Greatland Advances Exploration at Scallywag
15 August 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 Advances Exploration at Scallywag Prospect
Extensive new geophysical surveys, including ground gravity and Induced Polarisation ("IP"), to follow up on encouraging early exploration results at Scallywag
Greatland Gold plc (AIM: GGP), the precious and base metals exploration and development company, is pleased to announce details of a new exploration programme at its 100% owned Scallywag prospect in the Paterson region of Western Australia.
The Scallywag gold-copper prospect sits within the E45/4701 Havieron licence, approximately 6km west of the 12 block area under a Farm-in Agreement with Newcrest. Scallywag is a large, elongate magnetic anomaly with a strike length of more than 6km. Results from Mobile Metal Ion ("MMI") sampling, completed in 2018, over the Scallywag prospect displayed discrete elevated gold, copper, silver and arsenic MMI responses along the western parts of the target area. The grouping patterns of certain elements at Scallywag are similar to those that were seen in MMI sampling over the Havieron prospect.
Highlights of New Exploration Programme
· Extensive new geophysical surveys, including IP and ground gravity, to follow encouraging early exploration results at high-priority Scallywag prospect.
· Ground gravity survey (to commence in August):
o Ground gravity will be collected across the Scallywag prospect and surrounding areas.
o Approximately 1,580 gravity stations are planned at 400m x 200m spacing, infilling to 200m x 200m across the Scallywag prospect itself.
· Induced Polarisation survey (to commence in September):
o 25 line kilometres of high-powered, deep-sensing 2D IP planned across the Scallywag prospect.
o The IP technique has the ability to detect disseminated sulphide mineralisation like that seen at the Havieron prospect, and will also assist in structural mapping and determining cover depth.
· 3D modelling of the gravity and detailed aeromagnetic data will be completed and reviewed with IP profiles to determine drill targets.
Gervaise Heddle, Chief Executive Officer, commented: "Scallywag is one of our high priority gold-copper targets in the Paterson region and we are excited to be driving forward with a systematic exploration programme. Results from last year's MMI survey at Scallywag reinforced its potential to host copper, silver and gold mineralisation, and the large size of the target, combined with its relative proximity to the Havieron prospect, makes it an obvious candidate for further comprehensive follow-up work."
Further information on the Company's Paterson project can be found on the Paterson project page of Greatland's website at: www.greatlandgold.com/paterson/
Overview of Paterson Project
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.
In March 2019, Greatland signed a Farm-in Agreement with Newcrest Operations Limited ("Newcrest"), 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's drilling campaigns at Havieron have yielded excellent results to date, including:
· HAD001: 121m @ 2.9g/t Au and 0.23% Cu from 497m
· HAD003: 21m @ 3.8g/t Au and 0.44% Cu from 418m
· HAD005: 103m @ 3.5g/t Au and 0.93% Cu from 459m; and
[email protected] 7.4g/t Au and 0.54% Cu from 660m
· HAD006: 54m @ 2.7g/t Au and 0.79% Cu from 471m; and
179.1m @ 1.4g/t Au and 0.47% Cu from 547.9m
· HAD008: 67m @ 2.0g/t Au and 0.91% Cu from 426m
Ongoing drilling by Newcrest under the current Farm-in arrangement has returned:
· HAD006: 12m @ 3.1g/t Au and 0.08% Cu from 1,071m; and
52m @ 7.0g/t gold and 0.17% Cu from 1,122m, incl
17m @ 21g/t Au and 0.39% Cu from 1,153m
· HAD011 39m @ 1.1g/t Au and 0.82% Cu from 754m; and
14m @ 2.9g/t Au and 1.1% Cu from 779m; and
48m @ 0.59g/t Au and 0.90% Cu from 838m
The Paterson region is currently one of the most active exploration areas in Australia. Recent exploration success achieved by Greatland (Havieron) and Rio Tinto (Winu) 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.
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.
Overview of Scallywag Prospect
The Scallywag prospect lies approximately 6km west of the Havieron prospect within the Havieron licence. The Scallywag prospect is located within E45/4701 and is 100% owned by Greatland.
Scallywag is a large, elongate magnetic anomaly with a strike length of more than 6km. It is interpreted to be a structurally deformed sedimentary dome feature under approximately 50-100m of cover. Geophysical programmes completed to date by Greatland include reprocessing of existing 50m line spaced aeromagnetic data and collection of ground gravity (400m x 200m).
MMI sampling over the Scallywag prospect was completed in late Q3 2018 at a sample spacing of 400m x 200m. MMI results from Scallywag displayed discrete elevated gold, copper, silver and arsenic MMI responses along the western parts of the target area over a strike length of approximately 6km. Supporting pathfinder elements of cerium, lanthanum, iron and lead were also coincident along this trend with several clusters of samples displaying a strong multi element response. Highest results returned from MMI sampling were 8ppb silver, 50ppb arsenic, 0.4ppb gold, 480ppb cerium, 2750ppb copper, 280ppb lanthanum and 240ppb lead. Response of certain groupings (or suites) of elements over parts of the Scallywag target are similar to those that were seen in MMI sampling over the Havieron prospect.
Greatland has planned 25 line kilometres of high-powered deep-sensing 2D IP across the Scallywag prospect. The IP technique has the ability to detect disseminated sulphide mineralisation like that seen at the Havieron prospect, and will also assist in structural mapping and determining cover depth.
Ground gravity will also be collected at the Scallywag prospect (to close station spacing) and across the remainder of the Havieron licence E45/4701 (with the exception of the 12 block area within E45/4701 subject to the Farm-in Agreement with Newcrest). Approximately 1,580 gravity stations are planned at 400m x 200m spacing, which will in-fill gravity coverage to 200m x 200m spacing across the Scallywag prospect itself. 3D modelling of the gravity and aeromagnetic data will be completed and reviewed with IP profiles to determine drill targets.
The ground gravity survey is currently expected to commence during August, and the IP survey at Scallywag is expected to commence in September.
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
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 exploration results has been extracted from the following announcements:
"Rio Tinto Exploration Update - Winu project", dated 1 August 2019
"First Results from Newcrest's Drilling Campaign at Havieron", dated 25 July 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 east Pilbara region of Western Australia" dated 27 Feb 2019
"Paterson Project - MMI Results from Scallywag Target", dated 23 October 2018
"Positive Gravity and MMI Results from Paterson Project", dated 6 December 2017
Greatland Gold PLC
Gervaise Heddle/Callum Baxter
Tel: +44 (0)20 3709 4900
Email: [email protected]
SPARK Advisory Partners Limited (Nominated Adviser)
Andrew Emmott/James Keeshan
Tel: +44 (0)20 3368 3550
SI Capital Limited (Joint Broker)
Nick Emerson/Alan Gunn
Tel: +44 (0)14 8341 3500
Numis Securities Limited (Joint Broker)
Matthew Hasson/John Prior/Alamgir Ahmed
Tel: +44 (0)20 7260 1000
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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