(Alliance News) - Greatland Gold PLC on Tuesday said initial drill results from its Firetower project in Australia have confirmed "broad widths of gold mineralisation".
The drill programme at Firetower, located in Tasmania, consists of 15 holes drilled to between 50 metres and 250 metres, giving a total depth of 2,000 metres.
Initial results include 54.5 metres at 1.4 grammes of gold per tonne of ore from surface, including 5 metres at 5.4 grammes per tonne from 45 metres.
Two of the drill holes "ended in or near mineralisation" and might be extended so as to test for more mineralisation at depth.
Chief Executive Gervaise Heddle said: "We are pleased by the initial results from our ongoing drill campaign at Firetower which confirm the presence of broad widths of gold mineralisation. This is a promising start as these early results highlight potential depth extensions and good continuity of mineralisation between sections drilled to date. We look forward to providing further updates over the coming weeks, including results from drilling at the previously untested Firetower East prospect."
"In June 2019 Greatland commenced drilling at the Firetower project with two key objectives: a) to systematically test strike continuity and potential depth extensions of mineralisation at Firetower as guided by 3DIP inversions; b) to test the 3DIP chargeability response along strike at the Firetower East prospect, in an area previously undrilled, and determine its spatial relationship to mineralisation."
Shares in Greatland were up 4.2% at 1.892 pence in London on Tuesday afternoon.
By Anna Farley; annafarley@alliancenews.com
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Greatland Gold (GGP)