TIDMGGP
RNS Number : 3229S
Greatland Gold PLC
03 November 2023
Greatland Gold plc (AIM: GGP)
E: info@greatlandgold.com
W: https://greatlandgold.com
: twitter.com/greatlandgold
NEWS RELEASE | 03 November 2023
First Phase of Drilling Completed at Paterson South Project
Stingray and Decka targets on the Budjidowns tenement
successfully tested
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK MARKET ABUSE REGULATIONS. ON PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Greatland Gold plc (AIM:GGP) (Greatland or the Company) is
pleased to announce the completion of its maiden drilling campaign
at the Paterson South Project, under the farm-in and joint venture
arrangement with Rio Tinto Exploration Pty Ltd (RTX) (see
Greatland's RNS Announcement titled "Farm-in to Rio Tinto's highly
prospective Paterson South tenure" dated 30 May 2023).
Diamond core (DD) and deep reverse circulation (RC) drilling was
successfully completed at the Stingray and Decka targets at the
Budjidowns tenement, both located along strike and within 20km of
Greatland's world class Havieron gold-copper project.
Highlights:
-- Drilling effectively tested the magnetic source of the
Stingray and Decka targets, identified as magnetite rich, mafic to
intermediate metamorphosed intrusive igneous rocks
-- Peak gold assays of 0.26ppm Au and 0.17ppm Au were returned
in single 1m intervals from 305m and 435m respectively in Stingray
DD hole BUDJ0004
-- Assay results also show moderately anomalous gold (Au) and
copper (Cu) in various narrow intervals, and pathfinder
geochemistry including arsenic (As) and bismuth (Bi) and tellurium
(Te)
This work has achieved the minimum commitment for the earn in by
completing 2,000m of drilling and $1.1m of expenditure
Greatland Managing Director, Shaun Day, commented:
"We are pleased by the results from our maiden drilling program
at Budjidowns, within the Paterson South Project, where two high
priority targets were successfully tested. The program has
identified the presence of anomalous gold and copper as well as
pathfinder elements which is encouraging and informative."
"The rapid commencement of drilling following execution of the
joint venture with Rio Tinto Exploration is testament to
Greatland's commitment and ability to efficiently and safely
explore the Paterson region, which we will continue across our
expanded Paterson Province exploration portfolio."
"Completion of this program successfully achieved the minimum
commitment of our Rio Tinto Exploration farm-in and joint venture
agreement more than a year ahead of the 31 December 2024
deadline."
Overview of the Paterson South Project tenements and drilling
campaign
Greatland completed its first drilling programme at the Paterson
South Project within eight weeks of entering into the farm-in and
joint venture arrangement with RTX and becoming project manager.
The Company will be applying its regional technical knowledge and
expertise, built through the discovery of Havieron, to the Paterson
South Project. The application and interpretation of geophysical
surveys (magnetic, gravity and electromagnetic) was key in the
Havieron discovery and is central to Greatland's strategy at
Paterson South.
Figure 1 : Paterson South Project tenements with Budjidowns
Prospect Targets
Stingray
The Stingray target is the first magnetic target northwest along
strike of Havieron and was modelled to be significantly shallower
than the Havieron magnetic body. Only one drill hole by RTX
(BUDJ0003) had previously tested the sizeable magnetic anomaly,
intersecting anomalous copper and bismuth. Greatland completed
BUDJ0004, 800m north of the previous hole, testing another part of
the large magnetic anomaly body (Figure 2). Permian cover sequence
was confirmed to 280m depth, and highly magnetic, massive
metamorphosed mafic to intermediate intrusive igneous rocks
intersected around the modelled inversion target from around 340 -
500m downhole.
Figure 2: Budjidowns Prospect tenement and drill collar
locations
Alteration styles range from oxidation halos around late-stage
chlorite veins, through to irregular and patchy epidote and
retrograde chlorite-sericite.
The peak gold assay recorded was 1m @ 0.26ppm Au from 305m, in
massive, medium to fine grained granodioritic rock. A 1m
intersection of 0.17ppm Au from 435m, with coincident arsenic of 2m
@ 29ppm As, bismuth of 1m @ 32.4ppm Bi, and copper of 1m @ 468.2ppm
Cu from 435m was also returned (Table 2). These peaks form part of
a larger 20m wide halo of anomalous As-Bi-Co-Cu-Pb-S pathfinder
geochemistry from 430 - 450m, in weakly altered gabbro - diorite
with silicification and minor quartz veining in a structurally
disrupted zone.
The presence of elevated As - Bi - Cu associated with Au is
highly encouraging as it is commonly associated with economic
mineralisation elsewhere in the Paterson at Winu and Havieron.
Decka
Five deep RC holes at Decka confirmed the magnetic anomalies as
being metamorphic mafic intrusives (Figure 2, Table 1), with minor
intermediate to felsic lenses also being intersected. Depth of
Permian cover varied from 225m (BUDJ0005) to 90m (BUDJ0007) below
surface, being broadly shallower in the west.
While no economic gold or copper grades were identified, several
moderately anomalous pathfinder geochemical intervals show
alteration fluids were active in the area (Table 2). BUDJ0005A,
targeting a coincident magnetic/EM anomaly, intersected an 8m
interval from 298m of anomalous Cu - Bi (Table 2) with patchy Pb, S
and Zn, at the contact with a K-altered, quartz veined, silicified
granitic intrusive rock. The lithological contact being a
rheological contrast and showing alteration fluids and enhanced
metal geochemistry occurs in the system.
A similarly anomalous pathfinder interval was noted in BUDJ0006
from 354 - 366m, where a 12m @ 229ppm Cu interval was associated
with patchy, anomalous Cr, Mg, Ni, Pb, S, Zn and traces of
sulphide, in a weakly altered amphibolite. Alteration of a similar
tenor with occasional quartz veining were noted in the remaining
holes as well (Table 2).
Atlantis
Beyond Stingray and Decka, Greatland's next priority at the
Budjidowns tenement is Atlantis which lies 6km along strike to the
NNW of Decka (Figure 3) and has no effective drilling on +2km
strike of magnetically anomalous targets. A review of this prospect
is currently underway, with heritage access planning, detailed
ground geophysics and potentially follow up drilling under review
to test these targets.
Greater Paterson South exploration program
Work is underway to review historic exploration carried out
across the rest of the +1,500km(2) Paterson South Project. A
detailed on-ground heritage survey was recently completed over
several targets on the Skylar, Wilki Lake and Basel tenements.
Results from this survey are awaited, with field work including
drilling to follow. Further geological interpretation of the rest
of the tenement package is underway to develop targets, and allow
on-ground work, as statutory and heritage approvals are
obtained.
Contact
For further information, please contact:
Greatland Gold plc
Shaun Day, Managing Director | info@greatlandgold.com
Nominated Advisor
SPARK Advisory Partners
Andrew Emmott / James Keeshan / Neil Baldwin
greatlandgold@sparkapl.com | +44 203 368 3550
Corporate Brokers
Berenberg | Matthew Armitt / Jennifer Lee | +44 203 368 3550
Canaccord Genuity | James Asensio / George Grainger | +44 207
523 8000
SI Capital Limited | Nick Emerson / Sam Lomanto | +44 148 341
3500
Media Relations
UK - Gracechurch Group | Harry Chathli / Alexis Gore / Henry
Gamble | +44 204 582 3500
Australia - Fivemark Partners | Michael Vaughan | +61 422 602
720
About Greatland
Greatland is a mining development and exploration company
focused primarily on precious and base metals.
The Company's flagship asset is the world-class Havieron
gold-copper project in the Paterson Province of Western Australia,
discovered by Greatland and presently under development in joint
venture with ASX gold major, Newcrest Mining Limited (which is the
subject of an approved takeover by Newmont Corporation that is due
to complete on 6 November 2023).
Havieron is located approximately 45km east of Newcrest's
existing Telfer gold mine. The box cut and decline to the Havieron
orebody commenced in February 2021. Total development now exceeds
2,820m including over 2,030m of advance in the main access decline
(as at 8 October 2023). Subject to a positive feasibility study and
Decision to Mine, Havieron is intended to leverage the existing
Telfer infrastructure and processing plant. Access to Telfer will
de-risk the development and reduces capital expenditure.
Greatland has a proven track record of discovery and exploration
success and is pursuing the next generation of tier-one mineral
deposits by applying advanced exploration techniques in
under-explored regions. Greatland has a number of exploration
projects across Western Australia and in parallel to the
development of Havieron is focused on becoming a multi-commodity
miner of significant scale.
Competent Persons Statement
Information in this announcement pertaining to Reporting of
Exploration Results has been reviewed and approved by Mr Damien
Stephens, a Member of the AusIMM, who has more than 30 years
relevant industry experience. Mr Stephens is a full-time employee
of the Company and has a financial interest in Greatland. Mr
Stephens has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration, and to the
activity which he is undertaking 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 and Gas Companies, which outline standards of disclosure
for mineral projects. Mr Stephens consents to the inclusion in this
announcement of the matters based on this information in the form
and context in which it appears. Mr Stephens confirms that the
Company is not aware of any new information or data that materially
affects the information included in the historical market
announcements, and that the form and context in which the
information has been presented has not been materially
modified.
APPENDIX
Table 1 - Budjidowns Drill Hole Collars (MGA2020 z51)
Drill
Hole Type Prospect East North RL Dip Azi EOH (m)
BUDJ0004 DD Stingray 459850 7607018 253 -80 330 768.3
------- ------------------ ------- -------- ---- ---- ---- --------
BUDJ0005 RC Decka EM/Mag 457363 7615657 272 -80 360 222
------- ------------------ ------- -------- ---- ---- ---- --------
BUDJ0005A RC Decka EM/Mag 457357 7615655 272 -80 360 312
------- ------------------ ------- -------- ---- ---- ---- --------
BUDJ0006 RC Decka FM1 455869 7615902 276 -80 180 402
------- ------------------ ------- -------- ---- ---- ---- --------
BUDJ0007 RC Decka - Smuggler 453471 7615925 279 -80 180 366
------- ------------------ ------- -------- ---- ---- ---- --------
BUDJ0008 RC Decka FM2 455632 7614817 271 -80 180 402
------- ------------------ ------- -------- ---- ---- ---- --------
BUDJ0009 RC Decka FM4 459129 7614870 267 -60 10 306
------- ------------------ ------- -------- ---- ---- ---- --------
BUDJWB01 RC Water Bore 453475 7615922 279 -90 0 60
------- ------------------ ------- -------- ---- ---- ---- --------
Table 2 - Geochemically Anomalous* Intersections Budjidowns
Drilling
Hole From Interval Au (ppm) Cu (ppm) Ag (ppm) Bi As Pb (ppm) Zn
To (ppm) (ppm) (ppm)
BUDJ0004 305 306 1 0.26 - - - - - -
----- ----- --------- --------- --------- --------- ------- ------- --------- -------
358 359 1 - - - - - 183 1229
----- ----- --------- --------- --------- --------- ------- ------- --------- -------
435 436 1 0.176 4686 2.79 326 26 166 -
----- ----- --------- --------- --------- --------- ------- ------- --------- -------
BUDJ0005A 298 306 8 - 3556 - 3 - - -
----- ----- --------- --------- --------- --------- ------- ------- --------- -------
BUDJ0006 354 366 12 - 2296 - - - - -
----- ----- --------- --------- --------- --------- ------- ------- --------- -------
Incl. 355 361 6 - - - - - 124 281
----- ----- --------- --------- --------- --------- ------- ------- --------- -------
BUDJ0007 225 234 9 - - - 6 71 375 498
----- ----- --------- --------- --------- --------- ------- ------- --------- -------
*intercepts are defined as Au > 0.1 g/t ppm, Cu > 200 ppm
or Zn + Pb > 300ppm. Bi, Ag and As are considered pathfinders
for Au and Cu in the Paterson Province.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLFSDSMDEDSEIF
(END) Dow Jones Newswires
November 03, 2023 03:05 ET (07:05 GMT)
Greatland Gold (LSE:GGP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Greatland Gold (LSE:GGP)
Historical Stock Chart
From Apr 2023 to Apr 2024
