TIDMGGP
RNS Number : 5457F
Greatland Gold PLC
15 July 2019
15 July 2019
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Greatland Gold plc
("Greatland" or "the Company")
Paterson Range East - Airborne Survey Results and Exploration
Update
Numerous high-priority targets identified following detailed,
low-level aeromagnetic survey covering entire Paterson Range East
licence
Greatland Gold plc (AIM: GGP), the precious and base metals
exploration and development company, is pleased to announce that it
has identified numerous high-priority exploration targets at
Paterson Range East following a high-resolution, low-level
aeromagnetic survey conducted over the entire licence area.
The Paterson Range East licence, E45/4928, is 100% owned by
Greatland and lies approximately 25 kilometres north of the
Company's Havieron gold-copper prospect. The licence covers 224
square kilometres of Proterozoic basement rocks prospective for
Havieron style gold-copper mineralisation.
Key Highlights
-- New aeromagnetic data collected across Paterson Range East
successfully identifies and defines numerous high-priority targets
with a similar magnetic signature to Havieron.
-- Modelling of high-priority aeromagnetic targets is underway
and these will be subject to detailed, grid-based ground gravity
and surface geochemical work.
-- Comprehensive ground gravity and surface geochemistry is expected to commence in August.
-- High-priority targets will then be subject to further
modelling and follow-up work, which may include Induced
Polarisation ("IP") and/or Electromagnetic ("EM") geophysical
surveys, prior to drill testing.
Gervaise Heddle, Chief Executive Officer, commented: "We are
very pleased with the encouraging data collected from this
detailed, high-resolution survey, which clearly defines numerous
high-priority targets at Paterson Range East with a similar
discrete magnetic signature to Havieron. We plan to quickly follow
up these results with the launch of comprehensive ground gravity
and surface geochemical surveys next month.
"The combination of a focused suite of geophysical and
geochemical tools provides us with a fast, effective and relatively
low-cost method to screen for high-priority targets over a large
area. We look forward to providing more detail on our exploration
activities at Paterson Range East as the programme progresses."
An image of the detailed aeromagnetic data collected across the
Paterson Range East licence can be found on the Paterson project
page of Greatland's website at: www.greatlandgold.com/paterson/
Overview of Paterson Project and Paterson Range East licence
The Company's Paterson project comprises the Havieron, Paterson
Range East, and Black Hills licences, located in the Paterson
region of northern Western Australia. The three licences
collectively cover more than 385 square kilometres and are
prospective for Telfer style gold-copper deposits, and Havieron
style gold-copper mineralisation.
The Paterson region is currently one of the most active
exploration areas in Australia. Recent exploration success achieved
by Greatland and Rio Tinto demonstrates the region has been
underexplored, particularly the extensive areas under cover. As
well as hosting several large gold and copper deposits such as
Telfer and Nifty, more recent exploration has outlined several
other deposits including Magnum (Au), Calibre (Au), O'Callaghans
(W, 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 Range East licence, E45/4928, lies approximately 25
kilometres north of the Havieron gold-copper prospect. The Havieron
prospect is currently under a Farm-In agreement with Newcrest
Operations Limited, while Paterson Range East remains 100% owned
and operated by Greatland. The Paterson Range East licence covers
224 square kilometres of Proterozoic basement rocks prospective for
Havieron style gold-copper mineralisation. Basement rocks are
covered by varying amounts of younger Permian sediments ranging in
depth from less than 100m up to more than 400m based on sparse
historical drilling.
It is widely recognised that additional gold-copper discoveries
in the Paterson will come from areas under cover, and that
geophysics is a critical component of the discovery process. For
example, Greatland's exploration success at Havieron was largely
driven by the application of detailed aeromagnetic and ground
gravity geophysical data sets and subsequent modelling.
Following an internal review of historical regional geophysical
and geochemical data over the western Paterson region,
approximately 50 targets were identified with some 25 in ground
held by Greatland, and around twenty within the Paterson Range East
licence. Basement rocks are interpreted to be predominantly
calcareous rich sandstones intruded by several late stage granitic
bodies. 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
similar to that at Havieron, i.e. the targets display a strong
magnetic response relative to the surrounding rocks.
A detailed, low-level 50m line spaced aeromagnetic survey was
collected over Havieron in 2005 (by a previous operator) and this
data was critical in delineation and drill targeting for
Greatland's highly successful 2018 campaign (HAD001-HAD009). To
expand this successful approach, Greatland commissioned a new,
detailed, low-level airborne magnetic survey to cover the entire
Paterson Range East licence. The survey comprised approximately
5,200 line kilometres at a line spacing of 50m with a mean terrain
clearance of 40m. Previous aeromagnetic coverage of the area
included 200m and 400m line spaced surveys.
The new 50m line spaced aeromagnetic survey by Greatland is
complete and final data received. The data provides significantly
increased resolution of basement features and has been successful
in identifying and defining numerous high priority magnetic targets
similar to that seen at Havieron. The data will also assist in
geological and structural interpretation of basement features over
the entire licence area.
Modelling of high-priority aeromagnetic targets within the
Paterson Range East licence is underway and these will be subject
to detailed, grid-based ground gravity and surface geochemical
work. Comprehensive ground gravity and surface geochemistry is
scheduled to commence next month. Detailed aeromagnetic and ground
gravity information will then be modelled with modern 3D inversion
techniques and subject to a multi-stage screening process which may
include IP (Induced Polarisation) and/or EM (Electromagnetic)
follow-up geophysical surveys. Drill testing of selected targets
will then be undertaken.
Additional information on the Paterson Range East licence can be
found at the Company's web site: www greatlandgold.com
In addition to this release, a PDF version of this report, with
supplementary information can be found at the Company's web site
www.greatlandgold.com/media/jorc
Competent Person:
Information in this announcement that relates to exploration
results is based on information compiled by Mr Mick Sawyer, a full
time employee and Exploration Manager for Greatland Pty Ltd, who is
a member of the Australian Institute of Geoscientists and is a
Registered Professional Geoscientist (R.P.Geo #10194). Mr Sawyer
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 Sawyer consents to the inclusion in the announcement
of the matters based on their information in the form and context
in which it appears.
Information in this announcement that relates to Paterson Range
East exploration results has been extracted from the following
announcements:
"Exploration to Commence at Paterson Range East", dated 22 May
2019
"Rio Tinto Exploration Update - Winu project" dated 6 June
2019
"Rio Tinto Exploration Update - copper-gold mineralisation
discovered in the Paterson Province in the far eat Pilbara region
of Western Australia" dated 27 Feb 2019
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)
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/Joe Quinlan
Tel: +44 (0)20 7618 9100
Notes for Editors:
Greatland Gold plc is a London-listed (LON:GGP) natural resource
exploration and development company with a current focus on gold,
copper 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.
In March 2019, Greatland signed a Farm-in Agreement with
Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest
Mining Limited (ASX:NCM), to explore and develop Greatland's
Havieron gold-copper project in the Paterson region of Western
Australia. Newcrest has the right to acquire up to a 70% interest
in a 12-block area within E45/4701 that covers the Havieron target
by spending up to US$65m.
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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