Firetower and Warrentinna Project Update

RNS Number : 4821J

Greatland Gold PLC

12 September 2016

 

12 September 2016

Greatland Gold plc

("Greatland" or "the Company")

Firetower and Warrentinna Project Update

Greatland Gold plc (LON:GGP), the London Stock Exchange AIM listed precious and base metals exploration and development business is pleased to announce an update on upcoming activities for its Warrentinna and Firetower gold projects in Tasmania, Australia. 

Highlights

·     New drilling programme at Warrentinna gold project to test for extensions to gold mineralisation along strike and at depth at Derby North prospect;

·     Warrentinna programme of work includes plans for six RC holes for approximately 600 meters of drilling that will follow up on previous intercepts including 26m@2.32g/t Au and 5m@29.26g/t Au;

·     After extensive internal review, Greatland will also commence a range of basic field activities targeting two relatively underexplored areas at the Firetower gold project;

·     Key objective of the activities at Warrentinna and Firetower projects is to extend the company's knowledge of the mineralised systems, both of which have demonstrated the presence of high grade gold in historic drill results.

Callum Baxter, Executive Director, commented: 'We are pleased to begin a more active phase of exploration at Greatland's Tasmanian gold projects. The Warrentinna and Firetower gold projects both possess significant upside exploration potential and we believe that, given the current gold price environment, now is the right to take a more aggressive approach to exploration on these projects.

We would like to take this opportunity to remind our shareholders that historical drilling has intercepted high grade gold mineralisation at both projects, including 26m@2.32g/t Au and 5m@29.26g/t Au at the Warrentinna project, and 29m@2.39g/t Au and 17m@5.37g/t Au at the Firetower project.

We will announce further developments at both projects, including the commencement of drilling at Warrentinna, in due course.'

Warrentinna Project, Tasmania

The Warrentinna project is located in north east Tasmania and covers an area of 37 square kilometres. Drilling completed by the Company to date has significantly enhanced the project returning robust gold grades and displaying continuity of mineralisation at the Derby North prospect.

It is intended to drill further holes to track mineralisation along strike and at depth at Derby North. Also, additional holes will be drilled at other prospects within the licence area to test outer lying targets which have not been subject to drilling to date but would further enhance the project if significant mineralisation was located.

The total number of holes and metres to be drilled will be dependent on results received and mineralisation intersected, but will initially consist of approximately 6 RC holes for 600m.

The project consists of one licence for ease of administration and Greatland retains 100% equity in the project.

Firetower Project, Tasmania

The Firetower project is located in central north Tasmania and covers an area of 62 square kilometres. Gold and copper mineralisation has been identified within the project area.

The company has completed an internal review of the project and determined the key areas requiring attention to advance the project. From this it has been recognised that the western portion of the main mineralised area at Firetower shows much potential but has not been subject to intensive exploration due to steep terrain. Here it is intended to complete detailed gridding, rock chip sampling and mapping with a view to generating drill targets for deeper drilling.

Additionally a new area has been identified from detailed airborne geophysical data with radiometric and magnetic signatures similar to the main Firetower mineralisation. This will be subject to first pass geochemistry and geological reconnaissance.

The two remaining licences have been consolidated into one for ease of administration without reducing the project area and keeping our 100% equity in the project.

Further details of field activities will be announced in the coming weeks.

Additional information on the Firetower and Warrentinna projects can be found on the Company web site at www.greatlandgold.com/projects

Competent Person:

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) and under the AIM Rules - Note for Mining and Oil & Gas Companies. 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.

 

Enquiries:

Greatland Gold PLC

Callum Baxter/Gervaise Heddle

Tel [phone]

Email:  [e-mail]

www.greatlandgold.com

SPARK Advisory Partners Limited (Nominated Adviser)

Mark Brady/Sean Wyndham-Quin/James Keeshan

Tel [phone]

SI Capital Limited (Broker)

Nick Emerson / Andy Thacker

Tel  [phone]

Notes for Editors:

Greatland Gold plc is London listed (LON:GGP) natural resource exploration and development company with a current focus on gold and nickel exploration projects.  

The Company has four main projects; two situated in Western Australia and two in Tasmania.  All projects are 100% owned by Greatland.  

Greatland is seeking to identify large mineral deposits in areas  that have not been subject to extensive exploration previously.  It is widely recognised that the next generation of large deposits will come from such under-explored areas and Greatland is applying advanced exploration techniques to investigate a number of carefully selected targets within its focused licence portfolio.

The Company is also actively investigating a range of new opportunities in precious and strategic metals and will update the market on new opportunities as and when appropriate.

Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

 

END

 

 

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