Greatland Gold plc (LON:GGP), the London Stock Exchange AIM quoted precious and base metals exploration and development business is pleased to announce that the Company has now received approval from the Native Title parties necessary to commence drilling at the Bromus project.
· Large nickel sulphide target outlined at the Bromus project in Western Australia following definition of significant bedrock conductors through ground geophysics;
· Greatland has now received the approval necessary from Native Title parties to commence the planned Bromus drilling programme;
· As part of the Company’s ongoing strategic review the board has decided to give priority to a drilling programme to test bedrock conductors at the Bromus project;
· Initial four hole programme to directly test four main targets prospective for Nickel Sulphide mineralisation;
· Further announcements to follow shortly to confirm commencement of the Bromus drill programme and to outline the overall findings from the Company’s strategic review.
Callum Baxter, Executive Director of Greatland, commented: “We are pleased to confirm that following liaison with the Native Title parties we have now secured their approval to allow commencement of drilling at the Bromus project.
Reflecting this approval, and in light of the Company’s ongoing strategic review which has confirmed Bromus is an important project to progress, we are now preparing to undertake this drill programme.
The ground electromagnetic work conducted in 2015 confirmed one very substantial nickel sulphide bedrock conductor and three others justifying testing. The findings of our technical work at Bromus to date are exciting, however we will not know the tenor (grade) of nickel sulphide mineralisation until we undertake drilling.
The Company’s strategic review will be finalised in the near term, after which the results will be announced to the market. This review will confirm that Greatland is now moving into a phase of proactive exploration across existing projects and acquisition of new opportunities, several of which are already under review. We note there can be no certainty that acquisitions will proceed unless and until formal commercial agreements are signed and announced to the market.
Greatland is well placed financially, with cash at bank, no debt and low monthly fixed costs.
We look forward to near term progress as Greatland now becomes an active precious, base and strategic metals exploration company. Further announcements will follow in the near term.”
Background to Bromus Project:
The Bromus project is located in southern Western Australia, approximately 25km south west of the town of Norseman, and covers approximately 112 square kilometres. Several significant clusters of gold and nickel sulphide deposits lie in the region, such as those at Central Norseman, Kambalda and Widgiemooltha. Greatland owns 100% of the Bromus project.
Initial work by the Company included review of detailed airborne geophysics that outlined a 4.5km long nickel sulphide prospective ultramafic sequence, with coherent elevated surface geochemistry to 2,690ppm Ni, in the centre of the Bromus project area. This represents a large nickel sulphide target which can be explored with common geochemical, electromagnetic and drilling techniques. Field work confirmed the presence of flow textured ultramafic lithologies and, despite the proximity to other deposits, no previous exploration for nickel sulphides is apparent.
In early 2015, Greatland completed a fixed loop ground electromagnetic (EM) survey over the entire 4.5km strike. The survey produced data of extremely high quality with excellent ground penetration.
The EM data confirmed a very significant bedrock conductor in the north of the survey area. Modelling shows that the conductor is a sizeable target; it is well defined and covers 180m x 65m. Three other significant conductors have also been identified in the north and central parts of the project area, with a size of approximately 100m x 80m. Modelled depth to the top of the four targets is relatively shallow, between 130 and 175m below the surface.
Such large bodies of conductive material are typically signs of sulphide deposits. The tenor (or grade) of nickel in these deposits can only be determined by drilling. Greatland aims to drill these four targets.
Approvals from Government authorities were required to proceed with drilling, and approvals were also required from Native Title parties. The former was provided during mid 2015, and the latter formally received late last week. As all approvals are now in place, the Company can now proceed with the proposed drilling at Bromus.
Note: readers are advised to carefully review previous Company announcements in respect of the Bromus Project, and notably the announcement of 14 May 2015 which outlined the “Significant Findings Confirmed at Greatland Gold’s Bromus Project.”
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). 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.