TIDMGGP
RNS Number : 6081I
Greatland Gold PLC
27 November 2018
27 November 2018
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Greatland Gold plc
("Greatland" or "the Company")
Havieron - Results of New Geophysical Models
New 3D gravity and magnetic models indicate potential for
mineralisation at Havieron to extend further than previously
expected to depths in excess of 1,200 metres
Greatland Gold plc (AIM:GGP), the precious and base metals
exploration and development company, is pleased to announce the
results of the latest geophysical modelling at its 100% owned
Havieron licence in the Paterson region of Western Australia.
Geophysical models have been a fundamental component in the
discovery of exceptional mineralisation at Havieron and these
models are constantly being refined with the latest petrophysical
information collected from wireline (downhole) logging and
measurements taken from drill core. Further to the announcement of
14 February 2018, new 3D geophysical models of the Havieron target
have been produced and are reported here.
Highlights of New Geophysical Models:
-- New 3D gravity and magnetic models indicate that there is
potential for mineralisation at Havieron to extend from
approximately 400m below surface to depths in excess of 1,200
metres below surface;
-- Modelling of gravity data outlines a large irregular shaped
body, some 300m across, from approximately 400m below surface (top
of basement) to 1,200m below surface with an overall subvertical
attitude;
-- Modelling of magnetic data defines a single, discrete, high
amplitude elliptical shaped body that is steeply dipping
(subvertical) toward the south east with a depth extent from around
800m below surface to approximately 1,400m below surface, but the
body may continue beyond 1,400m as this is the current limit of
data resolution;
-- A comparison of 3D gravity and magnetic models shows an
approximate 500m vertical and 200m lateral offset between the
causative bodies, which may be important for targeting if Havieron
displays affinities with an iron-oxide-copper-gold ("IOCG")
system.
Gervaise Heddle, Chief Executive Officer, commented: "We are
very excited by the results of the latest geophysical modelling
which suggest that Havieron has the potential to represent a
significantly larger mineralised system than we previously
expected. Our excellent recent drilling results only tested to
approximately 800 metres below surface and elevated gold and copper
persisted to the end of several holes, suggesting that
mineralisation continues at depth below the current limit of
drilling.
"Havieron is a conspicuous 'bulls-eye' magnetic anomaly, as seen
in airborne data sets. There are more than twenty magnetic
anomalies similar to that observed at Havieron within Greatland's
Paterson licences and, in light of the exceptional mineralisation
at Havieron, these represent compelling regional exploration
targets."
Greatland's drilling campaigns at Havieron have yielded
excellent results to date, including:
-- 121m at 2.93g/t gold and 0.23% copper from 497m (HAD001).
-- 21m at 3.79g/t gold 0.44% copper from 418m (HAD003).
-- Combined intercept of 275m at 4.77g/t gold and 0.61% copper,
including an upper zone of 118m at 3.08g/t gold and 0.84% copper
from 459m and a lower zone of 157m at 6.04g/t gold and 0.44% copper
from 660m (HAD005).
Greatland's second drilling campaign at Havieron is ongoing and
further analytical results are awaited.
A regional map showing the Havieron licence area with regional
targets and adjacent landholdings can be found at:
http://greatlandgold.com/paterson/
Overview of Paterson Project, Havieron licence and Geophysical
Modelling
The Company's Paterson project, comprising the Havieron, Black
Hills and Paterson Range East licences, is located in the Paterson
region of northern Western Australia. The three licences
collectively cover more than 385 square kilometres prospective for
IOCG type deposits and Telfer style gold deposits.
The Paterson region hosts several large gold and copper deposits
such as Telfer and Nifty. The region has been subject to more
recent exploration which has outlined several other deposits
including Magnum (Au), Calibre (Au), O'Callaghans (W, 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 and the large Nova nickel-copper deposit. 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 affinities
with IOCG-type deposits. Examples of these are the large Olympic
Dam and Ernest Henry deposits in central and eastern Australia.
Initial airborne data 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. Historically only six drill holes were completed by
Newcrest between 1991 and 2003, all of which intersected
significant hematite alteration and gold, plus copper anomalism.
Thick lower grade zones of gold and copper were intersected and
gold grades within these peaked at 15.4g/t and copper to 2.5%. The
drill hole spacing was broad and the core of Havieron therefore
represented an immediate resource definition drilling target.
Following a review of regional geophysical and geochemical data
over the Paterson project approximately 50 IOCG-like targets were
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 were 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.
MMI sampling and ground gravity over the Havieron target was
completed in late 2017 at an initial sample and station spacing of
200m x 200m. Gravity results confirmed a north west structural
trend of basement carbonate sediments which is mirrored by the
surface MMI response. Clusters of elevated gold, silver, arsenic,
copper and iron in MMI results are proximal the peak co-incident
gravity and magnetic response. An elevated MMI response in
pathfinder elements (cerium, lanthanum, uranium and lead) to the
immediate SE of Havieron suggests primary basement mineralisation
may be present along strike in a structural contact for up to 1.5
kilometres. Peak MMI responses over Havieron were 4ppb silver,
70ppb arsenic, 25ppb gold, 834ppb cerium, 710ppb copper, 53ppm
iron, 284ppb lanthanum, 860ppb lead and 112 ppb uranium. Elevated
pathfinder elements detected by the MMI survey support the view
that Havieron is an IOCG-like system.
Initial forward modelling of detailed aeromagnetic data (50m
line spacing and 40m mean terrain clearance) and detailed ground
gravity data (100m x 100m and 100m x 200m station spacing) over the
Havieron target was completed in February 2018 by independent
geophysical consultants. Results of forward modelling defined a
primary body approximately 600m x 600m across with a depth extent
from 400m to 900m below surface. Modelled bodies were constrained
to known physical rock properties available at the time.
In April and May of 2018, Greatland carried out its maiden drill
campaign at the Havieron target completing four vertical core holes
(HAD001-004) for a total of approximately 2,400m of drilling.
Greatland's drill locations were designed to intersect the
mineralised system at Havieron near to historical drill holes
HAC9101 and HAC9201. Newcrest's historic drill holes HAC9101 and
HAC9201 were vertical and drilled to depths of 533m and 528m
respectively. Significant results were returned including 121m at
2.93g/t gold and 0.23% copper from 497m, including 11.5m at
21.23g/t gold and 0.67% copper from 568.5m (HAD001) and 21m at
3.78g/t gold and 0.44% copper from 418m, including 1m at 29.12g/t
gold and 0.4% copper from 428.5m (HAD003).
The Company re-commenced drilling at Havieron in September 2018
with the intention of completing approximately 6,000m of drilling.
The first hole of the new program (HAD005) was sited 200m west of
HAD001 and angled at 70 degrees toward grid east. HAD005 penetrated
the Permian cover sequence to 459m before immediately entering the
mineralised Proterozoic target sequence. HAD005 returned an overall
intercept of 275m at 4.77g/t gold and 0.61% copper (1,581 metre
grams gold equivalent*) from an upper zone of 118m at 3.08g/t gold
and 0.84% copper from 459m, and a lower zone of 157m at 6.04g/t
gold and 0.44% copper from 660m (as reported to market 19 November
2018), separated by an apparently unmineralised mafic intrusion.
Other metals are present in the system including silver to 211g/t,
zinc to 5.9% and lead to 12% (HAD005). Drilling is continuing.
Geophysical models have been a fundamental component in the
discovery of exceptional mineralisation at Havieron and these
models are constantly being refined with the latest petrophysical
information collected from wireline (downhole) logging and
measurements taken from drill core. New 3D geophysical models of
the Havieron target have been produced and are reported here.
Detailed magnetic, density and gravity data from several sources
were used to generate new 3D geophysical models of the Havieron
target. More than fifteen inversions were run with varying
parameters and several inversion methods were used for comparison.
Optimal models were selected and output included block models of
magnetic susceptibility and density, 3D iso-surfaces, elevation and
depth slices, gridded sections and quality control information.
Results of modelling of gravity data outline a large irregular
shaped body, some 300m across, from approximately 400m below
surface (top of basement) to 1,200m below surface with an overall
subvertical attitude. Result of modelling of magnetic data define a
single, discrete, high amplitude elliptical shaped body that is
steeply dipping (subvertical) toward the south east with a depth
extent from around 800m below surface to approximately 1,400m below
surface, but the body may continue beyond 1,400m as this is the
current limit of data resolution. When 3D gravity and magnetic
models are compared there is a +500m vertical and +200m lateral
offset between the causative bodies. This observation can be
important for targeting if Havieron has IOCG-like affinities.
Existing drill holes have only tested to approximately 800m
below surface; elevated gold and copper results persisted to end of
several holes suggesting the mineralisation continues at depth
below the current limit of drilling. The results from recent
drilling demonstrate the presence of very high grades of gold and
copper at Havieron, and when considered in conjunction with
geophysical models, the potential large scale of the mineralised
system at Havieron is apparent.
Havieron is a conspicuous 'bulls-eye' magnetic anomaly, as seen
in airborne data sets, with an amplitude of approximately 100nT.
There are more than twenty magnetic anomalies similar to that
observed at Havieron within Greatland's Paterson licences and, in
light of the exceptional mineralisation at Havieron, these
represent compelling regional exploration targets.
Additional information on the Paterson project (Havieron, Black
Hills 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
Gervaise Heddle/Callum Baxter
Tel: +44 (0)20 3709 4900
Email: info@greatlandgold.com
www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady/Andrew Emmott/James Keeshan
Tel: +44 (0)20 3368 3550
SI Capital Limited (Broker)
Nick Emerson/Alan Gunn
Tel: +44 (0)14 8341 3500
Luther Pendragon (Media and Investor Relations)
Harry Chathli/Alexis Gore
Tel: +44 (0)20 7618 9100
Notes for Editors:
Greatland Gold plc (AIM: GGP) is a London listed natural
resource exploration and development company with a current focus
on gold, copper 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.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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