Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce that regional targeting across the Paterson project area has highlighted the potential for a new IOCG district. Share Talk are hoping to speak with the company on the podcast later.
Approximately fifty IOCG targets have been identified by the Company in the broader region, with around half located in ground held by Greatland.
· Multiple new IOCG targets identified across Greatland’s Paterson project, an area which lies along the western margin of a Proterozoic basin in the north of Western Australia;
· A review of historical exploration activity indicates that many of the new targets exhibit a similar geophysical signature to the Company’s Havieron target and have the potential for hosting similar copper and gold mineralisation;
· Greatland is currently planning field activities for H2 2017 aimed at highlighting the presence of multiple IOCG occurrences in the region.
The Paterson project covers over 360 square kilometres in the Paterson region of Western Australia and includes both the Havieron licence (acquisition announced 26 September 2016) and the Paterson Range East licence (application announced 6 June 2017). Limited historical drilling (six drill holes) by Newcrest during the 1990s demonstrated high grade gold and copper mineralisation at the Havieron target with peak values of 15g/t Au and 2.5% Cu.
Gervaise Heddle, Chief Executive Officer, commented:
“We are very excited by the results of this extensive data review which highlight the potential for a new IOCG district in Western Australia. Our technical team has identified approximately fifty targets across the broader area, and roughly half of those targets lie within Greatland’s Paterson licences. Over the next few weeks, we intend to prioritise the multiple regional targets for further follow up work, while we also prepare our plans for exploration work at the Havieron target itself.”
A new regional map showing the Havieron and Paterson Range East licences with regional targets and adjacent landholdings can be found at:
Further announcements will be made as the Company finalises its plans for field activities.
Overview of Paterson Project (Havieron and Paterson Range East licences)
The Company’s Paterson project comprises the Havieron and Paterson Range East licences located in the Paterson region of northern Western Australia. The two licences collectively cover more than 360 square kilometres prospective for iron-oxide-copper-gold (IOCG) deposits.
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 has resulted in the discovery of the large Tropicana gold deposit (7.9M oz) and the 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, 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 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 intends to employ modern geophysical and geochemical 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, Newcrest and Antipa. Greatland’s licences lie adjacent to Rio Tinto and Antipa. Results announced recently (21 June 2017) by Antipa (ASX:AZY) highlight the exploration and development potential of the Paterson Region which include 42.0m at 7.8g/t gold from 262m down hole, including 13.0m at 22.1g/t gold and 1.0m at 222.0g/t gold. Plus 28.0m @ 3.6g/t gold form 13m downhole, including 12.0m at 7.2g/t gold. High grade mineralisation is from near surface and highlights open pit potential and mineralisation remains open along strike to the north and south and at depth.
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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