Greatland Gold PLC (LON:GGP) Exploration Update – Firetower Drill Results

Gervaise Heddle, Chief Executive Officer, commented: We are pleased by the initial results from our ongoing drill campaign at Firetower which confirm the presence of broad widths of gold mineralisation.

Broad widths of gold mineralisation intersected at Firetower prospect

Greatland Gold plc (AIM: GGP), the precious and base metals exploration and development company, is pleased to announce that initial results from diamond drilling at the Company’s 100% owned Firetower project in Tasmania, Australia confirm the presence of broad widths of gold mineralisation.

The current systematic, grid-based drilling programme comprises approximately 15 diamond holes with depths from 50m to 250m, for a total of approximately 2,000 metres. The programme is designed to test the main zone of mineralisation at Firetower and additional holes will test a previously undrilled area at Firetower East where new targets were identified by last year’s 3D Induced Polarisation (“3DIP”) survey.

Analytical results have been received for the first six diamond holes at Firetower and are reported in this announcement.

Highlights of Drill Results

· Results received to date confirm the presence of broad widths of gold mineralisation at the Firetower prospect.

· Best initial results include:

o 54.5m at 1.36g/t Au from surface (0m) (2019FTD001), including

§ 5m at 5.41g/t Au from 45m

o 29m at 0.78g/t Au from 78m (2019FTD003), including

§ 5m at 2.54g/t Au from 92m

o 5m at 8.72g/t Au from 81m (2019FTD004), including

§ 2m at 21.2g/t Au from 81m

o 27m at 0.46g/t Au from 43m (2019FTD005)

o 23m at 0.53g/t Au from 50m (2019FTD006)

· Two drill holes (2019FTD001 and 2019FTD006) ended in or near mineralisation and these holes may be extended in order to test for additional mineralisation at depth.

· Drilling activities are ongoing and further assay results are awaited at Firetower as well as for drill holes designed to test the previously undrilled target at Firetower East.

Gervaise Heddle, Chief Executive Officer, commented: “We are pleased by the initial results from our ongoing drill campaign at Firetower which confirm the presence of broad widths of gold mineralisation. This is a promising start as these early results highlight potential depth extensions and good continuity of mineralisation between sections drilled to date. We look forward to providing further updates over the coming weeks, including results from drilling at the previously untested Firetower East prospect.”

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In June 2019 Greatland commenced drilling at the Firetower project with two key objectives: a) to systematically test strike continuity and potential depth extensions of mineralisation at Firetower as guided by 3DIP inversions; b) to test the 3DIP chargeability response along strike at the Firetower East prospect, in an area previously undrilled, and determine its spatial relationship to mineralisation.

Overview of the Firetower Project

The Firetower project is located in central north Tasmania, Australia, and covers an area of 62 square kilometres. The project lies in the eastern parts of the highly mineralised Mt Read volcanic rocks which host major polymetallic (zinc, lead, gold) deposits such as Hellyer and Roseberry, and copper deposits such as Mt Lyell, and the Henty gold mine which has produced over 1.25m oz since 1996.

The 100% owned Firetower project includes the prospects of Firetower, Firetower West, Firetower East and the strike extensions of prospective stratigraphy. The Firetower prospect has significant gold mineralisation from surface up to 30g/t while the mineralised system at Firetower West shows copper to 1.34% and silver to 2.6g/t. Both prospects remain open along strike and at depth.

Gold mineralisation at Firetower was first located in the late 1970s but this was not followed up until the early 1990s with reconnaissance drilling. More modern exploration by Greatland and JV partners has included soil geochemistry, geophysics and diamond drilling. Drilling to date has, in general, tested approximately 250m of strike at the main Firetower prospect.

The current diamond drilling programme is being carried out on systematic north-south traverses across the main mineralised zone at the Firetower prospect. A primary objective is to determine strike continuity and depth extensions as guided by 3DIP inversions. The programme comprises approximately 15 holes with depths from 50m to 250m. Holes are angled at 60 degrees to provide coverage across each section and it is expected that approximately 2,000m of drilling will be completed. Spacing between drill traverses is a nominal 25m.

The main zone of gold mineralisation at the Firetower prospect is spatially associated with an IP chargeability response. The IP response will also be tested along strike and at depth during the current programme at the Firetower East prospect which is located approximately 500m east of the Firetower prospect. The IP response at Firetower, as established by both 3DIP (2018) and gradient array (2002) surveys, extends across approximately 3km of strike.

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Analytical results have been received for the first six diamond holes at Firetower and are reported in this announcement. Results show broad widths of gold mineralisation at the Firetower prospect including 54.5m at 1.36g/t Au from 0m in 2019FTD001, 29m at 0.78g/t Au from 78m in hole 2019FTD003, 5m at 8.72g/t Au from 81m in hole 2019FTD004, and 23m at 0.53g/t Au from 50m in hole FTD006.

Mineralisation is hosted in a package of volcanic and sedimentary rocks with an apparent structural control. Peak intercept to date is 2m at 21.2g/t Au from 81m in hole 2019FTD004. Results suggest that there is good continuity of mineralisation between sections drilled to date, and highlight potential depth extensions to the known mineralisation. It is apparent that mineralisation is present at, or near to, the bottom of holes 2019FTD001 and 2019FTD006 and as such these holes may be extended in order to test for additional mineralisation at depth. Drill hole collar details and tabulated intercepts are presented in Appendix I and additional drill hole information is presented in Appendix II.

Ground conditions have remained good since programme commencement. Drilling activities are ongoing and are being supported by continuous XRF core scanning. Further analytical results will be reported in the coming weeks.

Additional information on the Firetower project can be found on the Company web site at www.greatlandgold.com/projects.

 

 


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