Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, announced on Thursday the discovery of potential new targets in the region.
According to the update, the company has located approximately 50 iron oxide copper gold ore (IOCG) targets have been discovered in the surrounding region, with around half located in ground already held by Greatland.
Gervaise Heddle, Chief Executive Officer, commented on the findings:
“We are very excited by the results of this extensive data review which highlight the potential for a new IOCG district in Western Australia. Our technical team has identified approximately fifty targets across the broader area, and roughly half of those targets lie within Greatland’s Paterson licences”.
Looking ahead, Mr Heddle added:
“Over the next few weeks, we intend to prioritise the multiple regional targets for further follow up work, while we also prepare our plans for exploration work at the Havieron target itself.”
Greatland Gold has been in operation since its founding in London back in 2005, and has been listed on the AIM-market since 2006.
Its current projects across Australia include Paterson, Ernest Giles, Bromus, Warrentinna, Firetower and Panorama.
Back in July, the company announced its future acquisition of the Havieron Project from Pacific Trends Resources, which similarly caused shares to jump as much as 5 percent at the time.
According to the announcement, Greatland expects to have completed the takeover of the Havieron Project by mid-August, following a payment of AUD$25,000 in cash and the issuance of 65,490,000 ordinary shares of 0.1 pence each to Pacific Trends Resources.
Shares in Greenland Gold plc are currently trading up 11.03 percent as of 14.09PM (GMT) as the market reacts to the latest news.
Elsewhere in the mining industry, Herencia Resources (LON:HER) shares climbed as much as 11 percent, amid the completion of its geological review into its exploration project in Chile.