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19 Feb 2013 09:40
19 February 2013
Greatland Gold plc
("Greatland" or "the Company")
Operational Update - Warrentinna Project
Greatland Gold plc the mineral exploration and development company based in Australia, announces an update on drilling activities at the Warrentinna gold project ("Warrentinna") in Tasmania.
Highlights
·; 3 drillholes for 300m completed at Derby North prospect
·; All 3 holes intersected gold mineralisation above 0.7g/t gold, including
o 4m at 8.70g/t gold from 72m in hole WTR028
o 28m at 2.31g/t gold from 8m in hole WTR028
·; Single metre re-sampling results expected Q2 2013
Warrentinna Project (gold), Tasmania
A program of Reverse Circulation ("RC") drilling was completed at the Derby North prospect during December 2012. All RC holes were drilled to a maximum depth of 100m and angled at 60 degrees. Drilling comprised three holes for a total of 300m. Drill hole collar details are presented in Table 1. Initial 4m composite sampling of all drill holes has been completed and results have been received.
Table 1 - RC Collars
Hole ID | Prospect | East | North | Dip (degrees) | Azimuth (degrees) | Depth (m) |
WTR028 | Derby North |
561600 |
5447375 |
-60 |
090 | 100 |
WTR029 | Derby North | 561610 | 5447350 | -60 | 090 | 100 |
WTR030 | Derby North | 561650 | 5447325 | -60 | 090 | 100 |
Co-ordinates - ADG66 ZONE55
The maximum result from the programme was 4m at 8.70g/t gold from 72m in hole WTR028. Substantial shallow mineralisation was also intersected in hole WTR028 from 8m below surface of 16m at 3.42g/t, within a larger intercept of 28m at 2.31g/t gold from 8m. All three RC holes intersected gold mineralisation above 0.7g/t gold. Results are presented in Table 2.
Table 2 - RC Drill Results (>0.5g/t gold)
Hole ID | From (m) | To (m) | Interval (m) | Gold (g/t) | Gold Repeat (g/t) |
WTR028 | 8 | 36 | 28 | 2.31 | |
Incl. | 8 | 12 | 4 | 3.35 | |
12 | 16 | 4 | 4.22 | ||
16 | 20 | 4 | 3.24 | ||
20 | 24 | 4 | 2.88 | ||
24 | 28 | 4 | 0.94 | ||
28 | 32 | 4 | 1.04 | ||
32 | 36 | 4 | 0.51 | ||
WTR028 | 72 | 76 | 4 | 7.46 | 8.70 |
WTR029 | 88 | 92 | 4 | 1.26 | |
WTR030 | 52 | 56 | 4 | 0.73 | |
|
As seen in previous drilling at Derby North, gold mineralisation is coincident with quartz vein structures and disseminated sulphides. Drilling to date covers a strike length of 150m and has established a 100m wide, north-south trending, zone of gold mineralisation within which quartz reefs with high grades occur.
Single metre re-sampling of mineralised 4m composites will be completed in the coming weeks and results will be reported during the second quarter of this year.
Callum Baxter, CEO, commented: "Overall this is a pleasing result; further drill results of economic tenor from Derby North are welcome and the continuing shallow nature of mineralisation is noted. Mineralisation is again broad with +20m wide intercepts, within which higher grade shoots occur. Re-sampling of the holes will be a priority and we look forward to reporting further results from Derby North during the second quarter of the year.
Based on gold intercepts announced today it is apparent that acceleration of drilling activity at Derby North is warranted and we will work toward this in the coming weeks.
Additionally, Joint Venture discussions are continuing with regard to several of our Tasmanian licences and we hope to update the market on this in the second quarter of the year also."
Competent Persons
The 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. 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 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. 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.
All RC drill sample results were obtained from 4m composite spear sampling to 4kg. All samples were prepared at Genalysis Laboratory Services' Adelaide facility using single stage pulverisation, and assayed at Genalysis Laboratory Services' Perth laboratory. A 50g Fire Assay with atomic absorption spectrometry analysis technique (AAS) was used for gold.
Sample quality control is achieved using standards, duplicates, repeats and blanks.
Where the Company has made reference to drill intersections in this announcement, it has interpreted these are at, or near, true widths.
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
Newgate Threadneedle
Graham Herring/Beth Harris/Richard Gotla
Tel +44 (0)20 7653 9850
Notes to Editors
About Greatland Gold
The principal activity of Greatland Gold plc is to explore for and develop natural resources, with a focus on gold. The Company was established in London during 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.
The Company operates in Australia where it has projects located in Western Australia and Tasmania.
Greatland has a UK and Australian based board of directors with a head office in London and an exploration office in Australia.
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