Further to the announcement of 13 December 2017, Greatland Gold, the precious and base metals exploration and development company, has provided an update on the Ernest Giles project and results of work conducted by Newmont Exploration Pty Ltd (“Newmont”), a subsidiary of Newmont Mining Corporation (NYSE: NEM).
Newmont has informed the Company that its current corporate priorities are largely focused in other districts. Consequently, it has informed Greatland that it will not be proceeding with the project at this time. Newmont’s six month right of first refusal over the Ernest Giles Project has already lapsed in accordance with the agreement announced 16 May 2017.
Newmont’s DSG survey has been successful in defining a new large gold anomaly, covering an area of approximately 5km by 1.5km and untested by previous drilling.
Greatland Gold continues to hold 100 per cent of the project and is well financed to proceed with its alternative plans to progress with an exploration programme using the results of the Deep Sensing Geochemistry (“DSG”) survey conducted by Newmont.
Key highlights of the DSG results included:
- Large 5km long by 1.5km wide gold anomaly identified, oriented in an east-west direction, that sits approximately 1km to the north of Greatland’s previous drilling;
- The large anomaly identified has not been drill tested and sits perpendicular to the regional geological strike suggesting a strong structural control on mineralisation;
- Several additional robust gold anomalies successfully identified, many of which have not been drill-tested; and
- DSG survey was also successful in identifying overall basement lithological trends and recognised a belt parallel alteration signature commonly associated with large scale mineralised systems.
Greatland anticipates that it will be lodging a Programme of Work with the Western Australian Department of Mines and Petroleum in the next two weeks and, subject to approval, anticipates that it will be commencing a targeted exploration campaign at the Ernest Giles project in Q1 2018.
Gervaise Heddle, Chief Executive Officer, said, “The collaboration between Newmont and Greatland has successfully defined several additional gold anomalies, and we would like to thank Newmont for their efforts. The results of their survey have enhanced our understanding of the project and identified multiple new targets for further exploration work, reinforcing our view that the Ernest Giles project has the potential to host several multi-million-ounce gold deposits. We are well financed to actively progress exploration at Ernest Giles and look forward to reporting progress through the year.”