Greenland Resources Inc.

Greenland Resources Inc.

June 03, 2015 08:30 ET

Greenland Resources Inc. Intersects 14.03 Metres Grading 4.11 g/t Gold at the Storo Gold Project

TORONTO, ONTARIO--(Marketwired - June 3, 2015) - Greenland Resources Inc. ("Greenland Resources" or the "Company") is pleased to announce that the Company has now received assay results from the first batch of drill core samples. Results demonstrate that the Main Zone mineralization was encountered in all of the initial three holes drilled during the Phase 1 down plunge step-out drilling program. The highlight was seen in drill hole DDH15-03 which intersected 4.11 g/t gold over 14.03 m, from 71.0 m to 85.03 m, including a 2.0 m interval of 18.2 g/t gold. Table 1 below shows results received as well as collar locations.

President and CEO, Jesper Kofoed, commented on the results: "The initial assay results confirm that our exploration model is accurate and that the down-plunge extent of the Main Zone continues beyond what has been demonstrated by previous historical drilling."

Table 1. Selected assay results and collar locations on the first three drill holes of Phase 1 step-out drilling
Holde-ID From To Interval Au g/t* Easting** Northing** Elevation Azimuth Dip Depth
DDH15-01 63.00 64.25 1.25 6.36 496071 7143103 500 241.0 80.5 143
DDH15-01 65.88 66.38 0.50 2.23 496071 7143103 500 241.0 80.5 143
DDH15-02 62.00 63.94 1.94 1.51 496071 7143103 500 281.1 74.0 140
DDH15-03 71.00 85.03 14.03 4.11 496071 7143103 500 184.9 78.3 141
Including
DDH15-03 79.00 81.00 2.00 18.20 496071 7143103 500 184.9 78.3 141
* Reported as weighted average of the >100 micron and <100 micron fractions of the ALS Au-SCN24 assay procedure
** NAD_1983_UTM_ZONE_22N

Drill holes DDH15-01, DDH15-02 and DDH 15-03, totaling 424 m, were drilled in a fan from a single setup below Qingaaq Mountain above the apex of the anticlinal fold hosting the Storø gold mineralization. The drill holes were oriented in a plane perpendicular to the north- east trending orientation of the Main Zone gold mineralization. The horizontal distance between the Main Zone intercepts in each of the three drill holes is 12-15 m and thus indicates a horizontal width of the Main Zone at this level of at least 25 m. The down-plunge distance from the nearest historical intercept (DDH 05-12; 1.63 g/t Au over 10 m, from 94 m to 104 m) is approximately 30 m. All three drill holes intercepted host rock amphibolite with Main Zone mineralization characterized by irregular auriferous quartz veins with strong calc-silicate alteration halos within garnet and biotite alteration zones of the host amphibolite containing up to 5% sulfides (pyrite, pyrrhotite and minor arsenopyrite). Figure 1 shows all thirteen drill holes from the Phase 1 step-out drilling program in relation to the closest historical drill holes.

To view Figure 1, visit the following link: http://media3.marketwire.com/docs/StoroPhase1DrillPlan.jpg

Assay Techniques and QA/QC

The drill core was logged and split at the Company's core facility in Nuuk, Greenland under the supervision of a Company senior geologist. All samples from the Phase 1 drill program have been sent to ALS Sweden where gold values were determined by 1 kg screen fire assay (50g nominal sample weight). Sample pulp was passed through a 100 micron stainless steel screen. Any material remaining on the screen (>100 micron) was retained and analyzed by fire assay with gravimetric finish and reported as the Au (+) fraction. The material passing through the screen (<100 micron) was homogenized and two sub-samples were analyzed by fire assay with AAS finish. The average of the two AAS results is taken and reported as the Au (-) fraction result. The gold values for both the (+) 100 and (-) 100 micron fractions are reported together with the weight of each fraction as well as the calculated total gold content of the sample. Batch 1 Quality Control samples inserted within the 68 drill core samples include 3 blanks, 3 duplicates and 2 standards. No problems were noted with analytical accuracy or precision. Additional assays from the remaining holes drilled during the Phase 1 step-out drilling program will be released by the Company as they become available.

The scientific and technical information contained in this press release has been reviewed by Jim Steel, MBA P.Geo., who is an independent "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, the availability of financing, the timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates including the costs of operations in remote mountainous environments, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Contact Information

  • Greenland Resources Inc.
    Ruben Shiffman
    Chairman
    +1 647 273 9913 / +45 2622 1091

    Greenland Resources Inc.
    Jesper Kofoed
    President & CEO
    +1 647 273 9913 / +45 2622 1091

    Greenland Resources Inc.
    Dennis Waddington
    CFO
    +1 647 273 9913 / +45 2622 1091

    Greenland Resources Inc.
    Gary Anstey
    Investor Relations / Business Development
    +1 647 273 9913 / +45 2622 1091

    Greenland Resources Inc.
    Corporate office
    Suite 507, 80 Richmond St. West
    Toronto, Ontario, Canada M5H 2A4
    www.greenlandresources.ca