TIDMGGP
RNS Number : 3199S
Greatland Gold PLC
25 June 2018
25 June 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")
Greatland Announces Exceptional Results from First Drill Hole at
Havieron
Selected HAD001 results: 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,
including bonanza grade intervals 0.5m at 137.69g/t gold and
1.8% copper from 573m,
and 0.5m at 100.15g/t gold and 4.1% copper from 575.5m
Further to the announcements of 14 February 2018 and 18 April
2018, Greatland Gold plc (AIM:GGP), the precious and base metals
exploration and development company, is delighted to announce
exceptional laboratory assay results from the Company's first drill
hole (HAD001) at its 100% owned Havieron licence in the Paterson
region of Western Australia.
Highlights:
-- Exceptional drill assay results from Greatland's first drill
hole (HAD001) at Havieron establish the presence of high grade gold
(peak 137.69g/t or 4.4 ounces per tonne) within the mineralised
zone and highlight the potential for Havieron to represent a very
large mineralised system;
-- Laboratory assay results for first drill at Havieron (HAD001)
include 121m at 2.93g/t gold (Au) and 0.23% copper (Cu) from 497m
to 618m including;
o 2m at 4.82g/t Au and 0.95% Cu from 497m;
o 2m at 5.45g/t Au and 1.14% Cu from 508.5m;
o 1m at 15.60g/t Au from 535m;
o 11.5m at 21.23g/t Au and 0.67% Cu from 568.5m including;
-- 2.5m at 35.20g/t Au and 0.69% Cu from 571.5m including;
-- 0.5m at 137.69g/t Au and 1.84% Cu from 573m
-- 3m at 19.96g/t Au and 0.87% Cu from 574.5m including:
-- 0.5m at 100.15g/t Au and 4.11% Cu from 575.5m
-- 2m at 40.63g/t Au and 0.66% Cu from 578m including
-- 0.5m at 90.52g/t Au and 0.74% Cu from 578.5m, and
-- 0.5m at 63.55g/t Au and 0.34% Cu from 579.5m;
o 8m at 3.45g/t Au and 0.13% Cu from 598m.
-- Elevated gold and copper results persisted to end of hole
suggesting the mineralisation continues at depth, which is
supported by the results of forward modelling of detailed
geophysical data (see announcement dated 14 February 2018);
-- First drilling campaign at Havieron comprised four vertical
core holes for a total of approximately 2,400 metres, results for
three remaining holes (HAD002, HAD003 and HAD004) are pending and
are expected to be available within the coming weeks.
Gervaise Heddle, Chief Executive Officer, commented: "We are
delighted by these initial results from our first drilling campaign
at Havieron. We believe that these results begin to demonstrate the
large scale of Havieron and the potential for Havieron to host
zones of high grade gold and copper.
"Momentum is building up for us as we see positive results from
our stated strategy of focusing and progressing with our target
projects. In addition to today's news, we had the rapid discovery
of gold nuggets within the first days of our maiden exploration
campaign at Black Hills and we started our drilling campaign at
Ernest Giles. We look forward to providing further updates to
investors."
The Paterson project covers more than 385 square kilometres in
the Paterson region of Western Australia and includes the Havieron
licence, the Paterson Range East licence, and the recently acquired
Black Hills licence.
Limited historical drilling was conducted by Newcrest Mining
Limited ('Newcrest') at Havieron during the 1990s where six holes
were drilled, all of which intersected significant alteration and
gold plus copper anomalism. Thick lower grade zones of gold and
copper were intersected by Newcrest and gold grades within these
peaked at 15.4g/t and copper to 2.5%.
In April and May of 2018, Greatland carried out its maiden drill
campaign at the Havieron target, completing four vertical core
holes 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 drilled
to depths of 533m and 528m respectively).
Please see Table 1 below for a list of all intervals greater
than 1g/t gold.
Table 1 - HAD001 Significant Intercepts (>1.0g/t gold)
Hole From To (m) Interval Gold (g/t) Copper
ID (m) (m) (%)
HAD001 497 499 2 4.82 0.95
HAD001 incl 0.5 16.71 1.43 from 497m
HAD001 508.5 510.5 2 5.45 1.14
HAD001 incl 0.5 16.86 1.70 from 509m
HAD001 515 516 1 1.28 1.70
HAD001 523 526.5 3.5 1.78 0.93
HAD001 incl 0.5 4.21 1.61 from 525.5m
HAD001 527 529 2 2.58 0.57
HAD001 incl 1 3.39 0.63 from 528m
HAD001 532 533 1 1.24 0.13
HAD001 535 536 1 15.60 0.01
HAD001 536 536.5 0.5 1.16 0.05
HAD001 568.5 569.5 1 14.26 1.42
HAD001 incl 0.5 24.15 2.31 from 568.5m
HAD001 571.5 574 2.5 35.20 0.69
HAD001 incl 1 82.60 1.11 from 573m
HAD001 and 0.5 137.69 1.84 from 573m
HAD001 574.5 577.5 3 19.96 0.87
HAD001 incl 0.5 100.15 4.11 from 575.5m
HAD001 578 580 2 40.63 0.66
HAD001 incl 0.5 90.52 0.74 from 578.5m
HAD001 incl 0.5 63.55 0.34 from 579.5m
HAD001 588 589 1 2.24 0.21
HAD001 593 594 1 5.51 0.02
HAD001 596 597 1 1.67 1.18
HAD001 598 599 1 7.02 0.23
HAD001 601 602 1 6.81 0.33
HAD001 602 603 1 1.05 0.06
HAD001 605 606 1 11.53 0.02
HAD001 609 610 1 3.81 0.43
HAD001 612 613 1 1.46 0.34
HAD001 614 614.5 0.5 3.34 2.08
HAD001 617 618 1 1.67 0.08
BROAD INTERCEPTS
HAD001 497 618 121 2.93 0.23
HAD001 568.5 580 11.5 21.23 0.67
HAD001 598 606 8 3.45 0.13
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 and Havieron licence
The Company's Paterson project, comprising the Havieron and
Paterson Range East licences, and the Black Hills licence, is
located in the Paterson region of northern Western Australia. The
three licences collectively cover more than 385 square kilometres
prospective for iron-oxide-copper-gold ("IOCG") deposits and Telfer
style gold deposits.
The Paterson region hosts several large gold and copper deposits
such as Telfer (27m oz) and Nifty (2m t copper). The region has
been subject to more recent exploration which has outlined several
other deposits including Magnum (Au), Calibre (Au), O'Callaghans
(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 (7.9M oz) and the large Nova nickel-copper deposit (10m t).
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
similarities to IOCG-type deposits. Examples of these are the large
Olympic Dam and Ernest Henry deposits in central and eastern
Australia.
Initial airborne data has 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. Only six drill holes have been completed to date, all of
which intersected significant hematite alteration and gold, plus
copper anomalism. Thick lower grade zones of gold and copper have
been intersected and gold grades within these peak at 15.4g/t and
copper to 2.5%. Current drill hole spacing is broad and the core of
Havieron therefore represents an immediate resource definition
drilling target.
Following a review of regional geophysical and geochemical data
over the Paterson project approximately 50 IOCG targets have been
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 have been 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. The Scallywag
target was identified from this regional review and hosts several
magnetic anomalies over an area of approximately 6km x 4km with
potential to host gold and/or copper mineralisation.
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. Additionally ground gravity was completed over the
Scallywag target at a station spacing of 400m x 200m. Results of
ground gravity and MMI work at Havieron has outlined several
targets for a 2018 drill campaign with the peak gravity response
not tested by existing drilling. Gravity confirms a NW 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 our view
that Havieron is an Iron Oxide Copper Gold ("IOCG") system. Gravity
results from Scallywag show gravity highs co-incident with the
magnetic targets over approximately 2km of strike. Gravity and MMI
results have been deemed satisfactory and can be cost effectively
deployed to screen the many other prospective regional targets
identified by Greatland.
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 have defined
a primary body approximately 600m x 600m across with a depth extent
from 400m to 900m below surface resulting in a potential volume of
more than 240,000,000 cubic metres and an estimated mass of more
than 650,000,000 tonnes. A second smaller body with a volume of
more than 16,000,000 cubic metres lies immediately adjacent to the
primary body. Results of forward modelling are indicative only as
geophysical data is ambiguous, however modelled bodies were
constrained to known physical rock properties and therefore
potentially represent the core of the mineralised system at
Havieron. Forward modelling suggests that of the six historic drill
holes completed at Havieron only two intersected the target. Those
two holes intersected only the very top of the mineralised system
but returned over 100m of mineralisation (HAC9101) and over 50m of
mineralisation (HAC9201) peaking at 15.4g/t gold and 2.5% copper
within broad, lower grade intercepts.
In April and May of 2018, Greatland carried out its maiden drill
campaign at the Havieron target completing four vertical core holes
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. Greatland's
HAD001 was sited approximately 30m from HAC9101 and drilled
vertically.
HAD001 penetrated recent desert sands and clays from surface to
14m then Permian sandstones to 430m where the Proterozic targets
sequence was encountered. From 430m to 498m a highly altered
biotite rich rock was evident, then a hydrothermally altered,
brecciated, silica flooded mineralised zone persisted from 498m to
end of hole at 621.9m. Laboratory analytical results returned peak
gold of 137.69g/t over 0.5m from 573m and peak copper to 4.11% over
0.5m from 575.5m downhole. Broad mineralised intercepts of 121m at
2.93g/t Au and 0.23% Cu from 497m, including 11.5m at 21.23g/t Au
and 0.67% Cu from 568.5m were returned. These results demonstrate
the large scale of Havieron and the potential for high grades of
gold and copper in the system. Significant results are presented in
Table 1 above. Elevated gold and copper results persisted to end of
hole suggesting the mineralisation continues at depth, which is
supported by the results of forward modelling of detailed
geophysical data (RNS 14 February 2018).
The Company will continue to review results from HAD001 in
conjunction with detailed geophysical and geochemical data.
Analytical results for HAD002, HAD003 and HAD004 are awaited and
results are expected to be available in the coming weeks.
Additional information on the Havieron, Paterson Range East and
Black Hills 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
Callum Baxter/Gervaise Heddle
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/Ana Ribeiro/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, nickel and cobalt 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 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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