Greatland Gold plc (AIM: GGP) has intersected high-grade gold mineralisation from its maiden diamond drilling programme at Derby North, a prospect within the company’s 100% owned Warrentinna project in Tasmania, Australia.
Greatland previously conducted limited Reverse Circulation (RC) drilling at Derby North, which outlined a gold mineralised system approximately 150m long and 100m wide, open to the north, east and at depth.
The company has now completed its maiden diamond drilling programme at the prospect with three diamond holes for a total of 285m of drilling.
CEO Gervaise Heddle said the targeted drilling campaign was designed to provide a better understanding of the host rocks, type and tenor of gold mineralisation, and highlight any structural controls.
Highlights from the drill results included:
o 21.7m @ 3.3g/t Au from 9.3m; including 2.2m @ 12g/t Au from 10.8m
o 11.7m @ 2.8g/t Au from 115m – a new zone of gold mineralisation beneath previous drilling
o 43m @ 1.5g/t Au from 10m
Mr Heddle said results and data collected from the drilling programme are expected to assist with potential divestment of the project, in line with the company’s strategy to seek to divest non-core projects.
“These positive results from our maiden diamond drilling campaign at Warrentinna further increase the depth extent of the known mineralised zone and clearly demonstrate the potential for a significant gold mineralised system at Derby North,” Mr Heddle said.
“The drill core and associated data collected has greatly improved the Company’s understanding of the mineralised system and should assist with any potential divestment of the project.
“Our immediate next step is to complete an evaluation of the results to assess the project’s potential, referencing Orogenic-type gold occurrences in central Victoria which include the Fosterville and Bendigo gold deposits.”
The Warrentinna project is located in north-east Tasmania and covers an area of approximately 37 square kilometres of Mathinna Group rocks which comprise metamorphosed sandstones, siltstones and mudstones of Ordovician to Silurian age.
The Mathinna Group metasediments, together with intrusive Devonian granites, cover much of the north-eastern parts of Tasmania and are considered equivalent to rocks of the Melbourne Trough which host the bulk of Victoria’s Orogenic-type gold mineralisation. Examples of these types of deposits are Fosterville and Bendigo. Greatland is targeting this style gold mineralisation.