Greatland Gold plc – Business & Operational Update
Strategy in first half of FY2019 to focus on Black Hills and Havieron following excellent drilling results at Havieron and identification of visible gold at surface at Black Hills
Greatland Gold plc has provided an update on the Company’s outlook and strategic priorities for the first half of financial year 2019.
Review of Second Half of FY2018 (ended 30 June 2018):
The second half of the financial year was a transformational period for the Company as it embarked on a number of exploration campaigns across its projects with some outstanding results.
- Havieron – Greatland’s first drilling campaign at its 100% owned Havieron licence in April 2018 yielded exceptional results, which included 121m at 2.93g/t Au and 0.23% goldfrom 497m, and established the presence of a zone of high grade mineralisation (peak grades 137.69g/t gold and 4.1% copper) and further demonstrated the potential for Havieron to represent a large mineralised system.
- Black Hills – Multiple gold nuggets, and gold pieces in rock chip samples, were collected from surface in the Company’s first exploration campaign at Black Hills, which took place last month, clearly establishing the presence of gold mineralisation at surface along a 200 metre strike length.
- Ernest Giles – A major drilling programme commenced in June at Ernest Giles and is currently ahead of schedule with completion expected in the next two weeks. The programme was designed to test three high priority gold targets at the Meadows, Wishbone and Empress areas, and a nickel sulphide target at the Carnegie licence.
- Firetower – IP programme successfully completed and subsurface 3D chargeability and resistivity models awaited.
- Financial Position – The Company ended the period in a strong financial position with an unaudited cash balance at 30 June 2018 in excess of £3,500,000 and no debt.
Outlook for First Half of FY2019:
In the first half of the new financial year, the Company intends to build on the considerable momentum generated in the first half of the year.
- Havieron – New drill campaign at Havieron to commence in September 2018 includes plans for up to ten core holes to 600 metres each for a total of approximately 6,000 metres and will test the extent and the direction of the high grade zone of gold mineralisation.
- Black Hills – Approval received for Greatland’s first drilling programme at Black Hills, new exploration programme at Black Hills to commence next week includes plans for 3D Induced Polarisation survey over a 1,200 metre strike length. It is expected that results from the survey will provide detailed 3D chargeability and resistivity models which will assist with drill programme planning.
- Ernest Giles – Greatland expects to announce plans for further exploration at its 100% owned Ernest Giles project, which covers a vast and virtually unexplored greenstone belt, once results from the current major drilling campaign are received and assessed.
- Corporate Strategy – Greatland will continue to assess a range of new opportunities as it seeks to acquire undervalued projects in underexplored areas. The Company will continue to execute towards its strategy of maximising risk-adjusted return on shareholders’ capital and, in this regard, will constantly seek opportunities to monetise its projects, whether through outright sale, joint venture or spin-out via an initial public offering.
Gervaise Heddle, Chief Executive Officer, commented: “Greatland is in the strongest position it has ever been following this year’s successful exploration campaigns at both Havieron and Black Hills. Both projects were acquired within the last two years and demonstrate the successful execution of Greatland’s acquisition and exploration strategy during that time.
“We believe that Black Hills, Havieron and Ernest Giles have the potential to host multi-million ounce deposits and we look forward to updating investors on our progress as we seek to build on the success of the first half.”