19th Jan 2016 12:41
LONDON (Alliance News) - Greatland Gold PLC Tuesday said it has received results from recent drilling at its Warrentinna gold project located in Tasmania.
Three holes were drilled at the project, with a total of 300 metres of drilling being conducted. One hole was drilled at the Derby North prospect and the two others at other areas approximately 600 metres south and 400 metres north of that prospect.
The highest grade to be returned was 3.72 grammes of gold per tonne of ore and the miner said the mineralisation shows good continuity between holes.
Hole WTR034 produced 1.09 metre at 3.72 grammes of gold per tonne from 112.0 metres, in a total intercept of 3.0 metres at 2.70 grammes of gold from 111.0 metres. Other intercepts include 1.0 metre at 1.14 grammes of gold from 78.0 metres and 1.0 metre at 1.17 grammes of gold from 105.0 metres.
Grades in WTR032 peak at 1.0 metre at 5.45 grammes of gold from 95.0 metres in a broader intercept of 10.0 metre at 2.28 grammes from 90.0 metres. While grades in WTR028 peak at 19.77 grammes from 71.0 metres in an overall intercept of 2.0 metres at 13.71 grammes from 70.0 metres.
"Drilling at Warrentinna has again provided further gold mineralisation at the Derby North prospect. Grades of up to 3.7 grammes of gold per tonne have been returned and broad zones of lower grade mineralisation are apparent which add to the overall prospectivity of the area," said Chief Executive Callum Baxter.
The Warrentinna project is located in north east Tasmania and covers an area of 37 square kilometres. The project hosts several known gold occurrences, including Derby North where Greatland has previously intersected significant levels of gold mineralisation, some over 50.0 grammes of gold per tonne of ore.
Greatland shares were down 8.3% to 0.110 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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