Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce it has secured additional acreage covering copper-gold targets in the Paterson Region near its Havieron project. The additional acreage expands Greatland’s interests in the region adjacent to major industry players such as Rio Tinto, Antipa and Newcrest.
· Greatland more than doubles its landholding in the Paterson Region by securing a new exploration licence covering an additional 224 square kilometres;
· The new licence area, Paterson Range East, lies directly north of Greatland’s Havieron project and contains several attractive Iron Oxide Copper Gold (“IOCG”) targets that are prospective for copper and gold mineralisation;
· The new licence cements Greatland’s strategic position in a region that is experiencing increased exploration activity by a number of major industry players;
· Greatland expects to employ modern geophysical methods across the new portfolio to refine targets prior to drill testing.
The Havieron project is located approximately 40 kilometres east of Newcrest’s Telfer gold mine which has produced over 27 million ounces of gold to date. Limited historical exploration by Newcrest in the late 1990s demonstrated high grade gold and copper mineralisation at Havieron with peak values of 15g/t Au and 2.5% Cu.
Gervaise Heddle, Chief Executive Officer, commented:
“We are very pleased to have extended our portfolio of new copper and gold targets near our Havieron project in Western Australia. This ties in with our stated strategy to increase shareholder value by the systematic evaluation of our existing resource assets, as well as the acquisition of suitable exploration and development projects. We look forward to updating the market as matters progress.”
A map showing the Havieron and Paterson Range East licences with regional targets and adjacent landholdings can be seen below:
Overview of Havieron and Paterson Range East Project
The Havieron and Paterson Range East licences are located in the Paterson region of northern Western Australia. The Paterson region hosts several large gold and copper deposits such as Telfer (27M oz) and Nifty (2MT 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 have resulted in the discovery of the large Tropicana gold deposit (7.9M oz) and large Nova nickel-copper deposit (10MT). 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.
Geophysical 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 with all intersecting significant alteration and gold plus copper anomalism.
Thick lower grade zones of gold and copper have been intersected and within these gold grades peak at 15.4g/t and copper to 2.5%. Current drill hole spacing is broad and so the core of Havieron represents an immediate resource definition drilling target.
Within the Paterson Range East licence several IOCG targets have been identified. Historically, several of these targets have been subject to initial first-pass work and show promise at hosting mineralisation as seen at Havieron. Basement rocks do not outcrop and Greatland intends to employ modern geophysical methods to define targets prior to drill testing.
Prospectivity of the Paterson Province is widely recognised with several large industry participants present. These include Rio Tinto, Antipa and Newcrest. Greatland’s licences lie adjacent to Rio Tinto and Antipa.
The Havieron licence covers 137 square kilometres and the addition of Paterson Range East, covering 224 square kilometres, more than doubles Greatlands total area in the region to over 360 square kilometres.
Additional information on the Havieron and Paterson Range East licences can be found on the Company web site at www.greatlandgold.com/projects
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.
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