REG - Greatland Gold PLC - Mt Egerton grant of Exploration Licence

Greatland GoldAnnouncement

23/05/2024 07:00

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RNS Number : 6253P  Greatland Gold PLC  23 May 2024

Greatland Gold plc (AM: GGP)

E: info@greatlandgold.com

W: https://greatlandgold.com

: twitter.com/greatlandgold

 

 

NEWS RELEASE | 23 May 2024

 

 

Mt Egerton grant of Exploration Licence

 

Greatland exploration portfolio enhanced by new Mt Egerton gold-copper project

 

 

Greatland Gold plc (AIM:GGP) (Greatland or the Company) is pleased to announce
that it has been granted a new Exploration Licence E52/4342 (Woodlands)
covering 134km(2) as the inaugural tenement in the Mt Egerton Project (Mt
Egerton).

 

Highlights

 

§ Exciting new gold-copper exploration project established in the Gascoyne
region, located 230km north of the Meekatharra gold camp

§ Greatland targeted the region as potentially having mantle tapping
structures, an essential ingredient in large scale gold and copper systems

§ Woodlands tenement includes a 25km strike length in a structurally complex
geological setting which is potentially a very favourable mineralisation trap
site

§ The tenement is significantly under-explored, with open file data recording
very limited drilling and soil sampling, none of which was assayed for gold

§ Indigenous Land Use Agreement already in place provides expedited pathway
to on-ground exploration work

 

Greatland Managing Director, Shaun Day, commented:

 

"We are delighted by the grant of the Woodlands tenement at our new Mt Egerton
gold-copper project, which further enhances our excellent exploration
portfolio with a new front in a highly prospective region of Western
Australia.

 

Our exploration team identified Mt Egerton as an excellent regional and local
geological setting for the discovery of major gold and copper deposits. With
the successful grant of our first tenement, we will now work to compile and
interpret available data to plan systematic, targeted exploration on the
ground in the near future.

 

We are proud of Greatland's proven track record of discovery and exploration
success, and Mt Egerton presents a further opportunity to put our advanced
exploration techniques to work in an under-explored region in pursuit of
tier-one gold and copper deposits."

 

Native title and land access

The newly granted Woodlands tenement is within the Nharnuwangga Wajarri and
Ngarlawangga (NWN) native title determination and is covered by an existing
Indigenous Land Use Agreement (ILUA) signed between the Government of WA and
the Jidi Jidi Aboriginal Corporation (JJAC).  The ILUA applies to any tenure
within the area by the tenement holder entering into a prescribed form
heritage agreement with JJAC, which Greatland has requested. This is expected
to provide a significantly expedited pathway to on-ground exploration
activities at Woodlands.

 

Geological setting

 

The Mt Egerton Project lies within an east west trending wedge of folded
Proterozoic metasediments developed in the Edmund Basin (Figure 1), wedged
between the northern margin of the Archean Yilgarn craton and the southern
margin of the Pilbara Craton to the north. This is a major deep seated
structural boundary which is interpreted as a likely conduit region for metals
from the mantle, and a highly prospective setting for the discovery of gold
and base metals deposits.

 

Figure 1: Mt Egerton Project location on Geoscience Australia Archean and
Proterozoic geological provinces.

Local geology

Within the Woodlands tenement, the geology is dominated by west-north-west
trending isoclinal folding, creating domal anticline and syncline pairs,
including the Lyons River Anticline within Proterozoic basin fill sediments
(Figure 2). These sediments include reactive calcareous units within the Devil
Creek, Ullawarra, Irregully and Discovery formations, which can act as
chemical traps for mineralisation.

The regional scale Quartzite Well Fault (Figure 1 and Figure 2) bisects the
tenure and truncates the folded stratigraphy. Second order splays off this
deep seated fault structure have been confirmed in drilling (25-75km) to the
east to have elevated gold values, increasing the prospectivity of similar
untested fault splays within Woodlands.

Figure 2:  1:100,000 scale state interpreted bedrock geology and previous
work.

Historical work

Woodlands is historically underexplored, with only a single line of 6 reverse
circulation (RC) drillholes (Figure 2) completed by Western Mining Corporation
(1993) in the south of the tenement, according to the Geological Survey of WA
(GSWA) open file data.  Only a limited suite of elements were assayed for,
and critically none of the samples were tested for gold.  The cover depth in
drilling is inferred to be approximately 60 metres and increasing to
approximately 100 metres in faulted ground. The depth of cover is interpreted
to shallow towards the west where it outcrops in the Lyons River Anticline and
in the north of the tenement.

 

Historical surface sampling programmes carried out by Western Mining (1992)
and Abra Mining (2008-2011) included 559 samples completed along the North
and East parts of the tenement (Figure 2).  As with the historical drilling,
gold was not assayed for.  Weak copper anomalism appears to be associated
with particular lithological units and is likely in the sediments at the time
they were laid down, rather than an indicator for mineralisation, post
deposition.

 

Prospectivity

The exploration model targeting gold and copper mineralisation at Woodlands is
that movement on a regional scale fault causes partial melting of the mantle
at depth (Figure 3). These hot metal rich fluids migrate to the surface
preferentially utilising second order faults. Impermeable units in anticlines
act like an overturned bowl trapping the rising fluid and pooling it beneath
them. Calcareous units react with this cooling fluid and at the same time
dissolving creating open space. This effect changes the fluid chemistry and
creates a pressure drop forcing the metals to drop out of solution and
deposit.

The Woodlands tenement shows evidence of all of the above requirements for
gold mineralisation, including a major regional fault, mineralised splays,
anticlines and reactive rocks.  The lack of outcrop has meant that the area
has remained untested, with no historical gold assays completed on the
tenement. Greatland considers the Woodlands tenure to be highly prospective
for gold and copper mineralisation.

Figure 3: Illustrative mineralisation model.

Planned work

Work at Mt Egerton has commenced and is focused on:

 

§ Signing the ILUA prescribed form heritage agreement

§ Completing a desktop review to refine the geological model at Woodlands to
determine the most prospective locations for possible chemical and physical
trapsites

§ Defining programmes to effectively test the main structural "plumbing"
within the tenure for mineralisation and follow these to the trap sites

§ Field reconnaissance

 

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  |  +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 world gold major, Newmont
Corporation.

 

Havieron is located approximately 45km east of Newmont's existing Telfer gold
mine. The box cut and decline to the Havieron orebody commenced in February
2021. Total development now exceeds 3,060m including over 2,110m of advance in
the main access decline (as at 31 March 2024).  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 would
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.

 

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