New Exploration Campaign at Panorama Project

RNS Number : 6504D

Greatland Gold PLC

27 June 2019

 

27 June 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")

Greatland Commences New Exploration Campaign at Panorama Project

Field reconnaissance and surface geochemical work will further investigate the presence of outcropping gold mineralisation over several kilometres

Detailed, low level airborne survey covering entire project area to commence during Q3 2019

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce that it has commenced new field activities at the Company's 100% owned Panorama project with field reconnaissance and surface geochemical work. Additionally, a detailed, low level aeromagnetic survey covering the entire Panorama project area is scheduled to commence in July 2019.

Greatland's first field campaign confirmed the presence of outcropping gold mineralisation over several kilometres of strike in the northern part of the Panorama project, and identified two clusters of gold anomalism in the central parts of the project. The Panorama project consists of three adjoining licences, covering approximately 155 square kilometres, located in the Pilbara region of northern Western Australia.

Highlights:

• New exploration programme, including surface geochemical work and field reconnaissance, has commenced at Panorama project.
• Programme will initially focus on Archean lode style gold mineralisation in the northern parts of the project area where previous broad spaced rock chip sampling has returned results including 66.0g/t gold and 18.45g/t gold.
• Work will include systematic grid based soil sampling and rock chip sampling along the mineralised zone and is expected to take up to four weeks to complete.
• Greatland has commissioned a detailed, low level airborne magnetic survey, consisting of approximately 8,000 line kilometres at a line spacing of 50m, to cover the entire project area.
• Results from the field campaign and airborne magnetic survey will be used to refine key targets for further activities.

Gervaise Heddle, Chief Executive Officer, commented: "We are very pleased to be moving forward with an exciting new exploration campaign at Panorama. Results from our first field programme established the presence of gold mineralisation across several kilometres of strike and confirmed our belief in the significant potential of the project. The new campaign, commencing today, represents a step up in the scale of exploration previously conducted at Panorama. This dual programme of geochemical and geophysical work will generate a comprehensive dataset to refine key targets for initial drill testing."

Panorama Project

The Panorama project consists of three adjoining granted exploration licences located in the Pilbara region of northern Western Australia. The three licences cover a total area of approximately 155 square kilometres and are prospective for gold and base metal mineralisation.

Geology of the area is predominantly greenstone and granite of the Archean Pilbara Craton in northern Western Australia, and younger overlying sedimentary and volcanic sequences.

The Company completed a comprehensive review of historical drainage sampling in 2017 and 2018. A systematic stream sediment sampling programme was completed over the broader Pilbara region by Anglo American Corporation in the early 1970s. Samples were collected at a nominal 2km spacing and results from these samples have outlined a large cluster of high cobalt in streams. Stream sediment samples consistently returned over 50ppm cobalt, peaking at over 70ppm cobalt (against a background of less than 5ppm cobalt). The area covered by the anomalous cobalt is potentially the largest coherent cobalt in streams anomaly in Western Australia being more than 25 kilometres long and up to 10km wide covering an area of approximately 200 square kilometres. Greatland's licence applications cover the bulk of the cobalt anomaly.

Following Anglo American in the 1970s additional drainage samples were collected during the mid 1990s and 2015. A review of results from this work have identified approximately twenty gold in stream anomalies within the Company's 130 square kilometre project area. Gold anomalism in streams peaks at 68.5ppb and 60.0ppb. Historic gold mines and alluvial occurrences are apparent immediately north of the Company's licences with the mineralised trend and geological strike continuing south into the Panorama project area. Gold in stream anomalies are also present over the younger Fortescue Group sequences in the southern licence area.

Detailed review of historic work is complete and has revealed many rock chip samples with an elevated gold response from within the project area. Rock chip samples were collected during the mid to late 1990s, mainly over the northern parts of the project area. The most significant samples identified to date lie along a north-south trending zone approximately 3.2km long with rock chip results including 1.4g/t, 2.5g/t, 2.8g/t, 3.2g/t, 10.5g/t, 14.0g/t, 14.5g/t, 20.0g/t and 66.0g/t gold. The geological setting is a prominent ridge marking the structural contact of basaltic and ultramafic rocks of Archean age.

In the southern parts of the project area, detailed government geological mapping confirms the presence of lower Fortescue Group coarse grained sandstones and conglomerates at two locations adjacent to the Mt Roe Basalt. This is the equivalent geological setting to the target horizon of the Purdy's Reward and Comet Well gold prospects (Novo Resources Corp. TSV-V:NVO). The first area has a strike length of approximately 1.9km and the second 2.6km. One of the areas shows a co-incident gold in streams anomaly peaking at 4.6ppb gold. Other gold in stream anomalies are co-incident with the Mt Roe Basalt sequence.

Greatland's field work to date at Panorama has included stream sediment sampling, soil sampling and rock chip sampling primarily focussing on drainage lines following the base of the Mt Roe Basalt sequence which covers a significant strike length within the southern parts of the project. Prospecting over the conglomerates and Mt Roe Basalt in the southern licence returned anomalies at several areas. The first area returned a cluster of high gold in stream sediment samples of 38ppb, 41ppb, 48ppb and 76ppb over a strike length of approximately 1km at the base of the Mt Roe Basalt with a further 5km of strike remaining untested at this stage. The second area, also located in the southern licence, returned anomalous gold in soil samples of 5ppb, 10ppb and 21ppb over approximately 200m of strike in conglomerates near the base of the Mt Roe Basalt; this zone remains open to the south.

In the northern licence another area was prospected in Archean basement rocks. Rock chip samples from here returned 0.61g/t, 0.71g/t, 1.82g/t and 18.45g/t gold over a strike of approximately 3.2km, where historical rock chip samples reported over 10g/t gold and up to 66g/t gold, essentially confirming mineralisation and the high grade potential of this zone.

The Mount Roe Basalt sits at the base of the Fortescue Group stratigraphy that is widespread throughout the Pilbara region of Western Australia. There is considerable geological discussion as to the origin of palaeo-placer gold in the Pilbara. It is known to occur in the Hardy Formation Conglomerate immediately overlying the Mount Roe Basalt, and it is also known to occur in a stratigraphically lower conglomerate horizon occurring at the base of the Mt Roe Basalt. These palaeo-placer deposits are different to gold associated with other styles of mineralisation such as Archean lode or epithermal types.

Greatland has commenced field activities at the Panorama project with surface geochemical work including rock chip sampling and soil sampling. This will initially focus on Archean lode style gold mineralisation in the northern parts of the project area where previous broad spaced rock chip sampling has returned results including 66.0g/t gold and 18.45g/t gold, and very limited previous soil sampling returned up to 1,400ppb gold. Mineralisation has been identified over 3.2km of strike to date. Work will include systematic grid based soil sampling and rock chip sampling along the mineralised zone. Prospecting will also be carried out in adjacent hill sides and drainage lines. This work is expected to take approximately four weeks. Two other areas in the central parts of the project area will be subject to basic reconnaissance and prospecting activities to follow up on gold anomalism detected in previous field programmes.

High quality geophysical datasets are a critical component of early stage exploration programmes.  Of particular importance are high resolution aeromagnetic surveys as they are cost-effective and enable rapid identification and definition of key targets over large tenement packages.

With a view to refining key target areas within the Panorama project the company has commissioned a detailed, low level airborne magnetic survey to cover the entire area. The survey comprises approximately 8,000 line kilometres at a line spacing of 50m with an estimated mean terrain clearance of 40m. This data will assist in geological and structural interpretation and refine key targets for additional activities. Commencement of the airborne survey is currently scheduled for July 2019. 

Further information on the Panorama 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 Mick Sawyer, 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 Panorama project exploration results has been extracted from the following announcements:

"Panorama Project - New Licence Application", dated 31 May 2018

"Panorama Project - First Exploration Campaign", dated 21 December 2017

"Extensions of Field Operations at Panorama Project", dated 1 November 2017

"Panorama Project Update", dated 24 October 2017

"Panorama Project - Exploration Programme Commences", dated 3 October 2017

"Greatland Gold plans to enter new market with Panorama Cobalt Project", dated 12 June 2017

Further information on the Panorama licence can be found under 'Panorama' on the Company's website: www greatlandgold.com

Enquiries:

Greatland Gold PLC

Gervaise Heddle/Callum Baxter

Tel: [phone]

Email:  [e-mail]

www.greatlandgold.com

SPARK Advisory Partners Limited (Nominated Adviser)

Andrew Emmott/James Keeshan

Tel: [phone]

SI Capital Limited (Broker)

Nick Emerson/Alan Gunn

Tel:  [phone]

Luther Pendragon (Media and Investor Relations)

Harry Chathli/Alexis Gore/Joe Quinlan

Tel: [phone]

Notes for Editors:

Greatland Gold plc is 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.

 

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