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Greatland Gold plc RNS Release

Panorama Project - First Exploration Campaign


RNS Number : 0465A
Greatland Gold PLC
21 December 2017
 

21 December 2017

 

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

 

 

Greatland Gold plc

("Greatland" or "the Company")

 

Panorama Project - First Exploration Campaign Identifies New Gold Anomalies and Confirms the Presence of Gold Mineralisation

 

Further to the announcement of 1 November 2017, Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce that an initial campaign of field mapping, stream sampling, soil sampling and rock chip sampling has highlighted the presence of several gold anomalies within the Southern Licence and confirmed the presence of gold mineralization in the Northern Licence of Greatland's Panorama project in the Pilbara region of Western Australia.

 

Highlights of First Exploration Campaign:

 

New Gold Anomalies in Southern Licence:

·     Two clusters of gold anomalies identified coincident with base of Mt Roe Basalt and adjacent conglomerates;

·     First cluster of high gold in stream sediment samples (results include 38ppb, 41ppb, 48ppb and 76ppb gold) extends over a strike length of 1km at the base of the Mt Roe Basalt, with a further 5km of strike remaining untested ;

·     Second cluster of anomalous gold in soil samples, also located in the southern licence, extends over approximately 200m and is located in conglomerates near the base of the Mt Roe Basalt;

Gold Mineralisation in Northern License

·     Rock chip sampling returned results up to 18.45g/t gold, confirming previously released historic data, indicating a potential high grade zone of gold mineralisation approximately 3.2 kilometres long.

 

The Panorama project consists of two adjoining exploration licence applications in the Pilbara region of Western Australia. The two licences cover a total area of 130 square kilometres and are prospective for both gold and cobalt mineralisation. The first exploration campaign was extended to evaluate historical results and several gold prospective conglomerate horizons with the view of determining the potential within the project area and to generate targets for the further exploration.

 

Gervaise Heddle, Chief Executive Officer, commented: "The results of the exploration campaign are an affirmation of management's belief in the significant potential of the Panorama project.  These results provide us with a good foundation to move ahead with a more extensive exploration programme in 2018."

 

 



 

Panorama Project

 

The Panorama project consists of two adjoining exploration licence applications in the Pilbara region of northern Western Australia. The two licences total an area of 130 square kilometres and cover a large area prospective for gold and cobalt 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.

 

The Company has recently completed a comprehensive review of historical drainage sampling. A systematic stream sediment sampling programme was completed over the broader Pilbara region by Anglo American Corporation in the early 1970s. Samples were collected at a nominal 2km spacing and results from these samples have outlined a large cluster of high cobalt in streams. Stream sediment samples consistently returned over 50ppm cobalt, peaking at over 70ppm cobalt (against a background of less than 5ppm cobalt). The area covered by the anomalous cobalt is potentially the largest coherent cobalt in streams anomaly in Western Australia being more than 25 kilometres long and up to 10km wide covering an area of approximately 200 square kilometres. Greatland's licence applications cover the bulk of the cobalt anomaly.

 

Following Anglo American in the 1970s additional drainage samples were collected during the mid 1990s and 2015. A review of results from this work have identified approximately twenty gold in stream anomalies within the Company's 130 square kilometre project area. Gold anomalism in streams peaks at 68.5ppb and 60.0ppb. Historic gold mines and alluvial occurrences are apparent immediately north of the Company's licences with the mineralised trend and geological strike continuing south into the Panorama project area. Gold in stream anomalies are also present over the younger Fortescue Group sequences in the southern licence area.

 

Detailed review of historic work is complete and has 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 1.4g/t, 2.5g/t, 2.8g/t, 3.2g/t, 10.5g/t, 14.0g/t, 14.5g/t, 20.0g/t and 66.0g/t gold. The geological setting is a prominent ridge marking the structural contact of basaltic and ultramafic rocks of Archean age.

 

In the southern parts of the project area, detailed government geological mapping confirms the presence of lower Fortescue Group coarse grained sandstones and conglomerates at two locations adjacent to the Mt Roe Basalt. This is the equivalent geological setting to the target horizon of the Purdy's Reward and Comet Well gold prospects currently under the operation of Novo Resources Corp. (TSV-V:NVO). The first area has a strike length of approximately 1.9km and the second 2.6km. One of the areas shows a co-incident gold in streams anomaly peaking at 4.6ppb gold. Other gold in stream anomalies are co-incident with the Mt Roe Basalt sequence.

 

Greatland extended the field season at Panorama to evaluate the conglomerate horizons and other gold anomalies. Geological mapping, stream sediment sampling, soil sampling and rock chip sampling was completed primarily focussing on drainage lines following the base of the Mt Roe Basalt sequence which covers a significant strike length within the southern project licence.

 

Results of this work have been received. Prospecting over the conglomerates and Mt Roe Basalt in the southern licence returned anomalies at several areas. The first area returned a cluster of high gold in stream sediment samples of 38ppb, 41ppb, 48ppb and 76ppb over a strike length of approximately 1km at the base of the Mt Roe Basalt with a further 5km of strike remaining untested at this stage. The second area, also located in the southern licence, returned anomalous gold in soil samples of 5ppb, 10ppb and 21ppb over approximately 200m of strike in conglomerates near the base of the Mt Roe Basalt; this zone remains open to the south.

 

In the northern licence, another area was prospected in Archean basement rocks and rock chip samples from here returned 0.61g/t, 0.71g/t, 1.82g/t and 18.45g/t gold over a strike of approximately 3.2km, where historical rock chip samples reported over 10g/t gold and up to 66g/t gold, essentially confirming mineralisation and the high grade potential of this zone.

 

Further work at Panorama will include an in-depth evaluation of sample results along with generation of detailed elevation models for drainage definition and stratigraphic interpretation.

 

The Mount Roe Basalt sits at the base of the Fortescue Group stratigraphy that is widespread throughout the Pilbara region of Western Australia. There is considerable geological discussion as to the origin of palaeo-placer gold in the Pilbara. It is known to occur in the Hardy Formation Conglomerate immediately overlying the Mount Roe Basalt, and it is also known to occur in a stratigraphically lower conglomerate horizon occurring at the base of the Mt Roe Basalt. These palaeo-placer deposits are different to gold associated with other styles of mineralisation such as lode or epithermal types.

 

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 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/James Keeshan /Andrew Emmott

Tel +44 (0)20 3368 3550

 

SI Capital Limited (Broker)

Nick Emerson

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 is London listed (LON:GGP) natural resource exploration and development company with a current focus on gold 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 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 company news service from the London Stock Exchange
 
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