Operational Update – Commencement of Drilling at Firetower Project
Greatland Gold plc (AIM:GGP), the gold focused mineral exploration and development company based in Australia, announces an operational update on activities at the Firetower gold project in Tasmania. Farm-In partners Unity Mining Limited (Unity) have confirmed that diamond drilling has commenced.
Firetower Project (gold), Central North Tasmania
The Firetower project comprises four contiguous licences covering an area of 265sq km in Central North Tasmania. The project is subject to a Farm-In agreement dated 7 Oct 2011, whereby ASX listed Unity Mining Ltd may earn 75% via expenditure of A$7million.
Work by the Company has outlined a large mineralised system of more than 6km in length with scope for a large gold resource. Firetower greatly resembles the nearby Henty gold mine, a plus one million ounce deposit, owned and operated by Unity. Work at Firetower has identified gold mineralisation near to the existing resource.
Unity has received all necessary government approvals and a diamond drilling programme has commenced at the Firetower project. The programme comprises up to five holes totaling approximately 2000m. Drilling will be carried out at the Firetower West area and at the Firetower resource area, with the first hole at Firetower West and the balance at the Firetower resource area. Currently the hole at Firetower West is at a depth of approximately 300m, heading for a total depth of approximately 450m, whilst drilling at the Firetower resource area will test below the existing gold resource with the aim being to intersect extensions of high grade shoots at depth. Drill core will be processed in the coming weeks and downhole geophysical logging will then be completed. Results will be reported as they become available which is likely to be during Q3.
Unity have also acquired detailed aerial photography and sourced high resolution satellite imagery for the Firetower project area. A consultant has commenced a structural interpretation based on this imagery to refine exploration targets and assist with drilling.
Callum Baxter, CEO of Greatland Gold, commented:
“I am pleased to report the commencement of drilling by Farm-In partners Unity Mining at the Firetower project. The Greatland board believes that there is potential for large gold resources at the project. The Farm-In enables Unity to leverage experience in Tasmanian gold exploration on a significant ground position at Firetower. We look forward to updating shareholders with further developments in due course.”