Encouraging Results from the Lisle Gold Project

RNS Number : 4946P

Greatland Gold PLC

19 August 2014

 



19 August 2014

Greatland Gold plc

("Greatland" or "the Company")

Encouraging Results from the Lisle Gold Project

 

Greatland Gold plc, the mineral exploration and development company based in Australia, is pleased to announce an update on activities at the Lisle gold project in Tasmania.

Highlights

·     Farm-In/JV partner Tamar Gold Ltd completes RC drilling at Lisle project area.

·     Results  indicate the presence of  porphyry type gold mineralisation.

·     Best result of 26m at 0.94g/t gold from 16m down hole.

·     Further work including drilling scheduled for the coming field season.

Callum Baxter, CEO, commented: "We are very pleased by these positive results from the Lisle project area. These results are consistent with bulk tonnage porphyry type deposits and provide encouragement that the district is prospective for this style of deposit. Further work including geochemistry, geophysics and shallow drilling is planned for the coming field season."

Lisle Project (gold), Tasmania

The Lisle Gold project encompasses Greatland licence interests extending over 72 square kilometres in north-eastern Tasmania. The project is subject to a Farm-In agreement announced on 26 March 2013 which allows Tamar Gold Ltd ("Tamar") to earn up to 75% of the Lisle licence via expenditure of A$500,000 over a four year period.

Tamar have reported to the Company that recent field activities, including drilling, has been carried out at the Lisle gold project in north-east Tasmania.

The drilling work was completed on ground held by Tamar gold which lies immediately adjacent to Greatland licence interests under the Farm-In/JV agreement. The combined licence group are considered one project by the Company as prospect areas straddle the licence boundaries.

The drilling was the first such work by Tamar and results successfully indicate the presence of  porphyry type gold mineralisation. Six angled RC holes were drilled for a total of 594m. The best results were 26m at 0.94g/t gold from 16m in hole PTR5 and 5m at 0.95g/t gold from 29m in PTR6. These grades and widths are typical of bulk tonnage  intrusion related (porphyry) gold systems which Tamar has been targeting.

The priority now is to explore the larger-scale system of granite rocks located within the Lisle project area with the objective to discover substantially larger-tonnage gold deposits. This will be undertaken in the northern part of Greatland's EL40/2008 during the coming field season and will include ground geophysics and shallow drilling.

For further information on recent work at Lisle and for the full text of Tamar's recent letter to shareholders please see www.tamargold.com.au/investors.

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.

 

END

 

 

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