TIDMGGP
RNS Number : 5997A
Greatland Gold PLC
30 May 2019
30 May 2019
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Greatland Gold plc
("Greatland" or "the Company")
Positive IP Results at Black Hills and Drilling Update
Greatland's recent IP survey at Black Hills successfully extends
chargeability anomaly a further 400m, strike length of anomaly now
exceeds 1,400m
New drill targets selected and first drilling campaign at Black
Hills expected to commence by early July
Greatland Gold plc (AIM: GGP), the precious and base metals
exploration and development company, is pleased to announce that
results of a high powered, deep sensing Induced Polarisation ("IP")
survey at its 100% owned Black Hills licence have successfully
extended by a further 400m the strike length of a chargeability
anomaly spatially coincident with gold mineralisation identified at
surface. The total length of the chargeability anomaly now exceeds
1,400m.
Systematic evaluation of new IP data and recent field geological
reconnaissance has enabled new drill targets to be selected for
Greatland's upcoming maiden drill campaign at Black Hills. Due to
the high level of exploration activity across the Paterson region
and associated tightness in drill rig availability, drilling at
Black Hills is now expected to commence by early July.
Key Developments
-- Results of the recent IP survey confirm the location of the chargeability anomaly identified in 2018 and extend
the anomaly a further 400m to the south-east.
-- Total strike length of the chargeability anomaly has increased from approximately 1,000m of strike to
approximately 1,400m.
-- Systematic evaluation of historic IP datasets, combined with new IP data and field geological reconnaissance, has
enabled new drill targets to be selected.
-- New drilling plan has been designed to test the central parts of the Black Hills Dome where the IP chargeability
anomaly and surface gold mineralisation are located, and the southern portion of the prospect where the IP
anomaly has been extended by results of the recent IP survey.
-- Maiden drilling programme of approximately 6,000m, comprising more than twenty Reverse Circulation ("RC") drill
holes of depths up to 300m, is expected to commence by early July.
Gervaise Heddle, Chief Executive Officer, commented: "We are
very pleased by these results which further extend the length of
the large chargeability anomaly to over 1,400m. The 1,000m of
strike previously identified, which is spatially coincident with
gold mineralisation identified at surface, has been successfully
proven to continue for a further 400m to the south-east, whilst
still remaining open to the south. As a result of this positive
outcome and recent field reconnaissance, we have been able to
further refine target drill locations for Greatland's first
drilling campaign at Black Hills, which is expected to commence in
the next four or five weeks."
Further information on the Black Hills licence can be found
under 'Paterson' on the Company's website. In addition, this
announcement will be made available in PDF format, with
figures/diagrams, on the Company's website at
www.greatlandgold.com/media/jorc/
In June 2018, Greatland commenced it first exploration campaign
at Black Hills. Multiple gold nuggets were found in thin sand cover
within the first few days of the campaign, establishing the
presence of high grade gold mineralisation at surface at the Saddle
Reefs prospect (see announcements dated 21 June 2018 and 2 July
2018). Results from additional rock chip sampling over the prospect
returned many values over 10g/t gold, peaking at 81.7g/t gold, and
these results approximately quadrupled the strike length of surface
gold mineralisation from 200m to 800m (see announcement dated 4
September 2018).
In July-August 2018, a comprehensive IP survey was conducted
covering a strike length of 1,600m over the zone of surface gold
mineralisation at the Saddle Reefs prospect and immediate strike
extensions (see announcement dated 17 July 2018). Modern 3D
inversion models of resultant IP data were generated which outlined
a large, coherent chargeability anomaly over 1,000m of strike,
which is open to the south-east, and spatially coincident with gold
mineralisation identified at surface (see announcement dated 29
October 2018).
Overview of Paterson Project and Black Hills licence
The Company's Paterson project comprises the Havieron, Paterson
Range East, and Black Hills licences, located in the Paterson
region of northern Western Australia. The three licences
collectively cover more than 385 square kilometres and are
prospective for Telfer style gold-copper deposits.
The Paterson region is currently one of the most active
exploration areas in Australia. Recent exploration success achieved
by Greatland Gold and Rio Tinto
(https://www.riotinto.com/media/media-releases-237_27052.aspx)
demonstrates the region has been underexplored, particularly the
extensive areas under cover. As well as hosting several large gold
and copper deposits such as Telfer and Nifty, more recent
exploration 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 Black Hills licence, E45/4512, lies 30 km east of the large
Telfer gold mine. Black Hills is a granted exploration licence that
covers 25 square kilometres and sits adjacent to the Company's
Havieron exploration licence. The Black Hills licence is regarded
as having high potential to host gold mineralisation, similar in
style to that seen at Telfer. There has been a reasonable amount of
historical exploration work at Black Hills with several discrete
zones of mineralisation identified over 5km of strike. Historical
rock chip samples have returned up to 90g/t gold, and commonly
20g/t gold, with free (visible) gold in places. Historic drill
intercepts include 3m at 9.14g/t gold from 26m downhole (incl. 1m
at 21.2g/t from 27m (CBR073)), 1m at 10.0g/t gold from 16m
(CBH138), 1m at 4.93g/t from 12m (CBH071) and 1m at 3.12g/t from
37m (NBH004). Historical RC drill spacing appears quite broad with
holes at least 400m apart, and some up to 600m apart.
Gold prospects identified to date extend from Black Hills into
the north western parts of the Havieron licence. Proterozoic
sandstone and carbonate rocks of the Yeneena Group formations are
present, including the Telfer Formation, in a domal structure which
is the equivalent geology to that of the large Telfer gold deposit
located 30km to the west.
A large amount of historical surface exploration data for the
Black Hills area has been compiled and incorporated into the
Company's database. Gold mineralisation has been outlined at
several prospects throughout the licence including Saddle Reefs,
Eastern, Rogers and Northern Granites (within an area of 6.5km x
2km).
Strong surface gold mineralisation is present at the Saddle
Reefs prospect with historical rock chips including 55.6g/t,
20.0g/t, 19.65g/t, 18.45g/t and 17.0g/t over an area of
approximately 1,400m x 800m. The zone has a north-westly trend and
sporadic drilling with results including 3m at 9.14g/t gold from
26m downhole, including 1m at 21.2g/t from 27m, in hole CBR073.
This zone is in the core of an anticlinal feature and, overall, is
gold prospective over a strike length of approximately 3km.
At the Eastern prospect, a linear zone of gold mineralised
stratigraphy is apparent over a strike of approximately 4km.
Historical surface rock chip results include 1.9g/t gold, 1.2g/t
gold and 1.0g/t gold. Broad spaced drilling along the zone has
returned results including 1m at 10.0g/t gold from 16m (CBH138), 1m
a 4.93g/t from 12m (CBH071) and 1m at 3.12g/t from 37m (NBH004).
The mineralisation appears to track along a structural contact and
the focus will be on identifying the higher grade mineralisation
along this trend.
The other prospects of Rogers and Northern Granites show
prospective gold mineralisation at surface with historical rock
chip results including 50.2g/t and 10.45g/t at Rogers and 6.9g/t at
Northern Granites. Drill testing is limited but results have
included 1m at 1.48g/t from 38m (NBH008) at Rogers and 1m at
2.35g/t gold from 5m (CBH253) at Northern Granites.
The Company commenced field activities at Black Hills in
mid-2018. Work focused on the Saddle Reefs and Rogers areas,
collecting rock chip samples and locating historical access. The
host sequence of Proterozoic sandstones and limestones outcrop
through relatively thin sand cover. Numerous indications of
mineralisation in bedrock are apparent. Gossanous samples were
collected from outcrop, visible gold recovered from rock chip
samples, and gold nuggets were found in thin sand cover at Saddle
Reefs (as announced 21 June and 2 July 2018).
At Saddle Reefs, the mineralised sequence outcrops through a
thin veneer of sand and gravel. Rock chip samples were collected
over a strike length of approximately 800m with results over 10g/t
including 81.7g/t, 45.7g/t, 37.6g/t, 33.9g/t, 28.2g/t and 23.5g/t.
Many also showed high silver above 10g/t up to a maximum of
106.1g/t. Gold (and silver) mineralisation in bedrock has been
identified over a strike length of approximately 800m at Saddle
Reefs.
A comprehensive IP program over Saddle Reefs was undertaken
during Q3 2018 (as announced 17 July 2018). Total strike length
covered was 1,600m. Transmitter and receiver lines were 100m apart
and station spacing along lines was 20-40m. Modern 3D inversion
models of resultant IP data were generated. These models outlined a
large, chargeability anomaly over 1,000m of strike spatially
co-incident with gold mineralisation identified at surface. The
body lies subparallel to the strike of gold mineralisation
identified at surface and has dimensions of approximately 1,000m
long, 200m wide and 150m thick. The body plunges gently south-east
mirroring the overall structural plunge of the outcropping geology
and is open to the south-east. Depth to top of the body ranges from
150m to 200m below surface. The majority of historical drill holes
at the Saddle Reefs prospect did not achieve these depths.
Greatland's 2019 field programme in the Paterson commenced with
a high powered, deep sensing IP survey at Black Hills. The survey
continued south-east from the IP chargeability anomaly identified
from the 2018 IP survey which remained open along strike. The
recent IP programme consisted of two 3.4km lines, 400m apart; the
northernmost line covered the southern extremity of the 2018 IP and
the second line was sited 400m to the south.
Results of the 2019 IP confirm the location of the chargeability
anomaly identified in 2018 and extend the anomaly a further 400m to
the south-east. Total strike length of the chargeability anomaly
has increased from approximately 1,000m of strike to approximately
1,400m. The body now has approximate dimensions of 1,400m long,
200m wide and 150m thick. Depth to the top of the body continues to
range from 150m to 200m below surface and it remains open to the
south.
Systematic evaluation of historic IP datasets, combined with new
IP data and field geological reconnaissance, has enabled drill
targets to be selected. Drilling has been designed to test
stratigraphy over the Saddle Reefs prospect, including the central
parts of the Black Hills Dome where the IP chargeability anomaly is
located plus surface gold mineralisation, and the southern portion
of the prospect (where the IP anomaly is also apparent). A drilling
programme of approximately 6,000m comprising more than twenty
Reverse Circulation ("RC") drill holes of depths up to 300m is
proposed.
The Company has received all required approvals from the Western
Australian Department of Mines, Industry Regulation and Safety
("DMIRS") for a drilling programme at Black Hills (as announced 4
September 2018). Drilling is currently scheduled to commence by
early July.
Competent Person:
Information in this announcement that relates to exploration
results is based on information compiled by Mr Mick Sawyer,
Exploration Manager for Greatland Pty Ltd, who is a member of the
Australian Institute of Geoscientists and is a Registered
Professional Geoscientist (R.P.Geo #10194). Mr Sawyer 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 Sawyer consents to the inclusion in the announcement of the
matters based on their information in the form and context in which
it appears.
Information in this announcement that relates to Black Hills
project exploration results has been extracted from the following
announcements:
"Greatland Discovers Gold Nuggets at Black Hills", dated 21 June
2018
"Black Hills: Further Gold Found in Surface Samples", dated 2
July 2018
"Black Hills Update", dated 17 July 2018
"High Grade Gold Detected in Samples at Black Hills", dated 4
September 2018
"Large New Geophysical Target at Saddle Reefs", dated 29 October
2018
"Greatland Commences 2019 Field Exploration Campaign at Black
Hills", dated 7 May 2019
Further information on the Black Hills licence can be found
under 'Paterson' on the Company's website. In addition, this
announcement will be made available in PDF format, with
figures/diagrams, on the Company's website at
www.greatlandgold.com/media/jorc/
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)
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/Joe Quinlan
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,
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.
In March 2019, Greatland signed a Farm-in Agreement with
Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest
Mining Limited (ASX:NCM), to explore and develop Greatland's
Havieron gold-copper project in the Paterson region of Western
Australia. Newcrest has the right to acquire up to a 70% interest
in a 12 block area within E45/4701 that covers the Havieron target
by spending up to US$65m.
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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