Greatland announces 'encouraging' results from Scallywag drilling

The AIM-traded company said the project is situated adjacent to the Havieron gold-copper project, which it also discovered in 2018.

It said the exploration programme consisted of ground electromagnetic surveys and drilling, with the aim of identifying and refining electromagnetic conductor targets.

The results of the programme were positive, with the discovery of anomalous gold, strong silver, and copper at the Pearl prospect.

Greatland said the PPDD003 conductor at Pearl was tested, revealing one metre at 1,364 grams of silver per tonne and 0.35% copper from 76 metres, which remained open at depth.

The same conductor also showed one metre at 0.76 grams of gold per tonne and 109 parts of bismuth per million from 251 metres, as well as one metre at 0.1% copper and 22.6 parts of bismuth per million from 418 metres, and one metre at 50.9 parts of bismuth per million from 65 metres.

Another hole, A35RD001, which targeted the A35 prospect conductor, intersected two metres at 2.04 grams of gold per tonne from 70 metres, within a mineralized gold halo of 12 metres at 0.48 grams of gold per tonne from 69 metres.

The interval contained wet samples and immediately preceded a missing sample.

It said that, importantly, anomalous bismuth and other pathfinder geochemistry were associated with the intersection.

The company said the results of the programme confirmed and refined several electromagnetic conductor targets that were identified in the 2021 programme.

Testing of the targets began with reverse circulation pre-collar and diamond core drilling.

“Our recent exploration campaign at Scallywag has delivered the most encouraging results to date,” said managing director Shaun Day.

“At the A35 prospect, pre-collar drilling was completed with gold mineralisation intercepted plus important pathfinder geochemistry encountered, including bismuth which is associated with the Havieron and Telfer gold-copper deposits.

“The high-grade silver and copper mineralisation intercepted at the Pearl prospect confirms the possibility of a new style of deposit being identified.”

Day said the underlying deeper geophysical targets at both prospects were yet to be tested, but had now been prioritised for diamond drilling during this year.

“These results, together with the continual improvement in understanding of the buried geology, stratigraphy and structure, increase our confidence in the prospectivity of the ground, and our ability to vector towards intrusion related and other styles of mineralised systems at Scallywag.”

At 1117 GMT, shares in Greatland Gold were up 0.55% at 7.29p.

Reporting by Josh White for Sharecast.com.