23rd Oct 2013 09:40
LONDON (Alliance News) - Greatland Gold PLC Wednesday said that it had received good results from its sampling work at the Ernest Files project in Western Australia, as it raised GBP675,000 in the third quarter to fund field work.
The Ernest Giles project covers 945 square kilometers. The company completed a trial Mobile Metal Ion surface sample of the project, and Greatland said results had been encouraging, indicating extensions to its existing gold mineralisation by about 800 meters south of where it had already drilled in 2012.
MMI results were up to 68 parts per billion of gold. The sampling also has identified a new target with 338 parts per billion of gold in the east of the project area. The company said it will verify this sample to confirm the significance of these results.
The company has identified several geochemical targets at its Bromus project and a mapping and drilling program is planned to be carried out in the first quarter of 2014. Work at the company's Lackman Rock project has confirmed the presence of gold prospective rocks. Several surface gold anomalies had been identified at the project, Greatland said, and are scheduled for further work in the second quarter of 2014.
Greatland said the GBP675,000 share placing it announced last month has been successfully completed, and it plans to use these funds for field work.
Shares in the mineral exploration company were trading up 10% at 0.391 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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