Exploration Update
(Thomson Reuters ONE) - GREATLAND GOLD PLC Exploration Update29 January 2010Greatland Gold plc (the "Company"), the mineral exploration and developmentcompany focused on gold projects in Tasmania and Western Australia, announces anupdate of analytical results.Recent drilling at the Warrentinna project has returned 16m at 13.67g/t goldincluding 4m at 52.6g/t gold. Primary quartz reef structures were intersectedexplaining the high grade nature of mineralisation. Mineralisation remains opento the north, south and at depth.WarrentinnaA program of Reverse Circulation ("RC") drilling was recently completed at theDerby North prospect and results have now been received. A total of 8 holes for780m were drilled with a maximum hole depth of 100m. All holes were angled at60 degrees, drilled with a face sampling RC bit, geologically logged and sampledat 4m composites. Drillhole collar details are presented in Table 1. Table 1 - RC Drillhole Details+-------+-----------+-------+---------+---------+---------+---------+|Hole ID| Prospect | East | North | Dip | Azimuth |Depth (m)|| | | | |(degrees)|(degrees)| |+-------+-----------+-------+---------+---------+---------+---------+| | | | | | | ||WTR013 |Derby North|561 593|5 447 352| -60 | 090 | 100 |+-------+-----------+-------+---------+---------+---------+---------+|WTR014 |Derby North|561 652|5 447 347| -60 | 090 | 100 |+-------+-----------+-------+---------+---------+---------+---------+|WTR015 |Derby North|561 693|5 447 349| -60 | 090 | 100 |+-------+-----------+-------+---------+---------+---------+---------+|WTR016 |Derby North|561 598|5 447 394| -60 | 090 | 100 |+-------+-----------+-------+---------+---------+---------+---------+|WTR017 |Derby North|561 690|5 447 400| -60 | 090 | 100 |+-------+-----------+-------+---------+---------+---------+---------+|WTR018 |Derby North|561 693|5 447 445| -60 | 090 | 80 |+-------+-----------+-------+---------+---------+---------+---------+|WTR019 |Derby North|561 644|5 447 454| -60 | 090 | 100 |+-------+-----------+-------+---------+---------+---------+---------+|WTR020 |Derby North|561 599|5 447 451| -60 | 090 | 100 || | | | | | | |+-------+-----------+-------+---------+---------+---------+---------+Best results from drilling were 16m at 13.67g/t gold from 36m in hole WTR013,including 4m at 52.6g/t gold from 36m. Silver reported a maximum of 7g/t.Further selected results are presented in Table 2.Mineralisation is coincident with quartz vein structures and minor disseminatedsulphides. Host rocks are sandstone and shale. The drilling to date covers astrike length of only 100m but has established that there is a 100m wide,north-south trending, zone of gold mineralisation within which quartz reefs withhigh grades occur. The mineralised zone and the high grade reef remain open tothe north and to the south and at depth. The system does not crop outprominently and was not previously found by prospectors. Results to date supportthe Company's assessment that there is potential for a large tonnage openpittable gold resource at Derby North. Table 2 - RC Drill Results+--------------------------------------------------+| Hole ID From To Interval Gold Silver || (m) (m) (m) (g/t) (g/t) |+--------------------------------------------------+| || WTR013 36 52 16 13.67 || || incl. 36 40 4 52.60 7.0 || || WTR013 76 100 24 0.74 || || incl. 84 88 4 1.62 || || WTR014 8 12 4 1.20 || || WTR018 0 28 28 0.51 || || incl. 20 28 8 1.11 |+--------------------------------------------------+Further work will include review and interpretation of drilling results with aview to further drilling at the Derby North prospect. Re-sampling of mineralisedintercepts as 1m intervals will be completed and results are likely to bereported in the first quarter of 2010.An extension of term for Warrentinna project licence EL30/2004 to 25 November2010 has now been approved by the Tasmanian government.FiretowerA program of diamond drilling was completed at the Anomaly 1 prospect in late2009 and results have now been received. A total of 4 holes for 613m weredrilled with a maximum hole depth of 167m. All holes were angled at 60 degrees,geologically logged and sampled as half core. Diamond hole collar details arepresented in Table 3. Table 3 - Diamond Hole Details+-------+---------+-------+---------+---------+---------+---------+|Hole ID|Prospect | East | North | Dip | Azimuth |Depth (m)|| | | | |(degrees)|(degrees)| |+-------+---------+-------+---------+---------+---------+---------+| | | | | | | ||FTD034 |Anomaly 1|448 208|5 405 278| -60 | 180 | 167 |+-------+---------+-------+---------+---------+---------+---------+|FTD035 |Anomaly 1|448 274|5 405 217| -60 | 180 | 153 |+-------+---------+-------+---------+---------+---------+---------+|FTD036 |Anomaly 1|448 157|5 405 305| -60 | 180 | 143 |+-------+---------+-------+---------+---------+---------+---------+|FTD037 |Anomaly 1|448 103|5 405 351| -60 | 180 | 150 || | | | | | | |+-------+---------+-------+---------+---------+---------+---------+No significant gold results were returned though the base metal response wasvery anomalous. Highest results were 50ppb gold, 2352ppm copper, 3602ppm leadand 8206ppm zinc. Initial review of the drill data suggests the diamond holeswere offset from the geochemical anomaly and, as a consequence, target zoneswere not intersected. Further review of the drill data will be completed andadditional drilling may be carried out at Anomaly 1.Surface sampling at the Lobster and Hilltop areas was completed towards the endof 2009 and the results have now been received. At Lobster, low level gold to amaximum of 2.5ppb was returned and further work is required here. At Hilltop, nosignificant results were returned.An extension of term for Firetower project licences EL26/2004 and EL31/2004 to25 November 2010 has now been approved by the Tasmanian government.CorporateGreatland Gold owns 100% of all the projects in its portfolio. The Company'spolicy is to hold and develop its projects via carefully planned explorationwork that identifies high value drill targets.The Company has remained true to its policy of concentrating on Australia withits low political risk, strong infrastructure and its established miningculture.The Company's directors remain encouraged by the gold price which has remainedabove US$1,000 per ounce. Additionally, GFMS, the precious metals consultancyfirm, have reported positive retail demand, central bank purchases, andincreased institutional investment via gold exchange traded funds (ETF's).Callum Baxter, Managing Director, commented: "We are pleased with the stronggold results from our work at the Derby North prospect. Such a high interceptwith additional supporting intercepts in adjacent holes will advance theproject. We have only tested 100m of strike to date and mineralisation remainsopen. Mineralisation is from the surface and at shallow depths. It is pleasingthat this discovery resulted from the Company's own systematic exploration andthat it was not discovered previously by prospectors in this historically minedregion. The results suggest that there is potential for a large tonnage openpittable gold resource at Derby North"Competent PersonsThe information in this announcement that relates to Exploration Results isbased on information compiled by Mr Paul Askins and Mr Callum Baxter, directorsof Greatland Gold, who are both members of the Australasian Institute of Miningand Metallurgy. Paul Askins and Callum Baxter have sufficient experience whichis relevant to the style of mineralisation and type of deposit underconsideration and to the activity that they are undertaking to qualify asCompetent Persons as defined in the 2004 Edition of the 'Australasian Code forReporting of Exploration Results, Mineral Resources and Ore Reserves'. PaulAskins and Callum Baxter consent to the inclusion in the announcement of thematters based on their information in the form and context in which it appears.All RC drill sample results were obtained from 4m composite spear sampling to4kg, and all diamond core samples were 1m half core to 5kg. All samples wereprepared at Genalysis Laboratory Services' Adelaide facility using a singlestage pulverisation, and assayed at Genalysis Laboratory Services' Perthlaboratory. A 50g Fire Assay with atomic absorption spectrometry analysistechnique (AAS) was used for gold while all other elements were determined usinga Four Acid digest and optical emission mass spectrometry (OES) analysistechnique.All soil samples were 2kg, prepared at Genalysis Laboratory Services' Adelaidefacility using 180 micron screening, a single stage pulverisation, and analysedat Genalysis Laboratory Services' Perth laboratory. Aqua Regia digest withenhanced sensitivity atomic absorption spectrometry analysis technique (AAS) wasused for gold.Where the Company has made reference to drill intersections in thisannouncement, it has interpreted these are at, or near, true widths.All sample quality control is achieved using a suite of standards, duplicates,repeats and blanks.All drill hole co-ordinates are metric, refer to the 1966 Australian GeodeticDatum (AGD66) and are Zone 55.Enquiries:Greatland Gold plcCallum BaxterTel +44 (0)20 7099 5845Email: info(at)greatlandgold.com
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Datum: 29.01.2010 - 09:46 Uhr
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