Havieron Drill Results

 

4 July 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")

 

Further Encouraging Drill Results and New Drilling Campaign at Havieron

 

Further robust drill intercepts returned including 21m at 3.78g/t gold and 0.44% copper with peak grades over 29g/t gold and 2% copper

 

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce a new drilling campaign at its 100% owned Havieron licence following encouraging results from the final three holes of the Company's first drill programme at Havieron.

 

The new drill programme at Havieron includes up to ten core holes for a total of approximately 6,000 metres of drilling. The programme is scheduled  to commence during September 2018 and is anticipated to last 10 weeks.

 

As stated in the announcement of 25 June 2018, results from Greatland's initial drill hole (HAD001) were exceptional and established a zone of high grade gold mineralization including 11.5m at 21.23g/t gold and 0.67% copper from 568.5m. Today's announcement presents encouraging results from the three last holes (HAD002, HAD003 and HAD004) of the drilling campaign.

 

Highlights:

 

·     Results from final three holes further demonstrate the potential for Havieron to represent a very large mineralised system with robust intervals including:

o  HAD003 -21m at 3.78g/t gold and 0.44% copper from 418m, including 1m at 29.12g/t gold and 0.4% copper from 428.5m;

o  HAD002 - 1m at 5.9g/t gold and 0.24% copper from 443m and 2m at 5.44g/t gold from 488m;

·     HAD003 was drilled 100 metres north west from previously reported HAD001, and results from HAD003 further highlight the potential size of the high grade mineralised zone at Havieron;

·     Elevated gold and copper results persisted to end of all holes suggesting the mineralisation continues at depth;

·     Drill holes HAD002 and HAD004 appear to be on the periphery of the high grade zone at Havieron and grades increased with depth in all holes;

·     New drill campaign at Havieron includes plans for up to ten core holes to 600 metres each for a total of approximately 6,000 metres to further determine the extent and the direction of the high grade zone of mineralisation at Havieron;

·     New drill programme to start during September 2018 and is expected to take 10 weeks to complete.

 

Gervaise Heddle, Chief Executive Officer, commented:  "We are delighted by the results from the first programme which demonstrate the potential of Havieron to host a large mineralised system. The results have provided us with a high degree of confidence to commit to additional work which is designed to further outline the extent of high grade mineralisation.

 

"We are further encouraged by Rio Tinto's application for an exploration licence adjacent to Greatland's Havieron licence soon after we disclosed exceptional results from our first drill hole. We look forward to keeping the market updated on our progress."

 

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 and early 2000s 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 2,438m of drilling. For completion, results of all Greatland holes (HAD001-HAD004) are presented in this announcement. 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).

 

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 fifty IOCG-type 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 has employed 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 the initial 2018 drill campaign with the peak gravity response not tested by existing drilling. Gravity data confirms a north-west 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 the view that Havieron is an Iron Oxide Copper Gold type system. Gravity results from Scallywag show gravity highs co-incident with the magnetic targets over approximately 2km of strike.

 

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 by independent geophysical consultants in February 2018. 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 2,438m 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.

 

A plan showing the Havieron geophysical target and drill holes can be found at: http://greatlandgold.com/paterson/ 

 

Each of the four vertical core holes (HAD001-HAD004) penetrated recent desert sands and clays from surface to approximately 10-14m then Permian sandstones to 403-430m where the Proterozic target sequence was encountered. From top of Proterozoic, altered biotite rich rocks and calcareous sediments were intersected. Hydrothermal breccias and silica flooded mineralised zones persisted throughout. Laboratory analytical results returned peak gold of 137.69g/t and copper to 4.11% (HAD001). Broad mineralised intercepts of 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 were noted (HAD001), and 21m at 3.79g/t gold 0.44% copper from 418m (HAD003).

 

Results for all holes are presented in Table 1. It is noted that elevated gold and copper results persisted to end of all holes suggesting the mineralisation continues at depth, which is supported by the results of forward modelling of detailed geophysical data (RNS 14 February 2018). Holes HAD002 and HAD004 appear to be in the periphery of the system; grades increasing with depth. These results demonstrate the large scale of the mineralised system at Havieron and the potential for high grades of gold and copper.

 

The Company will accelerate activities at Havieron commencing with re-assessment of geophysical models utilising new petrophysical information from recent drill core.

 

A new drill campaign at Havieron includes plans for up to ten core holes for a total of approximately 6,000 metres to further determine the extent and the direction of the high grade zone of mineralisation at Havieron. The new drill programme is scheduled to commence during September 2018 and is expected to take ten weeks to complete. Ground and downhole geophysical surveys will also be commissioned and executed during this time.

 

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.

 

Table 1 - Significant Intercepts (>0.24g/t gold)

 

Hole ID	From	To	Interval m	Gold g/t	Copper %	Comment
HAD001	497	499	2	4.82	0.95
HAD001		incl	0.5	16.71	1.43	from 497m
HAD001	500	501	1	0.33	0.48
HAD001	503.5	504	0.5	0.51	0.35
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	555	557	2	0.30	0.10
HAD001	564	565	1	0.33	0.39
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	582	583	1	0.26	0.04
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	eoh 622m
HAD002	411	412	1	1.20
HAD002	437	439	2	0.55	0.03
HAD002	443	444	1	5.90	0.24
HAD002	460	461	1	0.25	0.11
HAD002	479	482	3	0.29	0.04
HAD002	485.5	486.5	1	0.25	0.35
HAD002	488	490	2	5.44	0.02
HAD002	494	495	1	0.32	0.02
HAD002	541	543	2	0.28
HAD002	550	552	2	0.33
HAD002	557	559	2	0.28
HAD002	578	580	2	0.25
HAD002	589	595	6	0.55	0.01
HAD002	599	601	2	0.96	0.23	eoh 601m
HAD002		incl	1	1.67	0.42	from 599m
HAD003	418	431	21	3.78	0.44
HAD003		incl	1	19.82	0.26	from 422.5m
HAD003		incl	1	29.12	0.40	from 428.5m
HAD003		incl	1	1.70	1.60	from 430.5m
HAD003		incl	0.5	13.44	0.11	from 432.5m
HAD003		incl	1	2.81	1.42	from 436.0m
HAD003	478	480	2	0.27
HAD003	482	483	1	0.27	0.03
HAD003	490	491	1	0.25
HAD003	517.5	518.5	1	0.38	0.05
HAD003	526.5	530.5	4	0.53	0.04
HAD003	537.5	539	1.5	0.36	1.13
HAD003	542	546	4	0.49	2.91
HAD003	558	559	1	0.34	0.05
HAD003	573	575	2	0.28		eoh 590m
HAD004	437	450	13	0.39	0.03
		incl	1	1.90		from 440m
		incl	1	1.10	0.29	from 444m
HAD004	462	464	2	0.24	0.02
		incl	0.5	0.60	0.77	from 462.5m
HAD004	487	491	4	0.29	0.03
HAD004	496	511	15	0.33	0.02
		incl	1	1.16	0.09	from 505m
HAD004	515	516	1	0.77	0.01
HAD004	519	521.5	2.5	0.27	0.05
HAD004	541	542	1	0.29	0.20
HAD004	570	572.5	2.5	0.51	0.03
HAD004	602	603.5	1.5	2.12	0.16
HAD004	608	615	7	0.44	0.09
HAD004	622	625	3	0.51	0.03	eoh 625m

 

 

 

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.