Comprehensive geophysical surveys covering entire Paterson Range East licence identify multiple high-priority targets
Greatland Gold plc (AIM: GGP), the precious and base metals exploration and development company, is pleased to announce that it has identified multiple targets at its Paterson Range East licence following completion of comprehensive geophysical surveys conducted over the entire licence area.
The Paterson Range East licence, E45/4928, is 100% owned by Greatland and lies approximately 25 kilometres north of the Company’s Havieron gold-copper prospect. The licence covers 224 square kilometres of Proterozoic basement rocks prospective for Havieron style gold-copper mineralisation.
A comprehensive ground gravity survey has been completed at Paterson Range East. A total of 3,736 new gravity stations were collected over the entire tenement at a spacing of 400m by 200m, with station spacing closed to 200m by 200m over selected magnetic anomalies. Results from the ground gravity survey have been received and modelled in conjunction with previously announced detailed airborne magnetic data, and are reported in this announcement.
Key Highlights of Results and Modelling
· Eight high-priority targets have been identified following modelling of detailed magnetic and gravity data, including four primary targets:
o Goliath: Originally identified as a very high amplitude, bulls-eye magnetic feature in Greatland’s recent aeromagnetic survey, new data shows a very large amplitude gravity anomaly semi-coincident with the magnetic anomaly.
o Los Diablos: A bulls-eye, high intensity magnetic anomaly located in a structurally favourable position with a gravity response of moderate to high amplitude coincident with the magnetic feature.
o Prefect: A high amplitude magnetic anomaly with a semi-coincident moderate amplitude gravity response.
o Atlantis: Characterised by two distinct east-west trending high amplitude magnetic anomalies on the western edge of the tenement, new ground gravity data has defined three target areas within Atlantis.
· Mobile Metal Ion (“MMI”) sampling has been completed at 200m by 200m sample spacing over all key Paterson Range targets. MMI results are pending and will be incorporated with latest data sets to prioritise targets for further geophysical work and drill testing.
· Limited historical drilling was conducted in the early 1990s at each of the four primary targets but drilling failed to adequately test these targets with most holes too shallow to intersect the modelled anomalies.
Gervaise Heddle, Chief Executive Officer, commented: “The results from the recent geophysical surveys at Paterson Range East further advance our knowledge and understanding of an underexplored part of the Paterson which has outstanding potential to host tier-one gold-copper deposits. In particular, the Los Diablos and Prefect targets share very similar geophysical characteristics to Havieron, and appear to be under significantly less cover than Havieron.
“Our systematic exploration programmes across the Paterson Range East and Scallywag prospect areas this year have successfully highlighted a dozen high-priority targets. We look forward to advancing this exciting set of opportunities as we continue to accelerate our exploration activities in the Paterson region.”
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
Overview of Paterson Project and Paterson Range East licence
The Company’s Paterson project comprises the Havieron, Paterson Range East, and Black Hills licences, located in the Paterson region of northern Western Australia. The three licences collectively cover more than 385 square kilometres and are prospective for Telfer style gold-copper deposits, and Havieron style gold-copper mineralisation.
The Paterson region is currently one of the most active exploration areas in Australia. Recent exploration success achieved by Greatland and Rio Tinto demonstrates the region has been underexplored, particularly the extensive areas under cover. As well as hosting several large gold and copper deposits such as Telfer and Nifty, more recent exploration has outlined several other deposits including Magnum (Au), Calibre (Au), O’Callaghans (W, 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 Range East licence, E45/4928, lies approximately 25 kilometres north of the Havieron gold-copper prospect. The Havieron prospect is currently under a Farm-In agreement with Newcrest Operations Limited, while Paterson Range East remains 100% owned and operated by Greatland. The Paterson Range East licence covers 224 square kilometres of Proterozoic basement rocks prospective for Havieron style gold-copper mineralisation. Basement rocks are covered by varying amounts of younger Permian sediments ranging in depth from less than 100m up to more than 400m based on sparse historical drilling.
It is widely recognised that additional gold-copper discoveries in the Paterson will come from areas under cover, and that geophysics is a critical component of the discovery process. Greatland continues to apply its proven expertise at Paterson Range East through a systematic approach to exploring under cover in the Paterson region.
Basement rocks at Paterson Range East are interpreted to be predominantly calcareous rich sandstones intruded by several late stage granitic bodies. Historically, several of these targets have been subject to initial first-pass work, including limited drilling by Newcrest Mining Limited (“Newcrest”) in the early 1990s, and show promise at hosting mineralisation as seen at Havieron.
A detailed, low-level 50m line spaced aeromagnetic survey was collected over Havieron in 2005 (by a previous operator) and this data was critical in delineation and drill targeting for Greatland’s highly successful 2018 campaign (HAD001-HAD009). To expand this successful approach, Greatland commissioned a detailed, low-level airborne magnetic survey to cover the entire Paterson Range East licence. The survey comprised approximately 5,200 line kilometres at a line spacing of 50m with a mean terrain clearance of 40m. Previous aeromagnetic coverage of the area included 200m and 400m line spaced surveys.
A comprehensive ground gravity survey has been completed at Paterson Range East. A total of 3,736 new gravity stations were collected over the entire tenement at a spacing of 400m by 200m with local infill at 200m by 200m over selected magnetic anomalies. Results from the recent ground gravity survey have been received and modelled, and are reported in this announcement.
Four primary targets and four secondary targets have been identified following modelling of the detailed magnetic and gravity data. MMI sampling has been completed at 200m by 200m sample spacing over all targets with results pending. The four primary targets are described below.
New Primary Targets within Paterson Range East
Goliath: Originally identified as a very high amplitude bulls-eye magnetic feature in Greatland’s recent aeromagnetic survey, Goliath is interpreted to be a metasedimentry dome with the magnetic anomaly at the fold hinge position. New gravity data shows a very large amplitude anomaly semi-coincident with the magnetic anomaly. Three historic drill holes were completed in the early 1990s off the northern edge of the magnetic anomaly failed to reach Proterozoic basement (OCE0102 – hole depth 88m).
Los Diablos: A bulls-eye high intensity magnetic anomaly located in a structurally favourable position (interpreted hinge zone of a folded sequence of metasedimentary rocks). The gravity response is of moderate to high amplitude and coincident with the magnetic feature. Three historic holes targeting the southern edge of the magnetic anomaly were drilled in the early 1990’s. These holes failed to adequately test the magnetic and gravity anomalies (CAW07 – hole depth 70m).
Prefect: A high amplitude magnetic anomaly with a semi-coincident moderate amplitude gravity anomaly. One historic hole drilled in 1995 (PRD9501 hole depth 192m) penetrated basement and drilled metasediments, a diorite dyke and granite. The centre of the gravity response is 200m west of the historic drill hole, whilst the magnetic feature has not been adequately tested due to its depth extent.
Atlantis: Characterised by two distinct east-west trending high amplitude magnetic anomalies on the western edge of the tenement. Ground gravity surveying has defined three targets. The northern most target was drilled in 1995 (ATD9501 – hole depth 267.6m). Greatland’s 3D modelling of the magnetic data suggests this hole was terminated prematurely. The remaining targets are untested.
Further work may include Induced Polarisation (“IP”) and Electromagnetic (“EM”) geophysical surveys to refine drill targeting.
Additional information on the Paterson Range East licence can be found at the Company’s web site: www greatlandgold.com
In addition to this release, a PDF version of this report, with supplementary information can be found at the Company’s web site www.greatlandgold.com/media/jorc
Information in this announcement that relates to exploration results is based on information compiled by Mr Mick Sawyer who is a member of the Australian Institute of Geoscientists and is a Registered Professional Geoscientist (R.P.Geo #10194). Mr Sawyer is Exploration Manager and a full-time employee of Greatland Pty Ltd, and holds employee options in Greatland Gold plc. Mr Sawyer 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 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 Paterson Range East exploration results has been extracted from the following announcements:
“Rio Tinto Exploration Update – Winu project”, dated 1 August 2019
“Paterson Range East – Results and Exploration Update”, dated 15 July 2019
“Exploration to Commence at Paterson Range East”, dated 22 May 2019
“Rio Tinto Exploration Update – Winu project” dated 6 June 2019
“Rio Tinto Exploration Update – copper-gold mineralisation discovered in the Paterson Province in the far eat Pilbara region of Western Australia” dated 27 Feb 2019
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