TIDMGGP
RNS Number : 3908Z
Greatland Gold PLC
14 March 2017
14 March 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")
Ernest Giles - Expanding Scope of Exploration Activities
Greatland Gold plc (LON:GGP), the London Stock Exchange AIM
listed precious and base metals exploration and development
business, is pleased to provide shareholders with an update
regarding its exploration activities at the Ernest Giles gold
project.
Highlights
-- Following the recent drilling programme at Greatland's 100%
owned Ernest Giles project, which successfully identified two new
large zones of gold mineralisation, Greatland's geology team has
conducted an extensive review of multiple exploration targets
across the Ernest Giles project;
-- Based on this review, the Board of Greatland has decided to
undertake a comprehensive gravity survey across large parts of the
Ernest Giles project and to trial a passive seismic technique at
several high priority targets;
-- The key objective of the comprehensive gravity survey is to
provide greater clarity to our many high priority targets across
the 1,000 square kilometre project area, thereby further enhancing
future drill location planning;
-- Greatland intends to commence the gravity and passive seismic
surveys within the next few weeks and aims to publish the results
of the survey approximately 6-8 weeks thereafter.
Gervaise Heddle, Chief Executive Officer, commented: 'The recent
review conducted by our team has highlighted the highly prospective
nature of the Ernest Giles project and the large number of
potential gold targets that it contains.
In order to best prioritise exploration across multiple
attractive targets, we believe that it is important for Greatland
to invest in a comprehensive gravity survey of large portions of
the Ernest Giles greenstone belt. We are also attracted by the
potential of passive seismic to provide us with a reliable 'depth
to basement' estimate and general basement topography at our high
priority targets.
We would like to note that both gravity and passive seismic
surveys are relatively inexpensive when compared to full-scale
drilling campaigns, and we believe that our investment in these
surveys will greatly enhance the targeting of future drill
campaigns.'
Callum Baxter, Chief Technical Officer, commented: 'Gravity
surveys are an integral part of large scale exploration efforts for
gold mineralisation, particularly in covered terrains, and the data
will provide us with more detail on our many targets at Ernest
Giles. Gravity information combined with passive seismic, airborne
magnetics and deep sensing geochemistry will enhance our ability to
'see through' the cover sequences and better direct our drilling
efforts.
In addition to providing us with valuable information regarding
new gold targets, we will also use the information from these
surveys to refine our drill targeting efforts at the Empress and
Meadows areas. The recently announced drilling programme at Empress
will be re-scheduled once we have the results from these
surveys.
Our view remains that the Ernest Giles project has the potential
to host several major gold camps and we hope that these surveys
will further demonstrate the potential of this vast and virtually
unexplored greenstone belt.'
Overview of Ernest Giles Project
The Ernest Giles project is located in central Western
Australia, covering an area of more than 1,000 square kilometres
that includes over 120km of strike of gold and nickel prospective
rocks. The area is covered by desert sands and sediments, making it
virtually unexplored. The region is home to several successful
exploration discoveries such as Tropicana (AngloGold ASX:AGG),
which contains over 7 million ounces, and Yamarna/Gruyere (Gold
Road Resources ASX:GOR), with over 6 million ounces. The Company is
targeting large +5m ounce deposits and clusters of several
camp-type +1m ounce gold discoveries at Ernest Giles.
Earlier drill programmes by the Company at Ernest Giles
intersected gold mineralisation and large alteration systems in
wildcat drilling of blind structural targets defined by detailed
airborne geophysics. This was considered a major achievement for
such a large prospective area with virtually no historical
work.
In late 2016, the Company completed a comprehensive broad spaced
RC drilling programme at Meadows in the south-east of the project
area which tested several large areas based on work completed by
the Company and earlier work by Western Mining Corporation. This RC
drill programme comprised 23 holes for 5,581m. Hole locations were
based on a broad spaced grid pattern of 1,600m x 800m.
Mineralisation was observed in 13 of the 23 holes and several
holes exhibited gold anomalous zones over tens of metres, peaking
at 0.78g/t gold with mineralisation at end of hole. Two large zones
of mineralisation were identified; Western 6km x 1.5km and Eastern
2km x 1.5km. Additional 1m sampling of several intercepts was
undertaken to confirm preliminary results and better define
mineralisation with many significant gold results returned up to
2g/t. Results confirmed mineralisation is present over a large area
at Meadows and suggest that Greatland has discovered a new gold
province in this largely unexplored region.
In late 2014, the Company completed a restricted programme of
Mobile Metal Ion (MMI) surface geochemistry over several target
areas which were outlined from interpretation of detailed
aeromagnetics. Sample spacing was at a nominal 800m x 200m. Results
from this sampling were positive over the Meadows area (peaking at
68ppb gold), and also at the Empress area. At Empress many samples
returned +5ppb gold, which is quite high for MMI results, plus
several above 40ppb gold peaking at 338ppb gold at the eastern
extremity of three consecutive sample lines potentially outlining a
significant anomaly 3km long by 1km wide which remains open to the
east.
It should be noted that the Ernest Giles project area covers
over 1,000 square kilometres and is host to a number of other high
priority targets such as Wishbone (a high priority structural
target), and Maple (a coincident MMI and structural target in the
west of the project area).
Following a recent comprehensive review of gold targets and
mineralisation over the large project area the Greatland board
believe that more information is required to prioritise drilling
efforts. A comprehensive ground based gravity survey will be
undertaken over the majority of the licence area to better define
structural and lithological features. Ground gravity station
spacing will be initially set at 800m x 400m and will take
approximately four weeks to complete. Also, a relatively new
passive seismic technique will also be undertaken to provide
reliable basement profiles in areas of interest and this is likely
to take approximately two weeks to complete at a variable station
spacing as required.
Combining our detailed aeromagnetics with deep sensing
geochemistry, ground gravity and passive seismic will provide us
with an enhanced ability to generate and priorities drill targets
thereby making our exploration efforts more cost effective. The
drilling programme at Empress will be re-scheduled once we have
incorporated the results from these surveys into our drill
planning. Our successful efforts to date have highlighted the
potential of the Ernest Giles project to host several very large
mineralised systems.
Additional information on the Ernest Giles 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 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 / Andy Thacker
Tel +44 (0)14 8341 3500
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 five main projects; three 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.
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation.
MSCLIFLAVTISLID
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