Greatland Gold’s Second Drilling Programme at Havieron Project on Schedule to Commence in mid-September
DDH1 Drilling Pty Ltd, one of Australia’s most highly regarded mineral exploration drilling providers, has been re-appointed to conduct the upcoming drill programme and has agreed to accept part payment of fees in the form of shares and warrants in Greatland
Greatland Gold has provided an update on the Company’s upcoming second drill programme at its 100%-owned Havieron project in the Paterson region of Western Australia.
Greatland’s first drilling campaign at Havieron, carried out in April-May 2018, yielded excellent results, which included 121m at 2.93g/t Au and 0.23% gold from 497m, and established the presence of a zone of high grade mineralisation (peak grades 137.69g/t gold and 4.11% copper).
As stated on 4 July 2018, Greatland expects to commence a second, expanded drilling campaign in mid-September at the Havieron project, consisting of ten core holes to 600 metres each for a total of 6,000 metres, to further determine the extent and the direction of the high grade zone of mineralisation at Havieron.
Appointment of DDH1 Drilling Pty Ltd:
• DDH1 Drilling Pty Ltd (“DDH1”), one of Australia’s most highly regarded mineral exploration drilling providers, has been re-appointed to conduct the upcoming drill programme after their successful execution of Greatland’s first drill programme at Havieron earlier this year; • As an expression of their support and confidence in the Havieron project, DDH1 has agreed to accept part payment of its drill programme fees in the form of shares and warrants in Greatland, on the same terms as the Company’s recent placing and subscription announced on 27 July 2018; • Following the commencement of drilling at Havieron, and in consideration for an amount of £142,045.45, or approximately $250,000 Australian Dollars, Greatland will issue to DDH1 11,363,636 ordinary shares of 0.1 pence each in Greatland Gold plc, and will issue 11,363,636 warrants with a 2.0p exercise price and an exercise period of 12 months; • DDH1 has confirmed that drilling is on schedule to commence at Havieron in midSeptember.
Once issued and allotted, an application will be made for the 11,363,636 new ordinary shares to be admitted to trading on AIM. Further announcements will be made as appropriate.
Gervaise Heddle, Chief Executive Officer, commented: “We are delighted to be working with DDH1 again. They very successfully conducted our maiden drill campaign at Havieron earlier this year, which yielded excellent results. DDH1 have become a great partner for us and we are pleased to see that they are backing this project not only with their skillset but by taking equity in the Company. This is a great endorsement for the Havieron project and our exploration efforts. We look forward to continuing to update shareholders on this new, expanded drill programme.”
Murray Pollock, Managing Director of DDH1 Drilling Pty Ltd, commented: “We are very pleased to be appointed as drilling providers to the second drill programme at Greatland’s Havieron Project. The first drilling campaign yielded exceptional results, and that is why we had no hesitation in accepting shares as part payment for the upcoming drill programme. We look forward to working with Greatland on this exciting project.”
Update on Ernest Giles Drilling Campaign
Greatland’s first drill campaign at Wishbone detects gold, silver and copper mineralisation. First drill hole to intersect basement at Carnegie returns consistent nickel response.
Greatland Gold has also announced drilling results from the Wishbone, Carnegie and Empress areas within the Company’s 100% owned Ernest Giles project in Western Australia. Following positive Mobile Metal Ion (“MMI”) sampling results earlier this year, Greatland embarked on a Reverse Circulation (“RC”) drilling campaign across the Ernest Giles project from June through August 2018 which focused on high priority gold targets at the Meadows, Wishbone and Empress areas, and a nickel sulphide target at the Carnegie area. Drilling commenced at Empress, then progressed to Carnegie, Wishbone and finally Meadows.
Highlights of Drilling Results from Wishbone, Carnegie and Empress
Wishbone • Two maiden drill holes were completed to test structural targets; • Mineralisation in the form of disseminated sulphides was seen throughout basement rocks (ERC036); • Anomalous gold, silver and copper detected (ERC036: up to 38ppb gold, 0.44ppm silver and 0.15% copper).
Carnegie • One drill hole was completed to test a nickel sulphide target resembling both the geophysical signature and size of Independence Group’s Nova nickel deposit; • Basement was successfully intersected at Carnegie (ERC034) for the first time; • Encouragingly, a consistent nickel anomalous response was detected in basement (up to 0.02%) from 380m to 408m (end of hole).
Empress • Two RC drill holes completed to test a surface MMI anomaly; • One hole successfully reached basement (ERC032); • Anomalous gold (45ppb) was detected from surface to 4m depth, but the source of this gold response remains unexplained.
The drill holes completed at the Empress, Carnegie and Wishbone areas represent very early stage exploration work over an area of approximately 500 square kilometres. Drill results received to date will be further reviewed in a regional context along with airborne and surface data sets.
Greatland has also completed drilling at Meadows to assess the large, untested 5km x 1.5km anomaly defined by Newmont’s Deep Sensing Geochemistry (“DSG”) work and supported by Greatland’s MMI sampling. The Company expects to receive these results in approximately four weeks.
Gervaise Heddle, Chief Executive Officer, commented: “We are very encouraged by the initial drill results from Wishbone and Carnegie, which reaffirm our exploration model for both areas and our view that, while very early stage, both targets are highly prospective.
“The Wishbone area includes a number of high priority structural targets and it is noteworthy that we have intersected disseminated sulphides throughout the basement rocks in just our first drilling campaign in the area.
“We are also encouraged by the consistent nickel response in basement at Carnegie, a large nickel sulphide target with a geophysical signature similar to Independence Group’s Nova nickel deposit. Importantly, this is the first and only hole that has intersected the target rocks in basement.
“In regards to Empress, we intend to undertake further work to understand the source of the highly elevated gold response at surface in both RC drilling and MMI surface sampling.”
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