Greatland Gold may have found 'multiple million ounce' gold deposit

Explorer Greatland Gold said analysis of samples from recent drilling at its Ernest Giles project in Western Australia suggested there may be "multiple million ounce deposits" of gold.

After last week reporting that systematic, wide-spaced drilling campaign at Ernest Giles had successfully identified two large zones of gold mineralisation, the AIM-listed company said the further analysis of the results confirmed gold mineralisation was "present over a large area and suggest that Greatland has discovered a new gold province in this largely unexplored area".

Higher grade results were received from one-metre re-sampling of the recent drilling, with many notable gold results returned, including up to two grammes per tonne of gold, including two metres at 1.51g/t and one metre at 1.54g/t, and anomalous silver was also noted in many samples.

The drilling campaign had identified wide zones of gold mineralisation, including a western zone of 6km in length and 1.5km in width, and an Eastern zone of 2km in length and 1.5km in width.

"These results reported today provide support for the view that this large greenstone belt is highly prospective for gold and may contain similar multiple million ounce deposits as have been discovered in other large greenstone belts in Western Australia," said executive director Callum Baxter.

"Greatland continues to explore several options to advance this exciting project."