Half-Yearly Report – six months ended 31 December 2012
Greatland Gold plc (“Greatland” or the “Company”), the AIM quoted gold exploration and development company focused on gold projects in Tasmania and Western Australia announces today its half-yearly report for the six months ended 31 December 2012.
Firetower Project (gold), Northern Tasmania – Greatland 100%, Farm-in with Unity Mining Ltd
- Commencement of diamond drilling programme
- The programme comprised up to five holes totalling approximately 2000m
– The best intercepts were 3m at 2.6 g/t gold (137-140m), 2m at 3g/t gold (142-144m) including 1m at 4.09 g/t (143-144m).
- Company has outlined a large mineralised system of more than 6km in length with scope for a large gold resource
Ernest Giles Project (gold), Central Western Australia – Greatland 100%
- Further results from drilling activities at the Ernest Giles gold project in Western Australia. Drilling confirmed the presence of a gold mineralised system
– Completion of four reverse circulation (RC) holes
- Highest result returned was 1m at 1.28g/t gold from 149m
Bromus project (gold and nickel), Western Australia – Greatland 100%
- Follow up soil sampling work completed:
– 4.6km long surface gold anomaly identified
– Follow-up auger geochemical soil sampling programme in the southern parts of the
- Bromus project area
– Highest result returned from follow-up sampling was 6.1ppb gold.
Lackman Rock (gold and nickel), Western Australia– Greatland 100%
- Follow up soil sampling work completed
– Results define a north-west striking gold anomaly 1.2km long, peaking at 23.5ppb gold.
Chief Executive’s statement
During the period, emphasis was placed on the Ernest Giles project which comprises three contiguous tenements covering an area of 948sq km in Central Western Australia. It is located in the north-eastern goldfields region which is host to many large, plus 1million ounce gold deposits, such as Wallaby, Sunrise Dam and Granny Smith. Four reverse circulation (RC) holes were completed and the drilling confirmed the presence of a gold mineralised system. The highest result returned was 1m at 1.28g/t gold from 149m. We believe these are pleasing results considering the unexplored nature of the project area.
Work at the Firetower project by the Company along with their partners, Unity Mining Limited (“Unity”), has outlined a large mineralised system of more than 6km in length with scope for a large gold resource. The programme comprised up to five holes totalling approximately 2000m and the best intercepts were 3m at 2.6 g/t gold from 137 to 140m and 2m at 3g/t gold from 142m to 144m, including 1m at 4.09 g/t from 143 to 144m.
The first anniversary of the Firetower Farm-In agreement passed during the period. We are encouraged that our partners have exceeded the minimum expenditure for the project and believe this shows their on-going commitment to the project. We believe that Firetower resembles the nearby Henty gold mine, a plus one million ounce deposit, owned and operated by Unity.
Positive results have also been obtained from surface sampling activities at the Bromus and Lackman Rock gold projects in Western Australia. Follow up soil sampling work completed at both projects produced positive results, including a 4.6km long surface gold anomaly identified at Bromus and a 1.2km long surface gold anomaly identified at Lackman. Results peaked at 6.1ppb gold at Bromus and 23.5ppm gold at Lackman Rock. We remain focused on developing our licences through comprehensive exploration work with a view to realising their potential value. Additional promising targets have been secured in the Bromus and Lackman Rock licence areas which further adds to their significance in what is a prolific gold producing region.
In the six month period ending 31st December 2012 the Company reported a reduced net loss of £199,241 (31 December 2011: loss £216,609) equating to a loss per share of 0.06 pence.
Net cash outflow from operations was £178,446 which reflects total administrative expenses plus exploration expenses. From the cash flow figures it is apparent that we have remained committed to exploration. Our loss on a per share basis at 0.06 pence is a reduction from the loss in the comparable period reflecting lower expenses. The Company’s cash deposits stood at £541,893 at the period end.
On behalf of the board, I would once again like to thank shareholders for their support and invite them to visit our website at greatlandgold.drench-development.com for periodic updates.
Callum N Baxter
CEO 13 March 2013