Firetower

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Highlights: 

Located just 65km west of Launceston and 35km south of Devonport in northern Tasmania, the Firetower project consists of 62sq km of stratigraphically equivalent Mt. Read Volcanic Sequence rocks.

Firetower consists of one 100% owned tenement with gold and copper targets within approximately 12km of strike of prospective rocks throughout the area.

Its location provides excellent infrastructure and access to a skilled local labour force.

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Gold Targets:

Work has encompassed airborne and ground geophysics, geological mapping, soil and rock chip sampling, precussion and diamond drilling.

A gold mineralised system of approximately 4km strike length is present. Within this area soil sampling returned results including 4,450ppb gold and 4,250ppb gold, while rock chip samples returned results including 30.1g/t, 14.2g/t and 11.2g/t gold.

Greatland Gold and JV parnsers have carried out diamond drilling and reverse circulation precussion drilling in the target area. Additional historic drilling was completed by Noranda Pty Ltd (now Xstrata) during 1990, Plutonic Operations Ltd in 1992, AurionGold Ltd (now Barrick Gold) in 2002.

Drilling has generally only tested to a depth of 100m from surface and only a small portion of the targeted 4km strike length area. The zone of gold mineralization identified to date is open in all directions.

Drill highlights include:

29m at 2.39g/t, 17m at 5.37g/t (incl 1m at 30g/t), 10m at 6.2g/t, 3m at 21.38g/t Au, 11m at 4.3g/t, 1.2m at 14.9g/t. 5m a 0.76% Cu, including 1m at 1.44%, 3m at 0.62%, 2m at 0.84% & 0.5m at 3.72% Cu

The Company’s exploration target for the Firetower prospect is 1 million ounces of gold.

Firetower drill long section

Geophysics and early ground reconnaissance has identified over 40km of strike to the east and west of the drilled area with potential for gold and copper deposits. These are yet to be fully tested.

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Geology:

Firetower hosts Fossey Mountain Trough sedimentary and volcaniclastic rocks which are stratigraphically equivalent to the Mt. Read Volcanic sequence (MRVS). MRVS is a highly mineralised system and hosts world class base metal (VHMS) deposits such as:

Mt. Lyell 311Mt at 0.97% Cu & 0.31g/t Au
Hellyer-Fossey 16.5Mt at 13.9% Zn, 7.2% Pb & 2.55g/t Au
Rosebery 32.7Mt at 0.59% Cu, 14.6% Zn, 4.5% Pb & 2.3g/t Au
Henty gold deposit 2.83Mt at 12.5g/t Au (+1mil oz Au)

Gold mineralisation is associated with widespread alteration of volcaniclastic rocks, within stockworks of fine quartz-carbonate veining & sulphide content, including chalcopyrite, of 2-5% with highs of 30%. Alteration is dominated by silica, carbonate and pyrite.

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Additional Information:

Local infrastructure is good with sealed and formed roads, power, water, accommodation, communications and numerous regional supply points. A skilled local workforce is accessible from the many nearby regional centres.