Juno Ground Gravity Data Confirms IRGS Potential
16/01/2025 07:00
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RNS Number : 5076T Global Petroleum Ltd 16 January 2025
16 January 2025
The information contained within this announcement is deemed by the Company to
constitute inside information under the UK Market Abuse Regulations. Upon the
publication of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public domain.
Global Petroleum Limited
("Global" or "the Company")
Ground Gravity Data Confirms Significant IRGS-Style Mineralisation Potential at Juno Project
· Final ground gravity data received for the Juno project
· Analysis confirms a significantly large residual gravity response
· Large gravity response spatially aligns with prominent magnetic
feature at Juno
· Alignment is typical signature of IRGS style mineralisation as per
Havieron copper gold deposit.
Global Petroleum Limited (LSE AIM: GBP) is pleased to announce the delivery of
final data for ground gravity for the Juno Project in Western Australia,
further to its announcement on 25 November 2024. Analysis of the gravity data
has confirmed a significant residual gravity response at Juno, aligning with
the prominent magnetic feature previously identified. This critical alignment
represents a typical signature of Intrusion Related Gold System (IRGS)
mineralisation, analogous to the Havieron deposit model, which has delivered
exceptional gold-copper results in the Paterson Province of Western
Australia.
Ground gravity data was collected over the central north of the Juno Project
area from late November to mid December 2024. A total of 1400 ground gravity
observations were taken at station spacings of 400m x 200m, and 200m x 200m
where added resolution was required. Post processing and imaging of the
gravity data was completed during late December 2024 and early January 2025.
Delivered products include high resolution raw and residual gravity data.
It is encouraging that the newly acquired 2024 ground gravity data has
successfully confirmed the gravity response that was initially suggested by
the historic work from the 1990s. Importantly, the Company's recent detailed
and spatially accurate gravity work has successfully identified a significant
residual gravity response that is coincident with the large magnetic response
at Juno (Figure 1). The residual gravity response covers an area of
approximately 4km x 2km (8sq kms) with a peak amplitude of 2mgal. The magnetic
feature covers an area of approximately 5km x 2km (10sq kms) with a peak
response of +1000nT. Coincident magnetic and gravity response of this size and
amplitudes is consistent with IRGS and IOCG (Iron Oxide Copper-Gold) type
deposits. The Company is targeting IRGS type mineralisation at Juno.
By comparison, Havieron, a large IRGS gold and copper deposit (+8Moz gold
equivalent) located in the north of Western Australia, displays a 1km x 1km (1
sq km) magnetic response with a coincident gravity response peaking at
0.5mgal. The intensity of the gravity response at Juno is more elevated than
Havieron, and the footprint of the coincident response at Juno is several
times larger which illustrates the significant size of the opportunity at
Juno.
Figure 1 - Juno Aeromagnetics and Ground Gravity
Several historic exploration holes have been attempted at Juno since the mid
1990s to the early 2000s (Figure 2). Several holes targeted the large Juno
magnetic feature but failed to reach the target depth due to limited capacity
drilling equipment. Modern drilling equipment has the ability to overcome
these earlier shortcomings, and advanced modelling of detailed subsurface
geophysical data provides accurate 3D models for efficient drill targeting.
Figure 2 - Juno Project Aeromagnetics (image) with Residual Ground Gravity
(contour) and historic drilling.
Global's Joint Venture Partner Callum Baxter will utilise the same world class
team he used for Havieron to conduct further ongoing work at Juno which will
include unconstrained and forward modelling of the Company's detailed magnetic
and gravity data along with ground based electrical geophysical surveys to
detect subsurface conductive material. Models derived from these data sets
will enable enhanced targeting of drillholes in advance of the Company's
initial drilling programme at Juno.
Callum Baxter, Global's joint venture partner commented:
"It is very exciting to have confirmed a significant and intense gravity
response coincident with the large magnetic feature at Juno. This response is
consistent with IRGS type mineralisation, as we found at Havieron. The
coincident magnetic and gravity response at Juno has a very large footprint of
several square kilometres which reflects the substantial size of the
opportunity. I am looking forward to further work programmes at Juno and
pleased that we continue to advance the project."
Omar Ahmad, CEO of Global Petroleum Limited, commented:
"Global are thrilled to share this incredibly encouraging and positive news
with our shareholders. The similarities between Juno Project and the
substantial discovery at Havieron are truly compelling. We will continue to
expedite the work to prepare and target drill-ready sites. The initial signs
from the Juno Project are showing the promising signs we were expecting, and
the potential continues to increase with every new piece of data received.
The sheer scale of Juno is very compelling, and as a board, we are pleased to
have shown full conviction in bringing this asset into the company alongside
our esteemed partner Callum Baxter."
Competent Person - The information in this announcement relating to the
project is deemed to be a true representation of the exploration results. Mr
Steven Andrew Milner has sufficient experience, to qualify as a Competent
Person as defined in the 2012 Edition of the Joint Ore Reserves Committee
(JORC) "Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Steven is a member of the Australasian Institute
of Mining and Metallurgy (M.Aus.lMM #109255), is employed as a consultant with
Austwide Mining Title Management Pty Ltd and is a graduate of Durham
University and has over 40 years of experience in exploration and mining in
Australia, Zimbabwe and Namibia. Steven is a Director of Mineral Search Pty
Ltd.
For further information please visit: www.globalpetroleum.com.au or contact:
Global Petroleum Limited
investors@glo-pet.com
Hamza Choudhry, CFO and Executive Director
SPARK Advisory Partners Limited (Nominated Adviser)
+44 (0) 20 3368 3555
Andrew Emmott, Jade Bayat
CMC Markets (Joint Broker)
+44 (0) 20 3003 8632
Douglas Crippen
SI Capital Limited
+44 (0) 14 8341 3500
Nick Emerson
Tavistock (Financial PR & IR)
+44 (0) 20 7920 3150
Simon Hudson / Nick Elwes
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