Greatland Resources Regulatory News (GGP)

9 Oct 2006 08:33

Greatland Gold PLC09 October 2006 GREATLAND GOLD plc Exploration Update Dated: 9 October 2006 Firetower Drilling and Warrentinna Activities Greatland Gold plc (the "Company") the mineral exploration and developmentcompany focused on gold projects in Tasmania and Western Australia is pleased toannounce the first analytical results available from diamond core drilling atFiretower. Grades up to 10.40g/t gold with 1.28% copper and 0.7% tungsten are reported.Results show the high-grade nature of gold mineralisation and, alsosignificantly, the addition of high-grade base metal and tungsten mineralisationat Firetower. Firetower Drilling commenced in late July and is still in progress. Over 700m have beencompleted to date. These reported results summarize the first 172m of drilling,from the first four holes. Drilling was located within the previously definedresource area to help determine still poorly constrained geological controls onmineralisation, and to help locate higher grade zones. We are highly encouragedby the continuity of grade as seen in holes FTD013-015. Drill hole FTD016 testedthe northern extremes of the system (Table 1). Table 1: Drill Hole Details Hole ID AMG East AMG_North AMG_Azm. Dip Depth (m) (m) (degrees) (degrees) (m) FTD013 446 003 5 405 101 10 -50 60 FTD014 446 000 5 405 121 10 -50 48 FTD015 446 000 5 405 122 10 -30 36.5 FTD016 446 026 5 405 100 31 -50 73.3 AMG - Aust. Map Grid Co-ordinate, Azm - Drillhole Direction, Dip - drillholeangle from horizontal The best intercept was within FTD013, of 11m at 3.4g/t gold, which includes avery high grade zone of 0.5m at 10.4g/t gold, 0.7% tungsten, 1.3% copper, and0.14% cobalt (Table 2). Such high values in elements other than gold indicatethe potential for valuable by-products. Gold seems to occur in two associations,one with elevated lead values, up to 1% in places, and the other with tungsten(and locally copper). Cobalt values are surprisingly high, reaching 0.3%. Table 2: Firetower Significant Results HoleNo From To Width Gold Tungsten Lead Zinc Copper Cobalt (m) (m) (m) (g/t) (%) (%) (%) (%) (%) FTD013 21.0 27.5 6.5 2.43 0.004 0.22 0.12 0.02 0.06 incl 23.0 27.5 4.5 3.09 0.004 0.31 0.17 0.02 0.08 incl 25.5 26.5 1.0 7.19 0.002 0.33 0.12 0.02 0.30 FTD013 32.0 43.0 11.0 3.40 0.17 0.07 0.20 0.23 0.14 incl 38.0 43.0 5.0 0.34 incl 40.5 41.0 0.5 10.41 0.73 0.02 0.07 1.28 0.14 FTD014 1.0 12.0 11.0 2.39 0.07 0.10 0.12 0.02 0.02 FTD015 1.0 10.0 9.0 2.14 0.001 0.10 0.14 0.02 0.02 FTD016 25.0 27.0 2.0 1.84 0.02 0.01 0.04 0.09 0.05 m - metres, g/t - grams per tonne, % - per cent Other Activities at Firetower Infill soil sampling at the Firetower West prospect is complete, and assays areawaited. Once available, a programme of drilling to further test this extensivegold-lead-copper system will commence across the most accessible 1km of theanomaly, being less than half of the full anomaly extent. Previous sampling at Firetower West shows mineralisation over a large 3000m x1000m area peaking at >100ppb gold. Mapping has located mineralised rock samplesat surface. Also, three other high priority areas east of the Firetower prospectremain to be followed up with surface sampling. Warrentinna At Warrentinna, a programme of surface sampling (auger soils) to evaluate theextent of the Derby-Mara Goldfields, and determine trends within theForester-Linton area, has been completed. Analytical results are awaited. Also an area previously excluded from the Warrentinna project, Mining Lease 64/1979 Linton, has recently been successfully incorporated into the Warrentinnalicence. Gold mining was carried out at Linton until recent times. A report bythe previous lease holder notes narrow but very high grade intercepts in rockchipping of old workings. The company intends to complete mapping and samplingto evaluate the Linton prospect during the coming quarter. Competent Person/s The information in this announcement that relates to exploration results isbased on information compiled by Mr Paul Askins and Mr Callum Baxter, directorsof the Company, who are both members of the Australasian Institute of Mining andMetallurgy. Paul Askins and Callum Baxter have sufficient experience which isrelevant to the style of mineralisation and type of deposit under considerationand to the activity that they are undertaking to qualify as Competent Person'sas defined in the 2004 Edition of the 'Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves'. Paul Askins and CallumBaxter consent to the inclusion in the announcement of the matters based ontheir information in the form and context in which it appears. Enquiries: Callum Baxter +44 (0)7922 255 933 Greatland Gold plc Managing Director John Simpson +44 (0)2075 120 191 ARM Corporate Finance Ltd Nominated Adviser Updates on the Company's activities are regularly posted on its websitewww.greatlandgold.com This information is provided by RNS The company news service from the London Stock Exchange