Positive Drilling Results at Firetower Project

RNS Number : 0430Q

Greatland Gold PLC

27 August 2014

 



27 August 2014

Greatland Gold plc

("Greatland" or "the Company")

Greatland Gold announces positive drilling results at Firetower project

Greatland Gold plc, the mineral exploration and development company based in Australia, is pleased to announce positive analytical results from core drilling at the Firetower project.

Highlights

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

·     Analytical results received which confirm copper mineralisation to 1.34% with associated silver and gold.

Callum Baxter, CEO, commented: "This is the first drill hole targeting a relatively large geophysical target at Firetower. Copper intersections to 1.34% with associated gold and silver mineralisation is quite exciting. We know the terrain is fertile as economic deposits of this type are found in similar rocks to the west. Further work will entail a review of controls on mineralisation at the site."

Firetower Project, 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 listed Unity Mining Limited may earn up to 75% equity in the licences via expenditure of A$7m.

As reported 24 July 2014, a 3D IP chargeability target approximately 800m long and up to 400m wide was tested with a single 410m deep core hole (FTD043). Significant disseminated and semi-massive sulphide mineralisation was intersected in FTD043.

Analytical results have recently been returned for FTD043. Results confirm the presence of copper mineralisation with associated silver and gold. Highest copper result was 1m at 1.34% with 2.6g/t silver and 0.16g/t gold from 292m downhole, along with 1m at 1.17% copper with 2.6g/t silver and 0.22g/t gold from 302m. This was in an overall intercept of 12m at 0.6% copper from 292m downhole (Appx I).

These results are considered important as they highlight the prospectivity of the Firetower West area to potentially host economic base metal deposits. Such deposits including Hellyer, Roseberry, and Mt Lyell are found within equivalent host rocks to the west.

Further work is likely to include a review of detailed aeromagnetic and gravity data to determine the controls on mineralisation at the Firetower West site.

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.

Appendix I

FTD043Analytical Results - 292 to 304m Downhole

From (m)	To (m)	Interval (m)	Copper (ppm)
292	293	1	13350
293	294	1	625
294	295	1	2280
295	295.75	0.75	3280
295.75	296	0.25	7720
296	297	1	5820
297	298	1	1560
298	298.75	0.75	5840
298.75	299	0.25	1170
299	300	1	1940
300	301	1	8170
301	302	1	9030
302	303	1	11700
303	304	1	8210

 

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