Greatland Gold to unlock 'true potential' at Tasmania exploration project

Resource explorer and developer Greatland Gold announced on Wednesday that it will engage in a new exploration programme with a target of 1m ounces of gold at the Firetower project in Tasmania.

The company’s wholly-owned project has the potential for a geophysical programme using induced population, according to a technical review of the project, and the company has now received all necessary approvals to move ahead with developments.

Surveying is scheduled to begin next week and will attempt to identify gold mineralisation in areas untested by previous drilling.

Gervaise Heddle, chief executive of Greatland Gold, said: "The new exploration programme at Firetower aims to unlock the true potential of this high grade near surface deposit, which has the potential to extend across four kilometres of strike, and to advance the project towards its exploration target of one million ounces of gold."

If the exploration programme at Firetower is successful the model will be applied to other parts of the project area and results will be used to assist a drilling programme slated for the fourth quarter.

"This is one of three drilling and exploration campaigns announced by Greatland Gold in 2018, as we continue to deliver on our commitment to advance exploration at our portfolio of projects," said Heddle.

The company's other exploration projects are at its Paterson and Ernest Giles projects which are both located in Western Australia.

As of 1418 BST, Greatland Gold’s shares were up 1.74% at 0.58p.