11th Nov 2019 11:21
(Alliance News) - Greatland Gold PLC on Monday said it has started diamond-drilling activities at the Derby North prospect, located within its Warrentinna gold project in Tasmania, Australia.
The AIM-listed precious and base metals exploration and development company said the Warrentinna project hosts many known gold occurrences including the Derby North prospect.
Reverse circulation drilling to-date at Derby North has outlined a gold mineralised system of 150 metres long and 100 metres wide which is open, particularly to the north and east, and at depth.
Greatland Gold on Monday said it intends to drill two diamond holes at the Derby North prospect to a depth of 125 metres each.
The company said it expects that the data collected from the programme, including drill core, continuous X-ray fluorescence data and ultra-high resolution photography, will "significantly" enhance the existing data set.
This will help to evaluate the project's potential and assist with the potential divestment of the project, Greatland Gold said. It is in line with the company's strategy to seek to divest non-core projects.
"We are pleased to have commenced a targeted, low-cost drilling programme at Warrentinna which aims to provide us with valuable information regarding the style of mineralisation and will assist in evaluating the potential of the project," said Chief Executive Gervaise Heddle.
Heddle added: "In particular, the drill core and associated data will be assessed to determine whether the style of mineralisation at Warrentinna is similar to that seen in the central Victorian goldfields, a world-class gold province."
Greatland Gold shares were trading 1.8% lower in London on Monday at 1.62 pence each.
By Evelina Grecenko; [email protected]
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