Callum Baxter, CEO, commented: “The quantity of sulphide mineralisation in this drillhole is exciting. Our partners Unity Mining identified a geophysical anomaly and have successfully tested it. Also, the drill hole has intersected over 70m of the rocks which host the Firetower stock work vein gold mineralisation. We eagerly await preliminary analytical results from the drill core which are likely to be available during August.”
Firetower Project (gold), Tasmania
The Firetower project comprises four contiguous licences covering an area of 265 square kilometres in central-north Tasmania. The project is subject to a Farm-In agreement dated 7 Oct 2011, whereby Australian Stock Exchange (“ASX”) listed Unity Mining Limited (“Unity”) may earn up to 75% equity in the licences via expenditure of A$7m.
During late 2013 and early 2014, a 3D IP ground geophysical survey was completed at the Firetower West prospect. Data from the 3D IP survey was modelled which outlined a strong, relatively shallow and consistent zone of chargeability approximately 800m long and up to 400m wide. The primary part of this zone was tested with a single 410m deep core hole (FTD043) originally planned for 300m total depth.
It is pleasing to report that significant sulphide mineralisation was intersected in FTD043. This successfully validates the modelled electrical response seen in the 3D IP survey. From 84m to approximately 398m downhole disseminated and semi-massive sulphides were present in amounts up to 30%. Sulphide mineralisation was predominantly pyrite with lesser chalcopyrite. Haematite, magnetite and carbonate alteration was common with brecciation and foliation of the host rocks.
Along with significant amounts of sulphide mineralisation the drill hole appears to have intersected over 70m of the host sequence to stock work vein gold mineralisation at the Firetower gold deposit. This appeared from a relatively shallow 140m to 213m downhole. The Firetower West drill hole lies approximately 3.5km north east of the Firetower gold prospect.
All drill core has been cut and laboratory analysis for the entire hole is underway. Preliminary results have been received for the top 45m of the drill hole with no significant results, as expected. The core for the remaining 365m of the hole, which includes the primary target zone, is currently with the laboratory for analysis. Final results are likely to be available during August and further announcements will be made in due course.
http://www.greatlandgold.com/index.php/firetower-minealisation/
I know many were talking about people suspiciously knowing about Darwin sth results thus why we have been getting a little more volume go thru especially yesterday with our 4.8 million, $50k buyer of stock, but it could just be people capitalising on the fact that all systems are go at firetower with significant amounts of sulphide mineralisation and yet our board haven't felt it necessary to report it to market- very strange
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