TIDMGGP
RNS Number : 4832C
Greatland Gold PLC
01 October 2018
1 October 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")
Havieron Project - Drilling Update
Greatland intersects significant visible mineralisation over 239
metres in first hole of new drilling campaign at Havieron
Greatland Gold plc (AIM:GGP), the precious and base metals
exploration and development company, is pleased to announce initial
observations from the first hole of the Company's second drilling
campaign at its 100% owned Havieron licence.
Greatland's first drilling campaign at Havieron, carried out in
April-May 2018, yielded excellent results, which included 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 (HAD001), and 21m at
3.79g/t gold 0.44% copper from 418m (HAD003).
The current drilling campaign at Havieron, which commenced on 17
September 2018, consists of up to ten core holes for a total of
approximately 6,000 metres. The first drill hole of this second
campaign (HAD005) has been completed (end of hole 822m) and key
observations are highlighted below.
Highlights:
-- Significant mineralisation, visibly similar to that
previously intersected in HAD001, has been observed for
approximately 239m in the first hole of Greatland's current
drilling campaign at Havieron (HAD005);
-- Geological inspection has confirmed HAD005 has intersected
mineralised brecciated calcareous limestone and sandstone with
massive pyrite, chalcopyrite, pyrrhotite and quartz veining, from
458m to 577m (119m) and from 662m to 782m (120m);
-- Initial observations from HAD005, in conjunction with earlier
results from HAD001, suggest that Havieron may represent a very
large mineralised system;
-- Drilling of HAD006 has commenced and initial laboratory assay
results for HAD005 are expected to be available in approximately
six weeks.
While laboratory assay results for HAD005 are not available at
this point, and there can be no guarantee that assay results will
be similar to those of HAD001, the visible observation of 239m of
mineralisation in HAD005 is considered material because it
represents a visible mineralised intersection approximately twice
the size of that detected in HAD001.
Gervaise Heddle, Chief Executive Officer, commented: "We are
very pleased to see significant visible mineralisation in the first
hole of this new drill campaign, which further reinforces our view
that Havieron has the potential to be a very large mineralised
system. Our key priority now is to further test the extent and
orientation of the mineralised zone and we look forward to
providing further updates as drilling progresses."
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 and early 2000s
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 with HAD001 returning 121m at
2.93g/t gold and 0.23% copper from 497m.
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 and Nifty. 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 and the large Nova nickel-copper deposit. 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 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. Six drill holes were completed by Newcrest Mining Ltd
between 1991 and 2005, 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%.
Following Greatland's review of regional geophysical and
geochemical data over the Paterson project approximately fifty
IOCG-type targets were identified in the broader region, with
around half in ground held by the Company. 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 has employed 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 outlined several targets
with the peak gravity response not tested by existing drilling.
Gravity data confirms a north-west 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 the view that Havieron may be an
Iron Oxide Copper Gold type system. Gravity results from Scallywag
show gravity highs co-incident with the magnetic targets over
approximately 2km of strike.
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 by independent geophysical
consultants in February 2018. Results of forward modelling 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. Results of forward modelling
are indicative only as geophysical models are 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 2,438m 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.
A plan showing the Havieron geophysical target and drill holes
can be found at: http://greatlandgold.com/paterson/
Each of the four vertical core holes (HAD001-HAD004) penetrated
recent desert sands and clays from surface to approximately 10-14m
then Permian sandstones to 403-430m where the Proterozic target
sequence was encountered. From top of Proterozoic, altered biotite
rich rocks and calcareous sediments were intersected. Hydrothermal
breccias and silica flooded mineralised zones persisted throughout.
Laboratory analytical results returned peak gold of 137.69g/t and
copper to 4.11% (HAD001). Broad mineralised intercepts of 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 were noted (HAD001), and
21m at 3.79g/t gold 0.44% copper from 418m (HAD003). Holes HAD002
and HAD004 appeared to be in the periphery of the system; grades
increasing with depth. These results demonstrate the large scale of
the mineralised system at Havieron and the potential for high
grades of gold and copper.
A new drill campaign at Havieron commenced on schedule in mid
September 2018 (as announced 17 September 2018) and includes up to
ten core holes for a total of approximately 6,000 metres to further
determine the extent of mineralisation at Havieron. The new drill
programme is expected to take ten weeks to complete. Downhole
geophysical surveys will also be commissioned and executed during
this time.
The first hole of the new drilling campaign at Havieron (HAD005)
is now complete. The hole was designed to provide structural and
stratigraphic information along with indications of depth extent of
the mineralised system at Havieron. HAD005 was collared 200m west
of HAD001, angled at 70 degrees toward grid east, and projected to
intersect mineralisation as seen at depth in HAD001. Geological
inspection of HAD005 has confirmed the hole has intersected
approximately 239m of significant mineralisation, visibly similar
to that previously intersected in HAD001, to a depth of 781m.
HAD005 intersected 439m of recent desert sands and Permian
siltstones and sandstones from surface to 458m before immediately
entering the mineralised Proterozoic target sequence. From 458m to
577m (119m) minerallised brecciated calcareous limestone and
sandstone with massive pyrite, chalcopyrite, pyrrhotite and quartz
veining is present. From 577m to 662m (85m) an unmineralized mafic
intrusion is observed. From 662m to 782m (120m) mineralised
brecciated calcareous limestone and sandstone with sulphides (as
per 458m to 577m above) continues, and from 782m to 822m (40m)
unmineralised calcareous sandstone is present. HAD005 end of hole
was 822m.
The HAD005 mineralised intercept is very encouraging and
supports the Company's view that Havieron may represent a very
large mineralised system. Drill core will be transported to the
laboratory and initial analytical results are expected to be
available in approximately six weeks, subject to laboratory
availability. Drilling of HAD006 has commenced and further updates
on progress of the drilling programme will be announced to market
over 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
Gervaise Heddle/Callum Baxter
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/ 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.
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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