Greatland Gold receives all approvals for drilling at Warrentinna Project
Greatland Gold plc, the mineral exploration and development company based in Australia, announces progress at its Warrentinna gold project located in Tasmania.
- All government approvals received for RC drilling at the Derby North area; area has previously shown grades of over 50g/t
- Drilling contractor appointed and contract finalised
- Drilling scheduled to commence second week of December 2013
Callum Baxter, CEO, commented: “We are pleased to report that our plans for drilling at the Derby North area are proceeding well. Now that all required government approvals have been received, drilling is expected to commence in December. The Derby North area is an exciting prospect for us and has previously shown grades of over 50g/t. These results, together with our successful fund raising in the previous quarter, take us another step forward in our plan to establish resources across our portfolio of assets.”
As announced in June 2013, Greatland received very positive results from drilling at the Derby North prospect including 1m at 19.77g/t gold from 71m in hole WTR028, and 26m at 2.32g/t gold from 5m in hole WTR028. Other results from this prospect include 4m at 52.6g/t gold from 36m in hole WTR013.
We are pleased to announce that we have now received all applicable government approvals for the drilling program. We have been in negotiation with several drilling contractors in recent weeks and have formally appointed an experienced firm for the task. The drill contract has been agreed by all parties and finalised.
Weather conditions have been favourable in the past weeks and ground conditions are good. Our field staff are active on preparations for hole locations and drill rig access. Drilling is scheduled to commence during the second week of December 2013.
The drilling program will initially comprise three angled reverse circulation drill holes each to a depth of 100m, for a total of 300m. Provision has been made for additional holes at varying depths as required.
It is expected the first batch of samples will be dispatched to the laboratory around 20th December. In general, turn-around of results is approximately four weeks after dispatch.
The Company is expected to be able to provide an update on drilling and results during January 2014.
The Company held stock in an investment firm listed on the Australian Stock Exchange. The Company recently participated in a Share Buy-back Scheme netting approximately £50,000 and adding to its cash backing.
Total funds raised during Q3 were £675,000. A large portion of the funds raised will be allocated to field work at our priority licences, primarily drilling. Total cash currently at hand is approximately £820,000.