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Paterson Range East - Results & Exploration Update

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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 div 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 div gold-copper deposits, and Havieron div 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 div 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 div 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:  [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 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 [email protected] or visit www.rns.com.
 
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