3rd Sep 2018 12:39
LONDON (Alliance News) - Precious metals miner Greatland Gold PLC said on Monday it has discovered gold, silver and copper mineralisation in Ernest Giles, and is due to start its second drilling programme at Havieron in mid-September.
At the Ernest Giles project in Western Australia, a reverse circulation drilling circulation was conducted from June to August, focusing on high-priority gold targets at the Meadows, Wishbone and Empress areas of the project.
At Wishbone, two maiden drill holes for testing structural targets detected anomalous gold, silver and copper. However the deeper hole of the two failed to intersect basement despite being drilled to 498 metres, versus 408 metres for the other.
One drill hole was drilled at Carnegie to test a nickel sulphide target, successfully intersecting the basement for the first time.
At Empress there were two drill holes to test a surface mobile metal ion anomaly, with one hole successfully reaching the basement and detected anomalous gold.
"We are very encouraged by the initial drill results from Wishbone and Carnegie, which reaffirm our exploration model for both areas and our view that, while very early stage, both targets are highly prospective," said Chief Executive Officer Gervaise Heddle.
In addition, Greatland Gold said it expects to start a second drilling campaign for the Havieron project in the Paterson region, Western Australia.
The campaign consists of ten core holes to 600 metres each to further determine the extent and direction of the high grade zone of mineralisation.
The first drilling campaign revealed positive results during April and May, including 121 metres at 2.93 grams per tonnes of gold at 492 metres.
DDH1 Drilling Pty Ltd has been appointed to conduct the upcoming drill programme.
"We are delighted to be working with DDH1 again. They very successfully conducted our maiden drill campaign at Havieron earlier this year, which yielded excellent results. DDH1 have become a great partner for us, and we are pleased to see that they are backing this project not only with their skillset but by taking equity in the company," Heddle added.
For the drilling at Havieron, Greatland will pay AUD250,000 to DDH1 in new Greatland shares. It will issue to DDH1 a total of 11.4 million ordinary shares, plus 11.4 million warrants with a 2.0p exercise price and an exercise period of 12 months.
Shares in Greatland Gold were down 11% at 1.02 pence on Monday in London.
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