TIDMGGP
RNS Number : 7049K
Greatland Gold PLC
11 July 2017
11 July 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")
Announces New Exploration Programme at Ernest Giles East
Greatland Gold plc (AIM:GGP), the precious and base metals
exploration and development company, is pleased to announce a new
exploration programme at the Ernest Giles gold project. The new
programme will target the Eastern tenements of the Ernest Giles
project, an area that has been subject to virtually no historical
exploration, and will include Mobile Metal Ion surface ("MMI")
geochemistry and ground gravity surveys. Results of the exploration
programme are expected by September 2017.
Highlights
-- New exploration programme launched across "Ernest Giles East";
-- The Ernest Giles East project covers an area of approximately
600 square kilometres, including a large north-south trending
sequence of prospective rocks which represent an extension of the
gold prospective Ernest Giles greenstone sequences;
-- Plans for the new exploration programme include orientation
Mobile Metal Ion ("MMI") surface geochemistry, broad spaced gravity
traverses and geological field reconnaissance;
-- The key objective of the programme is to highlight the
potential prospectivity of these virtually untested new licences
and to establish gold exploration targets for further follow up
work.
The Ernest Giles gold project is located in central Western
Australia and covers an area of more than 1,800 square kilometres.
The Eastern portion of the Ernest Giles project, "Ernest Giles
East", is the most remote part of the project and is virtually
unexplored. The new exploration programme announced today follows
on from recent significant developments at the project including
the identification of two large zones of gold mineralisation
(announced 12 and 19 January 2017) at the Meadows target in the
south-west corner of the project, and an agreement with Newmont
Exploration Pty Ltd, a subsidiary of Newmont Mining plc (NYSE:NEM),
one of the world's largest gold producers (announced 16 May
2017).
Gervaise Heddle, Chief Executive Officer, commented: "This new
exploration programme targeting the Eastern portion of the Ernest
Giles gold project is designed with the same large scale, "big
company" approach to exploration that has already yielded
significant benefits on other parts of the Ernest Giles
project.
"Greatland's technical team have designed a systematic
exploration programme, including both geochemical and geophysical
elements, that seeks to demonstrate the potential for large gold
camps on the Eastern portion of the project.
"We will make further announcements as the various elements of
the exploration programme commence. At this stage, we expect
initial MMI and gravity results to be received by early
September."
Overview of Ernest Giles Project
The Ernest Giles project is located in central Western
Australia, covering an area of more than 1,800 square kilometres
that includes over 200km 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 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
Reverse Circulation "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. Holes were drilled 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 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 1,800 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).
The recent acquisition of additional ground sees Greatland
dominating the landholding in the region. Over 800 square
kilometres of new acreage was acquired to cover extensions of known
prospective sequences which are an integral addition to the
project. Success from previous work over recent months has
demonstrated the potential of the region to host very large
mineralised systems and securing further ground is an important
step for the overall development of the project.
A detailed airborne survey was recently acquired over the new
areas, particularly over the northern sequences and the newly
acquired Ernest Giles East block which includes a 600 square
kilometres area covering an 80km long north-south trending sequence
of rocks that represents a continuation of the gold prospective
greenstone sequence.
A comprehensive ground gravity survey was completed over parts
of the Western licences at a station spacing of 1,600m x 200m. Data
was collected over the Empress, Wishbone and greater Meadows area.
The ground gravity data integrated with airborne magnetics has
highlighted several additional targets conducive to gold
mineralisation at each of the areas surveyed.
Greatland intends to complete initial work over the Eastern
block during the current quarter. The Eastern block, covering 600
square kilometres, represents an extension of the gold prospective
Ernest Giles greenstone sequences. Work will include geological
reconnaissance along with broad spaced gravity traverses and
orientation MMI sampling. Gravity work will be carried out
initially at a nominal station spacing of 3,200m x 400m and then
closed to 1,600m x 200m if results are considered positive.
Orientation MMI sample traverses will be completed at a similar
density to the gravity stations with results to be assed in
conjunction with aeromagnetic and gravity data. We expect
integration and review of these data set to be complete in early
September.
Greatland's successful efforts to date have highlighted the
potential of the Ernest Giles project to host several, very large,
mineralised systems.
During May 2017 Greatland entered into an agreement with Newmont
Exploration Pty Ltd, a subsidiary of Newmont Mining Corporation
(NYSE:NEM) over the Ernest Giles project.
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
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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