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Greatland Gold PLC (GGP)

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Monday 08 July, 2019

Greatland Gold PLC

Update on Exploration Campaign at Panorama Project

RNS Number : 7737E
Greatland Gold PLC
08 July 2019
 

8 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")

 

Update on Exploration Campaign at Panorama Project

 

Field reconnaissance at Panorama locates numerous gold nuggets in multiple locations and confirms the presence of mineralisation over several kilometres of strike

 

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce that field reconnaissance activities have located numerous gold nuggets, confirming the presence of mineralisation over several kilometres of strike at the Company's 100% owned Panorama project, located in the Pilbara region of Western Australia. The zone of gold mineralisation has been extended from 3.2km of strike to 4.3km.

 

Highlights:

 

·    Numerous gold nuggets found in thin soil cover over several hundred metres of strike, confirming the presence of gold mineralisation along the mineralised zone.

·   Gold nuggets found in more than 10 locations, including an area further south along strike, thereby extending the strike extent of the mineralised trend from 3.2km to 4.3km.

·    The mineralised zone, hosted in Archean basement, currently remains open to the south west and will be subject to further reconnaissance activities and systematic, grid-based surface geochemical sampling, which is expected to be completed by late July.

·    Additionally, a detailed, low level aeromagnetic survey covering the entire Panorama project area is expected to commence next week.

 

Gervaise Heddle, Chief Executive Officer, commented: "The discovery of numerous gold nuggets in multiple locations within the first week of the new field campaign at Panorama represents a very exciting start to this campaign and further confirms our belief in the significant potential of this project.

 

"The dual geochemical and geophysical campaign that we are conducting at Panorama represents a step up in the scale of exploration previously conducted at this project and clearly these early results support our decision to accelerate the pace of exploration activity at this exciting gold target in the Pilbara. We look forward to providing further updates as the exploration campaign progresses, including results from soil and rock chip sampling and the aeromagnetic survey."

 

A photo of the gold nuggets collected and a map indicating collection points can be found on the Panorama project page of Greatland's website at: www.greatlandgold.com/panorama/

 

 

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. As such the project is prospective for Archean lode style gold mineralisation and also 'conglomerate' style gold mineralisation.

 

The Company completed a detailed review of historic work at Panorama, which 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 66.0g/t, 14.5g/t, 4.1g/t, 2.1g/t and 1.1g/t gold. The geological setting is a prominent ridge marking the structural contact of basaltic and ultramafic rocks of Archean age.

 

Greatland carried out sporadic rock chip sampling along this zone during 2017 with results including 18.45g/t, 1.82g/t, 0.71g/t, and 0.61g/t gold over approximately 3.2km of strike, essentially confirming the presence of gold mineralisation and the high grade potential of this zone. Rock chip results are presented in Table 1.

 

Table 1 - Rock Chip Results (>10ppb gold)

 

Sample ID

East

North

Company

Year

Gold (ppb)

93105

778899

7580466

Bacome Pty Ltd

1993

33

93170

779099

7582746

Bacome Pty Ltd

1993

2120

93171

779099

7582746

Bacome Pty Ltd

1993

1050

93172

779069

7582956

Bacome Pty Ltd

1993

289

93173

779049

7583076

Bacome Pty Ltd

1993

699

93175

779409

7581886

Bacome Pty Ltd

1993

28

932228

779099

7582746

Bacome Pty Ltd

1993

4120

1561

778657

7579766

Great Southern Mines

1997

66000

1562

778645

7579804

Great Southern Mines

1997

620

5656

778616

7579870

Great Southern Mines

1997

310

5657

778622

7579876

Great Southern Mines

1997

14500

5658

778641

7579876

Great Southern Mines

1997

460

5659

778641

7579851

Great Southern Mines

1997

70

5660

778635

7579876

Great Southern Mines

1997

50

5662

778653

7579913

Great Southern Mines

1997

50

HK1004

779116

7582752

Greatland

2017

326

HK1005

778683

7579880

Greatland

2017

710

HK1008

779096

7581748

Greatland

2017

200

HK1012

778908

7580786

Greatland

2017

21

HK1013

778676

7579887

Greatland

2017

609

HK1014

778906

7580516

Greatland

2017

22

HK1015

779105

7582750

Greatland

2017

18448

HK1016

779031

7582984

Greatland

2017

74

HK1018

779092

7582749

Greatland

2017

1823

HK1021

779097

7581764

Greatland

2017

21

*all coordinates MGA94_Z50

 

 

Late last month, Greatland commenced field activities at the Panorama project with reconnaissance activities and surface geochemical work primarily focussed on Archean lode style gold mineralisation. To date, numerous gold nuggets have been found in thin soil cover over several hundred metres of strike confirming the presence of gold mineralisation along the mineralised zone. Gold nuggets have been found further south along strike than previously identified, extending the strike extent of the mineralised trend from 3.2km to 4.3km. The zone remains open to the south west. All nugget locations are presented in Table 2.

 

Table 2 - Gold Nugget Locations

 

Site ID

East

North

Site Type

PAN_NUG001

778073

7579250

hill side

PAN_NUG002

778021

7579263

hill side

PAN_NUG003

778021

7579375

gully

PAN_NUG004

778112

7579386

gully

PAN_NUG005

778228

7579425

gully

PAN_NUG006

778259

7579490

gully

PAN_NUG007

778278

7579453

hill side

PAN_NUG008

778232

7579457

hill side

PAN_NUG009

778306

7579550

hill side

PAN_NUG010

778341

7579893

hill side

PAN_NUG011

778588

7579840

hill top

PAN_NUG012

778861

7581741

hill top

PAN_NUG013

778828

7581618

hill side

*all coordinates MGA94_Z50

 

 

Ongoing work will include further reconnaissance along the mineralised trend and systematic grid based soil sampling on 100m x 50m grid. Rock chip samples will also be collected at suitable locations. This work is expected to be complete in late July.

 

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 target definition over large tenement packages. As previously announced, Greatland 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. The airborne survey is expected to commence next week. 

 

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:

 

"Greatland Commences New Exploration Campaign at Panorama Project", dated 27 June 2019

"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: +44 (0)20 3709 4900

Email:  [email protected]

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 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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