Greatland Gold plc, the gold focused mineral exploration and development company based in Australia, announces an operational update on its gold projects in Western Australia and Tasmania.
Ernest Giles Project (gold), Central Western Australia
The Ernest Giles project comprises three contiguous tenements covering an area of 948sq km in central Western Australia. The project is located in a prolific gold producing region of the NE goldfields where Greatland has previously completed encouraging first phase exploration.
A number of gold targets within the project area have been selected for drill testing during 2012. The drill programme is planned to be carried out in three stages commencing within the southern licence where the Company previously discovered gold. The second and third phases will be carried out in the central and northern licences respectively where previous exploration has never been carried out.
The Company is awaiting formal Government approval for the three phases of drilling which is expected on or before 5 April 2012. A contract has been signed with contractors who will arrange mobilisation of drilling equipment to site once this approval has been received. The Company has field crews on the ground completing preparatory work for swift commencement of drilling.
Confirmation of commencement of drilling is expected to be announced in the coming weeks.
Firetower Project (gold), Northern Tasmania
The Firetower Project comprises four contiguous tenements covering an area of 265 sq km located 65km west of Launceston in central north Tasmania. The Company has an initial JORC inferred resource of 90,000oz gold. The project is operated under a Farm In agreement with Unity Mining Limited (“Unity”) whereby Unity can earn up to 75% of the project for an expenditure of A$7m.
Unity has advised that work has commenced on the project. Interpretation of geology and structural features from detailed satellite imagery is in progress. A program of work has been submitted to the relevant government authorities for drilling activities at the Firetower and Firetower West prospects. Drilling is expected to commence in the coming months.
Warrentinna Project (gold), North Eastern Tasmania
The Warrentinna Project covers four historic goldfields of Warrentinna, Forester, Southern Cross and Waterhouse in North Eastern Tasmania. The Company has single metre mineralised intercepts up to 103g/t gold.
Surface sampling and mapping has been completed on additional gold occurrences within the central parts of the project area. Results have returned subtle gold in soil anomalies peaking at 5ppb gold that may represent strike extensions to known mineralisation. Additionally, discussions are continuing with regard to third party investment in the project that may culminate in a Farm In / JV deal for the project.
Callum Baxter, CEO of Greatland Gold, commented:
“Drilling throughout 2012 at Ernest Giles gold project is a high priority for the Company and we are pleased that commencement of the first phase of drilling is imminent. During this phase we will be working in areas where we intersected significant alteration and gold mineralisation in previous drilling. Contracts for drill equipment have been secured and personnel are in place. It is an exciting opportunity for the Company to have such a large tract of gold prospective ground. We look forward to providing regular updates.”