Operational Update and 2012 Outlook
Greatland Gold plc, the gold focused mineral exploration and development company based in Australia, today announces an operational update and 2012 outlook on its gold and nickel projects in Tasmania and Western Australia.
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 Company has an improved understanding of the mineralised greenstone belt hosting the project and a large, strategic landholding. Greatland also has encouraging first phase exploration in the historic gold region. Within the 2012 programme, drilling will commence on a number of targets throughout the licences and the Company will be drilling in the area where gold was previously discovered by the Company. The highest priority for the Company during 2012 will be the Ernest Giles Project.
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 Northern 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 which was signed in October 2011. This allows Unity Mining to earn up to 75% of the Firetower Gold project for an expenditure of A$7mil over a 5.5 year period. Since 2006, 25 holes have been drilled over 2,341m. The drilling programme in 2012 is planned with a view to increase the gold resource.
Warrentinna Project (gold), North Eastern Tasmania
The Warrentinna Project covers four historic goldfields of Warrentinna, Forester, Southern Cross and Waterhouse in North Eastern Tasmania. A reverse circulation drilling programme was completed at the Derby North prospect earlier this year, and 27 holes have been drilled for 2,369m since 2008. The Company has single metre mineralised intercepts up to 103g/t gold and further drilling is planned in 2012. Surface sampling and mapping will be completed on other gold occurrences within the Warrentinna licences, and discussions are underway with regard to third party investment in the project that may culminate in a Farm In / JV deal for the project.
Other Projects (gold and nickel)
These licences are prospective for gold and nickel and are near to operating gold and nickel mines.
– Bromus project, Western Australia
The Bromus exploration license covers 140 sq km in the prolific mining district of Norseman in Western Australia. This project is in a highly prospective area in the Southern Yilgarn near Norseman and has encouraging results of a coherent gold anomaly over a large area. A maiden auger geochemical soil sampling programme has been completed at the project during 2011, and the company anticipates a follow up auger programme in 2012 focused on drill target definition.
– Lackman Rock, Western Australia
The Lackman Rock project is located in the south of the Yilgarn Craton in Western Australia. An auger geochemical soil sampling programme is planned for the project to better define elevated gold and nickel values.
– Lisle Project, North-East Tasmania
The Lisle gold Project is located about 30km northeast of Launceston in north-east Tasmania. The company has conducted surface sampling and mapping. During 2011, 22 holes have been drilled for 470m.
Callum Baxter, CEO of Greatland Gold, commented: “We have made good progress throughout 2011; drilling several exploration targets across our Australian asset base. In addition, we have secured a Farm In agreement with Unity Mining Limited covering our Firetower gold licences. This was a major step in the development of the project as we look to work with Unity Mining to improve the current JORC inferred resource. During 2012 we will continue with our drilling programmes towards establishing resources across our portfolio of assets. Of particular focus will be the Ernest Giles, Firetower and Warrentinna projects. We look forward to updating shareholders on progress with these programmes as well as our non-core exploration projects in 2012.”