Encouraging Core Drilling at Firetower

RNS Number : 2078N

Greatland Gold PLC

24 July 2014

 



24 July 2014

Greatland Gold plc

("Greatland" or "the Company")

Encouraging Core Drilling at Firetower

Significant Sulphides Intersected in Core Drilling at Firetower Gold Project

Greatland Gold plc, the mineral exploration and development company based in Australia, is pleased to announce that following core drilling at the Firetower gold project, significant sulphide mineralisation has been intersected.

Highlights 

·     Core drilling completed by Unity Mining Ltd (Greatland Gold's Farm-In partner) at Firetower West to a total depth of 410m.

·     Significant sulphide mineralisation of up to 30% intersected in drill hole.

·     Host sequence of Firetower stock work vein gold mineralisation intersected for +70m from 140m downhole.

·     Laboratory analysis of core underway and awaiting results.  

Callum Baxter, CEO, commented: "The quantity of sulphide mineralisation in this drillhole is exciting. Our partners Unity Mining identified a geophysical anomaly and have successfully tested  it. Also, the drill hole has  intersected over 70m of the rocks which host the Firetower stock work vein gold mineralisation. We eagerly await preliminary analytical results from the drill core which are likely to be available during August."

Firetower Project (gold), Tasmania

The Firetower project comprises four contiguous licences covering an area of 265 square kilometres in central-north Tasmania. The project is subject to a Farm-In agreement dated 7 Oct 2011, whereby Australian Stock Exchange ("ASX") listed Unity Mining Limited ("Unity") may earn up to 75% equity in the licences via expenditure of A$7m.

During late 2013 and early 2014, a 3D IP ground geophysical survey was completed at the Firetower West prospect. Data from the 3D IP survey was modelled which outlined a strong, relatively shallow and consistent zone of chargeability approximately 800m long and up to 400m wide. The primary part of this zone was tested with a single 410m deep core hole (FTD043) originally planned for 300m total depth.

It is pleasing to report that significant sulphide mineralisation was intersected in FTD043. This successfully validates the modelled electrical response seen in the 3D IP survey. From 84m to approximately 398m downhole disseminated and semi-massive sulphides were present in amounts up to 30%. Sulphide mineralisation was predominantly pyrite with lesser chalcopyrite. Haematite, magnetite and carbonate alteration was common with brecciation and foliation of the host rocks.

Along with significant amounts of sulphide mineralisation the drill hole appears to have intersected over 70m of the host sequence to stock work vein gold mineralisation at the Firetower gold deposit. This appeared from a relatively shallow 140m to 213m downhole. The Firetower West drill hole lies approximately 3.5km north east of the Firetower gold prospect.

All drill core has been cut and laboratory analysis for the entire hole is underway. Preliminary results have been received for the top 45m of the drill hole with no significant results, as expected. The core for the remaining 365m of the hole, which includes the primary target zone, is currently with the laboratory for analysis. Final results are likely to be available during August and further announcements will be made in due course.

Enquiries:

Greatland Gold PLC

Callum Baxter

Tel [phone]

Email:  [e-mail]

www.greatlandgold.com

Grant Thornton UK LLP (Nomad)

Colin Aaronson / David Hignell

Tel [phone]

SI Capital Limited (Broker)

Nick Emerson / Andy Thacker

Tel  [phone]

RLM Finsbury (Media Relations)

Gordon Simpson / Chris Ryall

Tel [phone]

Notes to Editors

Greatland is a mineral exploration and development company based in Australia. The principal activity of Greatland Gold plc is to explore for and develop natural resources, with a focus on gold. The Company currently has six mineral projects located in Australia, including the Ernest Giles, Firetower, Warrentinna, Lisle, Bromus and Lackman Rock projects. The pipeline of projects targets highly prospective areas for multi-million ounce orebodies. The Company was established in London in 2005 and admitted to AIM in July 2006.

The board seeks to increase shareholder value by the systematic evaluation of its existing resource assets, as well as the acquisition of suitable exploration and development projects and producing assets.

Greatland has a UK and Australian based board of directors with a head office in London and an exploration office in Australia.

Competent Persons

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.

 

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