20th Feb 2008 07:00
Greatland Gold PLC20 February 2008 GREATLAND GOLD PLC Exploration Update 20 February 2008 Greatland Gold plc (the "Company") the mineral exploration and developmentcompany focused on gold projects in Tasmania and Western Australia is pleased toannounce an update of recent activities and analytical results. A Reverse Circulation ("RC") drilling program has commenced at the Warrentinnaproject to test gold lodes below historic workings. Also at Warrentinna, furthersurface sampling has returned high grade gold and silver mineralisation up to24.24g/t gold and 522g/t silver. Warrentinna A program of RC drilling has commenced at the Warrentinna goldfield within thesouthern portion of the Warrentinna project area. Drilling is designed to testthe tenor of gold mineralisation in lodes below the existing shallow historicworkings. Also, recent surface sampling at the Warrentinna and Forestergoldfields continued to return high grade gold and silver results. Warrentinna Goldfield The Warrentinna goldfield is defined by numerous historic workings.Mineralisation has been outlined over a strike length of approximately 6kmthrough clusters of workings that include Golden King, Golden Mara, Derby,Golden Dyke and Renown. An RC drilling program has commenced which will test the gold lodes beneathshallow workings, over a strike length of approximately 3km. Workings to betested include Golden Mara, Derby and Golden Dyke. Seven traverses of angled RCdrill holes will be completed with holes ranging from 40m deep to a maximumdepth of 110m. Previous surface sampling of these areas by the Company hasyielded many +10g/t gold results; a number of samples over 100g/t gold to amaximum 464g/t gold. Currently, the RC drilling is progressing in a positive andefficient manner. Sulphide mineralisation has been visually identified inseveral drill holes completed to date, though laboratory gold analyses are notyet available. Results for additional surface sampling from the Golden Mara working have beenreceived. These include up to 24.24g/t gold and 13.07g/t silver confirming thehigh grade nature of the mineralisation at the Warrentinna goldfield. Forester Goldfield The Forester goldfield hosts the Malabar and Linton workings where anorth-northeast trending zone of gold mineralisation has been outlined over astrike length of some 6km. Additional results from surface sampling wererecently received and confirmed the presence of +10g/t gold with accompanyingsilver to a high of 522g/t. Southern Cross Goldfield The Tasmanian Government has granted mineral title to the Company for additionaltenure adjacent to the existing Warrentinna licence. This increases the size ofthe Warrentinna project from 115 sq kms to 168 sq kms. The new tenure includesthe historic workings of the Southern Cross goldfield and immediate future workwill include appraisal of targets, mapping and surface sampling. Firetower Mineral title to the additional Firetower East tenement has been granted by theTasmanian Government. Strike extent of gold prospective geology, that includesthe Firetower mineralisation, has increased from 18km to approximately 40km.Appraisal of the new ground has been undertaken and several target areas havebeen outlined. Recent field activities have included mapping, rock chip sampling and BLEGstream sediment sampling. Previously unmapped historic workings and shallowadits have been located. Work is ongoing. Lackman Rock Lackman Rock in southern Western Australia is located in a region known for itsproducing gold and nickel sulphide mines. Grant of this tenement is expected inthe current quarter, with field work to follow. Corporate Greatland Gold owns 100% of all projects in its portfolio. These projects arelocated in Australia with low political risk and established mining culture. Commodity prices remain robust, particularly gold which has seen record highs ofmore than US$900 per ounce. This continues to focus interest on the gold miningcompanies of the resource sector. Competent Persons The information in this announcement that relates to Exploration Results isbased on information compiled by Mr Paul Askins and Mr Callum Baxter, directorsof Greatland Gold, who are both members of the Australasian Institute of Miningand Metallurgy. Paul Askins and Callum Baxter have sufficient experience whichis relevant to the style of mineralisation and type of deposit underconsideration and to the activity that they are undertaking to qualify asCompetent Persons as defined in the 2004 Edition of the 'Australasian Code forReporting of Exploration Results, Mineral Resources and Ore Reserves'. PaulAskins and Callum Baxter consent to the inclusion in the announcement of thematters based on their information in the form and context in which it appears. All rock chip results are obtained from grab or continuous chip sampling to 2kg.All samples are prepared at Genalysis Laboratory Services' Adelaide facilityusing a single stage pulverisation, and assayed at Genalysis LaboratoryServices' Perth laboratory. An Aqua Regia digest with atomic absorptionspectrometry analysis technique (AAS) is used for gold while silver isdetermined using an Aqua Regia digest and mass spectrometry (MS) analysistechnique. Full quality control is achieved using a suite of standards,duplicates, repeats and blanks. Enquiries: Greatland Gold plcCallum BaxterTel +44 (0)20 7099 5845Email: [email protected] Grant Thornton Corporate FinanceGerry Beaney / Colin AaronsonTel +44 (0)20 7383 5100 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Greatland Gold