rns news20 Aug 2018 09:42
Highlights of Results from 3DIP Survey
· High quality IP data was collected allowing the production of
excellent 3D models which highlight a large gold target, approximately 1,000
metres long, traversing east-west across the Firetower prospect, which is open
to the east and up to depths of 400 metres;
· Significantly, the results illustrate the existing sub-surface gold
mineralisation identified in drilling to date is spatially associated with the
3DIP chargeability anomaly;
· The results support the Company's view that cost effective 3DIP models
can be used to track the mineralised system and assist with drill location
planning at Firetower;
· The 3D model of the chargeability anomaly also highlights the
potential plunge of mineralisation which is very important for focusing on
areas within the broader mineralised system which may potentially host higher
grade gold and copper mineralisation.
Next Steps
· Greatland is currently working on plans for a drill programme to
test the large target identified by the results of the 3DIP survey;
· The Company is also reviewing options to deploy 3DIP geophysics across
the broader prospective sequence at Firetower which has been identified over
approximately 4km of strike.
Gervaise Heddle, Chief Executive Officer, commented: "We are very pleased by
the excellent models generated by the 3DIP survey at Firetower which have
identified an exciting new large gold target. We believe that these models
represent a potential breakthrough for our exploration efforts at Firetower
and will help us to unlock the true potential of this high-grade, near-surface
gold deposit. Our intention is to advance the Firetower project towards its
exploration target of one million ounces of gold by leveraging these excellent
results and we are currently planning a new drill programme which we expect to
commence in the first quarter of 2019."
Overview of the Firetower Project
The Firetower project is located in central north Tasmania, Australia, and
covers an area of 62 square kilometres. The 100% owned project includes the
two main prospects of Firetower and Firetower West, and the strike extensions
of prospective stratigraphy. The Firetower prospect has significant gold
mineralisation from surface up to 30g/t while the mineralised system at
Firetower West shows copper to 1.34% and silver to 2.6g/t. Both prospects
remain open along strike and at depth.
The Firetower project area covers the eastern parts of the highly mineralised
Mt Read volcanic rocks which lie in the western and northern parts of
Tasmania. These rocks host major polymetallic (zinc, lead, gold) deposits such
as Hellyer and Roseberry, and copper deposits such as Mt Lyell, and the large
Henty gold mine which has produced over 1.25m oz since 1996.
Gold mineralisation at Firetower was first located in the late 1970s with
stream sediment samples up to 320g/t gold (+10 oz) but this was not followed
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