Greatland Gold PLC (AIM: GGP) said surface sampling at the Firetower project in Tasmania during May and June has outlined a strong gold anomaly peaking at 916 parts per billion gold over a strike length of metres, and it will drill test this anomaly in August.
The diamond drilling will take place at the CRA area of Firetower. Sampling at the Asarco West prospects only produced subdued results, and the company plans no further work there.
At Warrentina in Tasmania, Greatland completed mapping and sampling activities over three areas between April and June. Over 300 samples were collected to follow-up gold anomalous drainage samples in the north and central parts of the project area.
Subtle gold anomalies were returned from two of the areas covered. Results peaked at 23ppb gold and 6.5ppb. Strike length has not yet been defined as the gold anomalies at both areas remain open. The third area sampled did not return significant results.
At the Derby North area, in the south of the project area, a program of reverse circulation drilling is scheduled to commence during August. The drilling programme will test strike extensions to gold mineralisation previously discovered by Greatland. Results will determine the viability of an open pittable gold resource at Derby North.
Greatland currently envisages that the planned drill programs will cost between £200,000 and £300,000, to be spent in the financial year to June 2010. The group raised £301,000 in a placing in May.
Greatland continues to pursue corporate opportunities with a view to entering into joint venture or farm-out deals for one or more of its properties.
It does now appear that these will not be concluded in advance of the August drill programme, however the board is still of the view that such deals are possible in the current financial year, it said.
Managing director Callum Baxter added: ”We remain comfortable in terms of cash resources which stand at over £1.7 million."