Greatland Gold upbeat on latest drilling results from Firetower

Precious and base metals exploration and development company Greatland Gold announced on Tuesday that further results from diamond drilling at its wholly-owned Firetower project in Tasmania, Australia confirmed the presence of additional broad widths of shallow gold mineralisation.

The AIM-traded firm said that in addition, zinc and silver mineralisation was intersected in the first drill hole at Firetower East.

It explained that a systematic, grid-based drilling programme at Firetower, comprising 14 diamond holes with depths from 50 metres to 160 metres, for a total of approximately 1,530 metres, was now complete.

The programme was designed to test the main zone of gold mineralisation, with results to date confirming broad widths of gold mineralisation.

In addition to the programme, two further holes for a total of around 670 metres were drilled to test new targets identified by last year's 3D induced polarisation survey at Firetower East, about 500 metres east of Firetower.

Analytical results had been received for a further eight diamond holes, including the first drill hole at Firetower East, the board said, with two hole extensions reported.

Looking at Firetower, Greatland said further broad widths of shallow gold mineralisation had been intersected at the prospect, which highlighted the potential for a “robust” near-surface gold system.

It said the best results included 13.5 metres at two grams of gold per tonne from 14.5 metres, 13.5 metres at 2.44 grams per tonne of gold from 59.5 metres, and 38 metres at 1.12 grams per tonne of gold from 11 metres.

On Firetower East, the company said zinc and silver mineralisation were encountered in its first drill hole at the previously-undrilled prospect.

The board said the “encouraging results” indicated the potential for a base metal volcanic-hosted massive sulphide system.

Looking ahead, the company said analytical results for the final two holes, including the second drill hole at Firetower East, were expected to be received early in 2020.

“We are pleased to report a second set of positive results from our recent drilling campaign at Firetower,” said chief executive officer Gervaise Heddle.

“They show a further improvement in the continuity between drill sections and highlight the potential for a robust, near-surface gold system.

“Initial results at the previously undrilled Firetower East prospect are also promising, with drilling intersecting silver and zinc mineralisation and the potential for a volcanic hosted massive sulphide system.”

At 1508 GMT, shares in Greatland Gold were down 3.58% at 1.75p.