kilometres
and cover a large area prospective for gold and cobalt
mineralisation.
Geology of the area is predominantly greenstone and granite of
the Archean Pilbara Craton in northern Western Australia, and
younger overlying sedimentary and volcanic sequences.
The Company has recently completed a comprehensive review of
historical drainage sampling. A systematic stream sediment sampling
programme was completed over the broader Pilbara region by Anglo
American Corporation in the early 1970s. Samples were collected at
a nominal 2km spacing and results from these samples have outlined
a large cluster of high cobalt in streams. Stream sediment samples
consistently returned over 50ppm cobalt, peaking at over 70ppm
cobalt (against a background of less than 5ppm cobalt). The area
covered by the anomalous cobalt is potentially the largest coherent
cobalt in streams anomaly in Western Australia being more than 25
kilometres long and up to 10km wide covering an area of
approximately 200 square kilometres. Greatland's licence
applications cover the bulk of the cobalt anomaly.
Following Anglo American in the 1970s additional drainage
samples were collected during the mid 1990s and 2015. A review of
results from this work have identified approximately twenty gold in
stream anomalies within the Company's 130 square kilometre project
area. Gold anomalism in streams peaks at 68.5ppb and 60.0ppb.
Historic gold mines and alluvial occurrences are apparent
immediately north of the Company's licences with the mineralised
trend and geological strike continuing south into the Panorama
project area. Gold in stream anomalies are also present over the
younger Fortescue Group sequences in the southern licence area.
Detailed review of historic work is complete and has revealed
many rock chip samples with an elevated gold response from within
the project area. Rock chip samples were collected during the mid
to late 1990s, mainly over the northern parts of the project area.
The most significant samples identified to date lie along a
north-south trending zone approximately 3.2km long with rock chip
results including 1.4g/t, 2.5g/t, 2.8g/t, 3.2g/t, 10.5g/t, 14.0g/t,
14.5g/t, 20.0g/t and 66.0g/t gold. The geological setting is a
prominent ridge marking the structural contact of basaltic and
ultramafic rocks of Archean age.
In the southern parts of the project area, detailed government
geological mapping confirms the presence of lower Fortescue Group
coarse grained sandstones and conglomerates at two locations
adjacent to the Mt Roe Basalt. This is the equivalent geological
setting to the target horizon of the Purdy's Reward and Comet Well
gold prospects currently under the operation of Novo Resources
Corp. (TSV-V:NVO). The first area has a strike length of
approximately 1.9km and the second 2.6km. One of the areas shows a
co-incident gold in streams anomaly peaking at 4.6ppb gold. Other
gold in stream anomalies are co-incident with the Mt Roe Basalt
sequence.
Greatland extended the field season at Panorama to evaluate the
conglomerate horizons and other gold anomalies. Geological mapping,
stream sediment sampling, soil sampling and rock chip sampling was
completed primarily focussing on drainage lines following the base
of the Mt Roe Basalt sequence which covers a significant strike
length within the southern project licence.
Results of this work have been received. Prospecting over the
conglomerates and Mt Roe Basalt in the southern licence returned
anomalies at several areas. The first area returned a cluster of
high gold in stream sediment samples of 38ppb, 41ppb, 48ppb and
76ppb over a strike length of approximately 1km at the base of the
Mt Roe Basalt with a further 5km of strike remaining untested at
this stage. The second area, also located in the southern licence,
returned anomalous gold in soil samples of 5ppb, 10ppb and 21ppb
over approximately 200m of strike in conglomerates near the base of
the Mt Roe Basalt; this zone remains open to the south.
In the northern licence, another area was prospected in Archean
basement rocks and rock chip samples from here returned 0.61g/t,
0.71g/t, 1.82g/t and 18.45g/t gold over a strike of approximately
3.2km, where historical rock chip samples reported over 10g/t gold
and up to 66g/t gold, essentially confirming mineralisation and the
high grade potential of this zone.
Further work at Panorama will include an in-depth evaluation of
sample results along with generation of detailed elevation models
for drainage definition and stratigraphic interpretation.
The Mount Roe Basalt sits at the base of the Fortescue Group
stratigraphy that is widespread throughout the Pilbara region of
Western Australia. There is considerable geological discussion as
to the origin of palaeo-placer gold in the Pilbara. It is known to
occur in the Hardy Formation Conglomerate immediately overlying the
Mount Roe Basalt, and it is also known to occur in a
stratigraphically lower conglomerate horizon occurring at the base
of the Mt Roe Basalt. These palaeo-placer deposits are different to
gold associated with other styles of mineralisation such as lode or
epithermal types.
Further information on the Panorama 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 3709 4900
Email: info@greatlandgold.com
www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady/James Keeshan/Andrew Emmott
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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