Warrentinna Drilling Results – High Grade Gold
Greatland Gold plc (the “Company”), the mineral exploration and development company focused on gold projects in Tasmania and Western Australia, announces further results from drilling at its Warrentinna project in Tasmania.
Results from duplicate sampling of RC drill samples has increased tenor of high grade mineralisation at Derby North with results including 4m at 23.95g/t gold.
As announced on 28th June 2011, a recent program of Reverse Circulation (“RC”) drilling was completed at the Derby North prospect during April 2011. All RC holes were drilled to a maximum depth of approximately 100m.
As part of the Company’s internal checking and verification procedures a number of intervals from the recent RC drilling campaign were selected for re-sampling as duplicates. Results of these duplicate samples have now been received. All results above 1g/t are reported below.
Maximum result was 4m at 23.95g/t gold from 88m in hole WTR026 including repeat analysis of 12.45g/t gold and 7.97g/t gold for the same downhole interval. This compares to 4m at 5.16g/t gold and 4.90g/t gold from the same downhole interval from the original batch of results reported to market on 28th June. The variability in grades is a common feature of deposits that exhibit coarse gold and this is referred to as the ‘nugget effect’.
It is noted that this hole, WTR026, bottomed in mineralisation and remains open at depth. Also WTR026 lies adjacent to WTR013 previously drilled by the Company that intersected 5m at 29.26g/t gold from 36m. Initial interpretation of results suggests that drilling has intersected an east plunging high grade shoot which remains open at depth.
Further single metre sampling of mineralised 4m composites will be complete shortly and results of these are scheduled to be reported during the current quarter. Single metre sampling is likely to return high tenor gold grades.
Greatland Gold owns 100% of all projects in its portfolio. The Company’s policy is to develop its projects via systematic exploration activities culminating in the drilling of strategic targets in an effort to locate new orebodies.
The Company concentrates its efforts in Australia where there is low political risk, an established mining culture and regions prospective for new orebodies.
Callum Baxter, CEO, commented: “Additional high grades from Derby North is encouraging and the 1m re-samples currently being carried out should again provide high tenor gold grades. Nuggety coarse gold is what we have found from all our work so far and these high grades from the Warrentinna project area are welcome. The gold price is going from strength to strength due to high demand for gold bullion from central banks and ETFs and we expect this to continue in the near term.”