New Gold & Nickel Targets - Western Australia

RNS Number : 2822S

Greatland Gold PLC

23 September 2014

 



23 September 2014

Greatland Gold plc

("Greatland" or "the Company")

Greatland Gold Announces New Gold and Nickel Targets at Western Australian Projects

Greatland Gold plc, the mineral exploration and development company based in Australia, is pleased to announce several new targets at its Western Australian projects including an exciting new 'Nova' style nickel sulphide licence.

Highlights

·     Ernest Giles airborne magnetics outlines multiple additional gold targets

·     New 'Nova' style nickel sulphide licence secured

·     Robust nickel sulphide target defined at Bromus

·     Drilling at Ernest Giles scheduled for Q4

Callum Baxter, CEO, commented: "Our airborne geophysics review  has outlined several high priority gold targets at Ernest Giles and we are very optimistic about the opportunities we expect them to bring to Greatland's operations in Western Australia. We have also secured an exciting new 'Nova' style nickel sulphide licence in the Ernest Giles region, a timely acquisition given the current strength of the nickel market.

Ernest Giles Project, Western Australia (gold/nickel)

The Ernest Giles project is located in central Western Australia and covers an area of 945 square kilometres. The project includes over 100km of gold and nickel prospective rocks. The project 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) which contains over 7 million ounces and Yamarna (Gold Road Resources) with over 3.5 million ounces.

The Company has recently undertaken detailed airborne geophysics which have resulted in the definition of further gold targets at several locations within the project area, including Empress, Wishbone, Dromedary and Augustus. MMI sampling has been completed throughout these areas over the current quarter which will assist in defining specific drill targets . It is expected that geochemical results will be available in the coming weeks and drill targets are expected to be defined early in early Q4. The drilling of resultant targets is also scheduled to take place in Q4.

An exciting new nickel sulphide target named 'Carnegie' has been identified and secured in the Ernest Giles region. The target resembles the size and geophysical signature of the 'Nova' discovery by Sirius Resources NL (ASX:SIR). Nova is one of the most exciting nickel sulphide discoveries in recent years and its resource currently stands at 10.2Mt at 2.4% Ni and 1.0% copper for 242,000t Ni and 100,000t Cu. Greatland has recently received government licensing approval and holds a 100% title to minerals from its Carnegie licence, which covers 61 square kilometres. MMI sampling was completed during the current quarter and additional airborne geophysics is scheduled to take place during Q4.

Bromus Project, Western Australia (gold/nickel)

The Bromus project is located in southern Western Australia, approximately 25km from Norseman. Several significant clusters of gold and nickel sulphide deposits lie in the region, such as those at Central Norseman, Kambalda and Widgiemooltha. The project covers approximately 112 square kilometres.

A review of detailed airborne geophysics has defined a 4.5km long nickel sulphide prospective ultramafic unit in the central parts of the Bromus project area with coherent elevated surface geochemistry to 2,690ppm Ni. Recent field work has confirmed flow textured ultramafic lithologies are present and no previous exploration activities for nickel sulphides are apparent despite proximity to other deposits.

This represents a sizable nickel sulphide target at surface which can be explored with common geochemical, electromagnetic and drilling techniques. A ground EM survey has been outlined which is scheduled to be carried out during Q4.

Corporate

An internal review of licencing and exploration targets has been ongoing since early 2014 with the aim of achieving a greater focus on core assets. This has resulted in the disposal of Lackman Rock project licences as well as a reduction of the licenced area in the south of the Bromus project, where the ground has been considered of lower priority. Furthermore, the Warrentinna project area has been reduced from 113 square kilometres to 37 square kilometres, with the locations having the highest potential for an economic deposit (including Derby North) being retained.

It should be highlighted that Greatland's recent idenitification of two nickel sulphide exploration opportunities at Carnegie and Bromus have presented very timely opportunities for the Company, given that the price of nickel has increased by approximately 30% since January 2014. Greatland expects to advance these projects over the coming months.

See one page summaries of each of the Company's projects at www.greatlandgold.com

The Company currently has approximately £850,000 cash, and no debt.

Enquiries:

Greatland Gold PLC

Callum Baxter

Tel [phone]

Email:  [e-mail]

www.greatlandgold.com

Grant Thornton UK LLP (Nomad)

Colin Aaronson / David Hignell

Tel [phone]

SI Capital Limited (Broker)

Nick Emerson / Andy Thacker

Tel  [phone]

RLM Finsbury (Media Relations)

Gordon Simpson / Chris Ryall

Tel [phone]

Notes to Editors

Greatland is a mineral exploration and development company based in Australia. The principal activity of Greatland Gold plc is to explore for and develop natural resources, with a focus on gold. The Company currently has five mineral projects located in Australia; Ernest Giles, Bromus, Firetower, Warrentinna and Lisle. The pipeline of projects targets highly prospective areas for multi-million ounce orebodies and nickel sulphide deposits. The Company was established in London in 2005 and admitted to AIM in July 2006.

The board seeks to increase shareholder value by the systematic evaluation of its existing resource assets, as well as the acquisition of suitable exploration and development projects and producing assets.

Greatland has a UK and Australian based board of directors with a head office in London and an exploration office in Australia.

Competent Persons

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). 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.

 

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