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Operational Update – Warrentinna Gold Project

Greatland Gold plc the mineral exploration and development company based in Australia, announces an update on drilling activities at the Warrentinna gold project (“Warrentinna”) in Tasmania.

Highlights

  • 3 drillholes for 300m completed at Derby North prospect
  • All 3 holes intersected gold mineralisation above 0.7g/t gold, including;
    – 4m at 8.70g/t gold from 72m in hole WTR028
    – 28m at 2.31g/t gold from 8m in hole WTR028
  • Single metre re-sampling results expected Q2 2013

Warrentinna Project (gold), North East Tasmania

A program of Reverse Circulation (“RC”) drilling was completed at the Derby North prospect during December 2012. All RC holes were drilled to a maximum depth of 100m and angled at 60 degrees. Drilling comprised three holes for a total of 300m. Drill hole collar details are presented in Table 1. Initial 4m composite sampling of all drill holes has been completed and results have been received.

Table 1 – RC Collars

Hole ID Prospect East North Dip Azimuth Depth
degrees degrees m
WTR028 Derby North 561600 5447375 -60 090 100
WTR029 Derby North 561610 5774350 -60 090 100
WTR030 Derby North 561650 5774325 -60 090 100

All co-ordinates AGD66-ZONE55

The maximum result from the programme was 4m at 8.70g/t gold from 72m in hole WTR028. Substantial shallow mineralisation was also intersected in hole WTR028 from 8m below surface of 16m at 3.42g/t, within a larger intercept of 28m at 2.31g/t gold from 8m. All three RC holes intersected gold mineralisation above 0.7g/t gold. Results are presented in Table 2.

Table 2 – RC Drill Results (>0.5g/t gold)

Hole ID From To Interval Gold Gold Repeat
m m m g/t g/t
WTR028 8 36 28 2.31
incl. 8 12 4 3.35
12 16 4 4.22
16 20 4 3.24
20 24 4 2.88
24 28 4 0.94
28 32 4 1.04
32 26 4 0.51
WTR028 72 76 4 7.46 8.70
WTR029 88 92 4 1.26
WTR030 52 56 4 0.73

As seen in previous drilling at Derby North, gold mineralisation is coincident with quartz vein structures and disseminated sulphides. Drilling to date covers a strike length of 150m and has established a 100m wide, north-south trending, zone of gold mineralisation within which quartz reefs with high grades occur.

Single metre re-sampling of mineralised 4m composites will be completed in the coming weeks and results will be reported during the second quarter of this year.

Callum Baxter, CEO of Greatland Gold, commented:

“Overall this is a pleasing result; further drill results of economic tenor from Derby North are welcome and the continuing shallow nature of mineralisation is noted. Mineralisation is again broad with +20m wide intercepts, within which higher grade shoots occur. Re-sampling of the holes will be a priority and we look forward to reporting further results from Derby North during the second quarter of the year. Based on gold intercepts announced today it is apparent that acceleration of drilling activity at Derby North is warranted and we will work toward this in the coming weeks. Additionally, Joint Venture discussions are continuing with regard to several of our Tasmanian licences and we hope to update the market on this in the second quarter of the year also.”

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