6th Aug 2015 09:11
LONDON (Alliance News) - Greatland Gold PLC Thursday said it has received "exciting" drilling results from its Ernest Giles project in Western Australia, including exciting nickel prospective rocks in the Carnegie area.
"Recent drilling at Ernest Giles was very well executed and efficient. The Carnegie area produced a particularly exciting result, with nickel prospective rocks confirmed. We also successfully tested gold targets, although some are too deep to currently pursue. Our focus now is on Carnegie and completing ground geophysics," said Chief Executive Callum Baxter.
At the Carnegie prospect, Greatland intersected a geophysical magnetic anomaly thought to be prospective for nickel sulphide mineralisation. Specifically, it intersected mafic intrusive rocks from 286 metres below the surface to end of hole at 300 metres.
"These rocks displayed very strong heamatite and magnetite alteration, supporting the presence of a mafic intrusive body prospective for nickel sulphides," the company said.
"The exciting results from Carnegie provide Greatland with a focus for additional work, which will begin with ground geophysics to define buried bodies which may host nickel sulphide mineralisation," said the company.
"Overall, the drill programme was very well executed and efficient. We will now evaluate those areas considered too deep to pursue or less prospective, with a view to reducing our land holding," it added.
Those areas comprise of the Meadows and Empress prospects, which although they intersected mineralisation, are not considered to warrant further work. The Dromerdary structure did not intersect any mineralisation.
Greatland shares were up 7.7% to 0.140 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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