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Panorama Project - Exploration Update

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RNS Number : 6344J
Greatland Gold PLC
20 August 2019
 

20 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")

 

Panorama Project - Exploration Update

 

Field reconnaissance locates additional gold nuggets, further extending the strike length of the mineralised trend to over 6 kilometres

 

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce that phase one geochemical sampling is complete and further field reconnaissance activities have located additional gold nuggets, further extending the mineralised trend at the Company's 100% owned Panorama project, located in the Pilbara region of Western Australia.

 

Highlights:

 

·    Further field reconnaissance has successfully located additional gold nuggets over an area of 900m by 200m approximately 1km further south-west from those previously announced on 8 July 2019.

·    The additional gold nuggets collected further extend the strike length of the mineralised trend from 4.3km to 6.1km.

·    Phase one geochemical sampling completed with soil sample assays awaited and a detailed, low level airborne magnetic survey covering the entire Panorama project area is also now complete with the data currently being processed.

·    The geochemical and geophysical data sets will assist with the interpretation of structural and basement geology and provide better definition of existing targets.

 

Gervaise Heddle, Chief Executive Officer, commented: "The discovery of a new, additional zone of gold nuggets is evidence of the growing scale of Panorama and further strengthens our belief in the project. The successful fundraise earlier this month has given us greater flexibility to accelerate exploration programmes of exciting projects such as Panorama. While still at a very early stage, the increase in scale of the mineralised trend at Panorama fits directly into our strategy to identify and progress potential tier one projects."

 

A photo of the additional 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.  

 

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, confirming the presence of gold mineralisation.   

 

During June 2019 Greatland commenced field operations at the Panorama project with reconnaissance activities and surface geochemical work primarily focussed on Archean lode div gold mineralisation. Numerous gold nuggets were found in thin soil cover over several hundred metres of strike along the mineralised zone. Gold nuggets were found further south along strike from mineralisation previously identified, extending the strike extent of the mineralised trend from 3.2km to 4.3km. The zone remained open to the south west. Nugget locations were previously reported on 8 July 2019.

 

Ongoing work during July and August 2019 has included phase one geochemical sampling at a density of 100m x 50m and 200m x 50m resulting in the collection of 468 samples. Further reconnaissance has also been carried out which successfully located additional gold nuggets over an area of 900m x 200m approximately 1km further south-west from those previously reported on 8 July 2019. With these additional gold nuggets the strike length of the mineralised trend has increased from 4.3km to 6.1km.

 

As previously announced, a detailed, low level airborne magnetic survey covering the entire Panorama project area was commissioned by the Company. The survey is now complete and comprised 8,092 line kilometres at a line spacing of 50m with a mean terrain clearance of 30m. The data is currently being processed and imaged and when integrated with the geochemical data sets, will assist Greatland with geological and structural interpretation of basement geology and provide better definition of existing targets.

 

Further information on the Panorama project can be found on the Company web site at www.greatlandgold.com/projects

 

In addition to this release, a PDF version of this report, with supplementary information can be found at the Company's website: 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, 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 Panorama project exploration results has been extracted from the following announcements:

 

"Update on Exploration Campaign at Panorama Project", dated 8 July 2019

"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 (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 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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