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Greatland Gold PLC (GGP)

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Monday 25 June, 2018

Greatland Gold PLC

Results from First Drill Hole at Havieron

RNS Number : 3199S
Greatland Gold PLC
25 June 2018
 

 

25 June 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")

 

Greatland Announces Exceptional Results from First Drill Hole at Havieron

 

Selected HAD001 results: 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,

including bonanza grade intervals 0.5m at 137.69g/t gold and 1.8% copper from 573m,

and 0.5m at 100.15g/t gold and 4.1% copper from 575.5m

 

Further to the announcements of 14 February 2018 and 18 April 2018, Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is delighted to announce exceptional laboratory assay results from the Company's first drill hole (HAD001) at its 100% owned Havieron licence in the Paterson region of Western Australia.

 

Highlights:

 

·     Exceptional drill assay results from Greatland's first drill hole (HAD001) at Havieron establish the presence of high grade gold (peak 137.69g/t or 4.4 ounces per tonne) within the mineralised zone and highlight the potential for Havieron to represent a very large mineralised system;

·     Laboratory assay results for first drill at Havieron (HAD001) include 121m at 2.93g/t gold (Au) and 0.23% copper (Cu) from 497m to 618m including;

2m at 4.82g/t Au and 0.95% Cu from 497m;

2m at 5.45g/t Au and 1.14% Cu from 508.5m;

1m at 15.60g/t Au from 535m;

11.5m at 21.23g/t Au and 0.67% Cu from 568.5m including;

§ 2.5m at 35.20g/t Au and 0.69% Cu from 571.5m including;

·     0.5m at 137.69g/t Au and 1.84% Cu from 573m

§ 3m at 19.96g/t Au and 0.87% Cu from 574.5m including:

·     0.5m at 100.15g/t Au and 4.11% Cu from 575.5m

§ 2m at 40.63g/t Au and 0.66% Cu from 578m including

·     0.5m at 90.52g/t Au and 0.74% Cu from 578.5m, and

·     0.5m at 63.55g/t Au and 0.34% Cu from 579.5m;

8m at 3.45g/t Au and 0.13% Cu from 598m.

·     Elevated gold and copper results persisted to end of hole suggesting the mineralisation continues at depth, which is supported by the results of forward modelling of detailed geophysical data (see announcement dated 14 February 2018);

·     First drilling campaign at Havieron comprised four vertical core holes for a total of approximately 2,400 metres, results for three remaining holes (HAD002, HAD003 and HAD004) are pending and are expected to be available within the coming weeks.

 

Gervaise Heddle, Chief Executive Officer, commented:  "We are delighted by these initial results from our first drilling campaign at Havieron. We believe that these results begin to demonstrate the large scale of Havieron and the potential for Havieron to host zones of high grade gold and copper

 

"Momentum is building up for us as we see positive results from our stated strategy of focusing and progressing with our target projects. In addition to today's news, we had the rapid discovery of gold nuggets within the first days of our maiden exploration campaign at Black Hills and we started our drilling campaign at Ernest Giles. We look forward to providing further updates to investors."

 

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 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, completing four vertical core holes for a total of approximately 2,400m 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 drilled to depths of 533m and 528m respectively).

 

Please see Table 1 below for a list of all intervals greater than 1g/t gold.

 

Table 1 - HAD001 Significant Intercepts (>1.0g/t gold)

 

Hole ID

From (m)

To (m)

Interval (m)

Gold (g/t)

Copper (%)









HAD001

497

499

2

4.82

0.95


HAD001


incl

0.5

16.71

1.43

from 497m








HAD001

508.5

510.5

2

5.45

1.14


HAD001


incl

0.5

16.86

1.70

from 509m








HAD001

515

516

1

1.28

1.70









HAD001

523

526.5

3.5

1.78

0.93


HAD001


incl

0.5

4.21

1.61

from 525.5m








HAD001

527

529

2

2.58

0.57


HAD001


incl

1

3.39

0.63

from 528m








HAD001

532

533

1

1.24

0.13









HAD001

535

536

1

15.60

0.01









HAD001

536

536.5

0.5

1.16

0.05









HAD001

568.5

569.5

1

14.26

1.42


HAD001


incl

0.5

24.15

2.31

from 568.5m








HAD001

571.5

574

2.5

35.20

0.69


HAD001


incl

1

82.60

1.11

from 573m

HAD001


and

0.5

137.69

1.84

from 573m








HAD001

574.5

577.5

3

19.96

0.87


HAD001


incl

0.5

100.15

4.11

from 575.5m








HAD001

578

580

2

40.63

0.66


HAD001


incl

0.5

90.52

0.74

from 578.5m

HAD001


incl

0.5

63.55

0.34

from 579.5m








HAD001

588

589

1

2.24

0.21









HAD001

593

594

1

5.51

0.02









HAD001

596

597

1

1.67

1.18









HAD001

598

599

1

7.02

0.23









HAD001

601

602

1

6.81

0.33









HAD001

602

603

1

1.05

0.06









HAD001

605

606

1

11.53

0.02









HAD001

609

610

1

3.81

0.43









HAD001

612

613

1

1.46

0.34









HAD001

614

614.5

0.5

3.34

2.08









HAD001

617

618

1

1.67

0.08
















BROAD INTERCEPTS













HAD001

497

618

121

2.93

0.23









HAD001

568.5

580

11.5

21.23

0.67









HAD001

598

606

8

3.45

0.13









 

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 (27m oz) and Nifty (2m t copper). 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 (7.9M oz) and the large Nova nickel-copper deposit (10m t). 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 has 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. Only six drill holes have been completed to date, 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%. Current drill hole spacing is broad and the core of Havieron therefore represents an immediate resource definition drilling target.

 

Following a review of regional geophysical and geochemical data over the Paterson project approximately 50 IOCG targets have been identified in the broader region, with around half in ground held by Greatland. 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 intends to employ 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 has outlined several targets for a 2018 drill campaign with the peak gravity response not tested by existing drilling. Gravity confirms a NW 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 our view that Havieron is an Iron Oxide Copper Gold ("IOCG") system. Gravity results from Scallywag show gravity highs co-incident with the magnetic targets over approximately 2km of strike. Gravity and MMI results have been deemed satisfactory and can be cost effectively deployed to screen the many other prospective regional targets identified by Greatland.

 

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 in February 2018 by independent geophysical consultants. Results of forward modelling have 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 and an estimated mass of more than 650,000,000 tonnes. A second smaller body with a volume of more than 16,000,000 cubic metres lies immediately adjacent to the primary body. Results of forward modelling are indicative only as geophysical data is 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 2,400m 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. Greatland's HAD001 was sited approximately 30m from HAC9101 and drilled vertically.

 

HAD001 penetrated recent desert sands and clays from surface to 14m then Permian sandstones to 430m where the Proterozic targets sequence was encountered. From 430m to 498m a highly altered biotite rich rock was evident, then a hydrothermally altered, brecciated, silica flooded mineralised zone persisted from 498m to end of hole at 621.9m. Laboratory analytical results returned peak gold of 137.69g/t over 0.5m from 573m and peak copper to 4.11% over 0.5m from 575.5m downhole. Broad mineralised intercepts of 121m at 2.93g/t Au and 0.23% Cu from 497m, including 11.5m at 21.23g/t Au and 0.67% Cu from 568.5m were returned. These results demonstrate the large scale of Havieron and the potential for high grades of gold and copper in the system. Significant results are presented in Table 1 above. Elevated gold and copper results persisted to end of hole suggesting the mineralisation continues at depth, which is supported by the results of forward modelling of detailed geophysical data (RNS 14 February 2018).

 

The Company will continue to review results from HAD001 in conjunction with detailed geophysical and geochemical data. Analytical results for HAD002, HAD003 and HAD004 are awaited and results are expected to be available in 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

Callum Baxter/Gervaise Heddle

Tel: +44 (0)20 3709 4900

Email:  [email protected]

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/Ana Ribeiro/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 or Greatland has the right to take 100% ownership.

 

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 [email protected] or visit www.rns.com.
 
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