REG - Greatland Gold PLC - Drilling Completed at Paterson South Project

Greatland GoldAnnouncement

03/11/2023 07:15

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RNS Number : 3229S  Greatland Gold PLC  03 November 2023

 

 

Greatland Gold plc (AIM: GGP)

E: info@greatlandgold.com

W: https://greatlandgold.com

: twitter.com/greatlandgold

 

 

NEWS RELEASE | 03 November
2023

 

 

First Phase of Drilling Completed at Paterson South Project

 

Stingray and Decka targets on the Budjidowns tenement successfully tested

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
MARKET ABUSE REGULATIONS.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE
PUBLIC DOMAIN.

Greatland Gold plc (AIM:GGP) (Greatland or the Company) is pleased to announce
the completion of its maiden drilling campaign at the Paterson South Project,
under the farm-in and joint venture arrangement with Rio Tinto Exploration Pty
Ltd (RTX) (see Greatland's RNS Announcement titled "Farm-in to Rio Tinto's
highly prospective Paterson South tenure" dated 30 May 2023).

Diamond core (DD) and deep reverse circulation (RC) drilling was successfully
completed at the Stingray and Decka targets at the Budjidowns tenement, both
located along strike and within 20km of Greatland's world class Havieron
gold-copper project.

Highlights:

§ Drilling effectively tested the magnetic source of the Stingray and Decka
targets, identified as magnetite rich, mafic to intermediate metamorphosed
intrusive igneous rocks

§ Peak gold assays of 0.26ppm Au and 0.17ppm Au were returned in single 1m
intervals from 305m and 435m respectively in Stingray DD hole BUDJ0004

§ Assay results also show moderately anomalous gold (Au) and copper (Cu) in
various narrow intervals, and pathfinder geochemistry including arsenic (As)
and bismuth (Bi) and tellurium (Te)

This work has achieved the minimum commitment for the earn in  by completing
2,000m of drilling and $1.1m of expenditure

Greatland Managing Director, Shaun Day, commented:

"We are pleased by the results from our maiden drilling program at Budjidowns,
within the Paterson South Project, where two high priority targets were
successfully tested. The program has identified the presence of anomalous gold
and copper as well as pathfinder elements which is encouraging and
informative."

"The rapid commencement of drilling following execution of the joint venture
with Rio Tinto Exploration is testament to Greatland's commitment and ability
to efficiently and safely explore the Paterson region, which we will continue
across our expanded Paterson Province exploration portfolio."

"Completion of this program successfully achieved  the minimum commitment of
our Rio Tinto Exploration farm-in and joint venture agreement more than a year
ahead of the 31 December 2024 deadline."

Overview of the Paterson South Project tenements and drilling campaign

Greatland completed its first drilling programme at the Paterson South Project
within eight weeks of entering into the farm-in and joint venture arrangement
with RTX and becoming project manager.  The Company will be applying its
regional technical knowledge and expertise, built through the discovery of
Havieron, to the Paterson South Project. The application and interpretation of
geophysical surveys (magnetic, gravity and electromagnetic) was key in the
Havieron discovery and is central to Greatland's strategy at Paterson South.

Figure 1: Paterson South Project tenements with Budjidowns Prospect Targets

Stingray

The Stingray target is the first magnetic target northwest along strike of
Havieron and was modelled to be significantly shallower than the Havieron
magnetic body.  Only one drill hole by RTX (BUDJ0003) had previously tested
the sizeable magnetic anomaly, intersecting anomalous copper and bismuth.
 Greatland completed BUDJ0004, 800m north of the previous hole, testing
another part of the large magnetic anomaly body (Figure 2). Permian cover
sequence was confirmed to 280m depth, and highly magnetic, massive
metamorphosed mafic to intermediate intrusive igneous rocks intersected around
the modelled inversion target from around 340 - 500m downhole.

 

Figure 2: Budjidowns Prospect tenement and drill collar locations

Alteration styles range from oxidation halos around late-stage chlorite veins,
through to irregular and patchy epidote and retrograde chlorite-sericite.

The peak gold assay recorded was 1m @ 0.26ppm Au from 305m, in massive, medium
to fine grained granodioritic rock.  A 1m intersection of 0.17ppm Au from
435m, with coincident arsenic of 2m @ 29ppm As, bismuth of 1m @ 32.4ppm Bi,
and copper of 1m @ 468.2ppm Cu from 435m was also returned (Table 2). These
peaks form part of a larger 20m wide halo of anomalous As-Bi-Co-Cu-Pb-S
pathfinder geochemistry from 430 - 450m, in weakly altered gabbro - diorite
with silicification and minor quartz veining in a structurally disrupted zone.

The presence of elevated As - Bi - Cu associated with Au is highly encouraging
as it is commonly associated with economic mineralisation elsewhere in the
Paterson at Winu and Havieron.

Decka

Five deep RC holes at Decka confirmed the magnetic anomalies as being
metamorphic mafic intrusives (Figure 2, Table 1), with minor intermediate to
felsic lenses also being intersected.  Depth of Permian cover varied from
225m (BUDJ0005) to 90m (BUDJ0007) below surface, being broadly shallower in
the west.

While no economic gold or copper grades were identified, several moderately
anomalous pathfinder geochemical intervals show alteration fluids were active
in the area (Table 2).  BUDJ0005A, targeting a coincident magnetic/EM
anomaly, intersected an 8m interval from 298m of anomalous Cu - Bi (Table 2)
with patchy Pb, S and Zn, at the contact with a K-altered, quartz veined,
silicified granitic intrusive rock.  The lithological contact being a
rheological contrast and showing alteration fluids and enhanced metal
geochemistry occurs in the system.

A similarly anomalous pathfinder interval was noted in BUDJ0006 from 354 -
366m, where a 12m @ 229ppm Cu interval was associated with patchy, anomalous
Cr, Mg, Ni, Pb, S, Zn and traces of sulphide, in a weakly altered
amphibolite.  Alteration of a similar tenor with occasional quartz veining
were noted in the remaining holes as well (Table 2).

Atlantis

Beyond Stingray and Decka, Greatland's next priority at the Budjidowns
tenement is Atlantis which lies 6km along strike to the NNW of Decka (Figure
3) and has no effective drilling on +2km strike of magnetically anomalous
targets. A review of this prospect is currently underway, with heritage access
planning, detailed ground geophysics and potentially follow up drilling under
review to test these targets.

Greater Paterson South exploration program

Work is underway to review historic exploration carried out across the rest of
the +1,500km(2) Paterson South Project.  A detailed on-ground heritage survey
was recently completed over several targets on the Skylar, Wilki Lake and
Basel tenements.  Results from this survey are awaited, with field work
including drilling to follow.  Further geological interpretation of the rest
of the tenement package is underway to develop targets, and allow on-ground
work, as statutory and heritage approvals are obtained.

 

Contact

For further information, please contact:

 

Greatland Gold plc

Shaun Day, Managing Director  |  info@greatlandgold.com

 

Nominated Advisor

SPARK Advisory Partners

Andrew Emmott / James Keeshan / Neil Baldwin

greatlandgold@sparkapl.com  |  +44 203 368 3550

 

Corporate Brokers

Berenberg  |  Matthew Armitt / Jennifer Lee  |  +44 203 368 3550

Canaccord Genuity  |  James Asensio / George Grainger |  +44 207 523 8000

SI Capital Limited  |  Nick Emerson / Sam Lomanto  |  +44 148 341 3500

 

Media Relations

UK - Gracechurch Group  | Harry Chathli / Alexis Gore / Henry Gamble  |
+44 204 582 3500

Australia - Fivemark Partners  |  Michael Vaughan  |  +61 422 602 720

 

About Greatland

Greatland is a mining development and exploration company focused primarily on
precious and base metals.

The Company's flagship asset is the world-class Havieron gold-copper project
in the Paterson Province of Western Australia, discovered by Greatland and
presently under development in joint venture with ASX gold major, Newcrest
Mining Limited (which is the subject of an approved takeover by Newmont
Corporation that is due to complete on 6 November 2023).

Havieron is located approximately 45km east of Newcrest's existing Telfer gold
mine. The box cut and decline to the Havieron orebody commenced in February
2021. Total development now exceeds 2,820m including over 2,030m of advance in
the main access decline (as at 8 October 2023).  Subject to a positive
feasibility study and Decision to Mine, Havieron is intended to leverage the
existing Telfer infrastructure and processing plant.  Access to Telfer will
de-risk the development and reduces capital expenditure.

Greatland has a proven track record of discovery and exploration success and
is pursuing the next generation of tier-one mineral deposits by applying
advanced exploration techniques in under-explored regions. Greatland has a
number of exploration projects across Western Australia and in parallel to the
development of Havieron is focused on becoming a multi-commodity miner of
significant scale.

Competent Persons Statement

Information in this announcement pertaining to Reporting of Exploration
Results has been reviewed and approved by Mr Damien Stephens, a Member of
the AusIMM, who has more than 30 years relevant industry experience.  Mr
Stephens is a full-time employee of the Company and has a financial interest
in Greatland.  Mr Stephens has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration, and to the activity
which he is undertaking 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 and Gas Companies, which outline standards of
disclosure for mineral projects.  Mr Stephens consents to the inclusion in
this announcement of the matters based on this information in the form and
context in which it appears.  Mr Stephens confirms that the Company is not
aware of any new information or data that materially affects the information
included in the historical market announcements, and that the form and context
in which the information has been presented has not been materially modified.

 

 

APPENDIX

Table 1 - Budjidowns Drill Hole Collars (MGA2020 z51)

 Hole       Drill Type  Prospect          East    North    RL   Dip  Azi  EOH (m)
 BUDJ0004   DD          Stingray          459850  7607018  253  -80  330  768.3
 BUDJ0005   RC          Decka EM/Mag      457363  7615657  272  -80  360  222
 BUDJ0005A  RC          Decka EM/Mag      457357  7615655  272  -80  360  312
 BUDJ0006   RC          Decka FM1         455869  7615902  276  -80  180  402
 BUDJ0007   RC          Decka - Smuggler  453471  7615925  279  -80  180  366
 BUDJ0008   RC          Decka FM2         455632  7614817  271  -80  180  402
 BUDJ0009   RC          Decka FM4         459129  7614870  267  -60  10   306
 BUDJWB01   RC          Water Bore        453475  7615922  279  -90  0    60

 

Table 2 - Geochemically Anomalous* Intersections Budjidowns Drilling

 Hole       From  To   Interval  Au (ppm)  Cu (ppm)  Ag (ppm)  Bi (ppm)  As (ppm)  Pb (ppm)  Zn (ppm)
 BUDJ0004   305   306  1         0.26      -         -         -         -         -         -
            358   359  1         -         -         -         -         -         183       1229
            435   436  1         0.176     4686      2.79      326       26        166       -
 BUDJ0005A  298   306  8         -         3556      -         3         -         -         -
 BUDJ0006   354   366  12        -         2296      -         -         -         -         -
 Incl.      355   361  6         -         -         -         -         -         124       281
 BUDJ0007   225   234  9         -         -         -         6         71        375       498

*intercepts are defined as Au > 0.1 g/t ppm, Cu > 200 ppm or Zn + Pb
> 300ppm. Bi, Ag and As are considered pathfinders for Au and Cu in the
Paterson Province.

 

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