Half-Yearly Report – six months ended 31 December 2013
Greatland Gold plc (“Greatland” or the “Company”), the mineral exploration and development company focused on gold projects in Tasmania and Western Australia, is pleased to announce its results for the six months to 31 December 2013.
Chief Executive’s statement
In the first half of the financial year Greatland Gold continued its good progress, with positive exploration work across our assets. We also conducted two successful capital raises, as we work towards establishing resources across our portfolio of assets.
Financials Greatland Gold reported an operating loss for the six months to 31 December 2013 of £230,964 (six months to December 2012: £199,241). This translated into a loss per share for the period of 0.04p (six months to December 2012: 0.06p).
Operations We have made impressive progress across our licenses over the period. As we look to establish resources across our assets, it is evident that we have many exciting opportunities within our portfolio.
Of specific note, we have taken significant steps forward at our Tasmanian licenses. In August we announced positive results from exploration work across our entire licence base in Tasmania, and I was particularly pleased with the results of exploration at Firetower and Lisle, in collaboration with our partners Unity Mining and Tamar Gold. This has reaffirmed that these are very exciting gold projects with established gold mineralisation.
At Firetower, airborne and ground geophysics are underway and high resolution coverage of the entire project is now complete. At Lisle, we announced significant surface geochemical results, with results peaking at 2.5g/t gold (in soils). These results imply that the area is highly prospective for intrusion related gold systems.
Warrentinna continues to provide encouraging results, and is particularly exciting. With all the necessary permissions received last year, drilling began in December, with further good progress this year.
Turning to Western Australia, in October we announced significant progress at our gold projects in the area, with exceptional geochemical results from Ernest Giles; and significant gold and nickel targets identified at Bromus.
The Ernest Giles project in central Western Australia covers an area of near 1,000 square kilometres and the project includes over 100km of strike of gold prospective rocks that are covered by recent desert sands and sediments. As a result, the project area is almost completely unexplored.
At Bromus the Company has identified several geochemical targets over 10km of strike within which gold mineralisation has been confirmed. Mapping and drill programme planning is currently being carried out.
Equity raising I am pleased to have raised £675,000 of equity through two placing in the first half of the financial year. These placings allow us to make further progress on our plans to establish resources across our portfolio of assets.
Outlook The price of gold suffered in 2013. However, during the first part of 2014, it has found new support and continues to improve. Taking a long term perspective, we believe that the outlook for gold is good, with demand likely to be sustained but with global gold production declining. The Group, through our high quality asset base, disciplined cost control and track record of successfully raising capital, means we are well positioned to benefit from the positive market dynamics as we continue to develop our projects.
Callum N Baxter CEO