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18 Dec 2009 10:39
GREATLAND GOLD PLC
Exploration Update
18 December 2009
Greatland Gold plc ("Greatland" or the "Company"), the mineral exploration and development company focused on gold projects in Tasmania and Western Australia, is pleased to provide an update on exploration activities.
The Company wishes to announce that it has now completed a diamond drilling program at its Firetower project and a Reverse Circulation ("RC") drilling program at its Warrentinna project.
Firetower
The Firetower drilling program comprised four holes for approximately 600m. Drilling tested a strong gold in soils anomaly peaking at 916ppb gold at the Anomaly 1 prospect. The Anomaly 1 prospect lies 2.5km east of the Company's existing gold resource at Firetower. All samples have been dispatched to Genalysis Laboratories for analysis.
Additional soil sampling has been completed at the Lobster and Hilltop prospects. Previous sampling at the Lobster prospect returned encouraging results, peaking at 44ppb gold. Recent sampling has extended coverage to determine the strike extent of the gold anomalous area. Sampling at Hilltop was of a reconnaissance nature.
Results of both the diamond drilling program and additional soil sampling will be announced by the Company as they become available over the coming weeks.
Warrentinna
At the Warrentinna project, an RC drilling program has been completed. The program comprised eight holes for approximately 800m. Drilling has tested strike extensions to mineralisation intercepted in a previous drill program by the Company at the Derby North prospect. Previous drilling returned up to 1m at 6.06g/t gold from 55m in WTR004 and surface rock chip sampling returned up to 20.75g/t gold.
All drill samples from the current RC program have been dispatched to Genalysis Laboratories for analysis. Results will be announced by the Company as they become available over the coming weeks.
Further information on Greatland's prospects is available under the 'Projects' section of the Company's website (www.greatlandgold.com).
Corporate
The Company notes that the gold price has remained relatively high over recent months, peaking at US$1,225 per ounce in early December. Looking ahead, the GFMS forecast for early 2010 remains positive at above the US$1,000 per ounce level.
The board remains committed to keeping a tight rein on the Company's capital expenditure. As at 30 November 2009 the Company had approximately £1.45 million in cash.
Callum Baxter, Managing Director, commented: "We are pleased to have completed the diamond drill program at Firetower and the RC drill program at Warrentinna, and we look forward to receiving results in due course. While our strategy in 2010 remains dependent on these results, we also plan to concentrate on our Western Australian properties of Ernest Giles and Lackman Rock in the first half of 2010. Work currently scheduled for 2010 includes the Company's first drill program at the Ernest Giles gold project."
Competent Persons
The information in this announcement that relates to Exploration Results is based on information compiled by Mr Paul Askins and Mr Callum Baxter, directors of Greatland Gold plc, who are both members of the Australasian Institute of Mining and Metallurgy. Paul Askins and Callum Baxter have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Paul Askins and Callum Baxter consent to the inclusion in
the announcement of the matters based on their information in the form and context in which it appears.
Enquiries:
Greatland Gold plc
Callum Baxter
Tel +44 (0)20 7099 5845
Email: info@greatlandgold.com
www.greatlandgold.com
Grant Thornton Corporate Finance
Gerry Beaney / Colin Aaronson
Tel +44 (0)20 7383 5100
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