Greatland Gold PLC (LON:GGP) gained a surge this morning, following the company’s announcement that Stephen Beetham had more than double his stake.
The company published a notification of major holdings, that shows that Mr. Beetham has increased his shares from 1.66 percent to 3.33 percent.
Last week the mine development company suffered a share drop, following Newmont Exploration’s (NYSE:NEM) announcement that they would not continue to invest in the Ernest Giles project in Australia.
As a result of the news, the shares fell 50.37 percent.
Nevertheless, the work done by Newmont has greatly improved the project by discovering a new large gold anomaly covering an area of about 5 km by 1.5 km oriented in an east-west direction, that sits approximately 1km to the north of Greatland’s previous drilling.
“The collaboration between Newmont and Greatland has successfully defined several additional gold anomalies, and we would like to thank Newmont for their efforts,” said Gervaise Heddle, chief executive officer, regarding the announcement.
Greatland hired Newmont Exploration in May 2017, under the agreement that Newmont will be allowed access to Greatland’s Ernest Giles project to conduct Deep Sensing Geochemistry (DSG) surveys. The DSG gold data draws attention to the large mineralised trend including multiple targets.
“The results of their survey have enhanced our understanding of the project and identified multiple new targets for further exploration work, reinforcing our view that the Ernest Giles project has the potential to host several multi-million-ounce gold deposits,” added Heddle.
Greatland Gold’s CEO remains enthusiastic as the Ernest Giles project has returned up to two grams of gold per tonne from early drilling.
Established since 2005, Greatland’s principal activity is to explore and develop natural resources, focusing mainly in gold.
The shares are now up on a 21 percent trading at 0.80p as of 14.48AM (GMT), making Greatland Gold as the third best performer on the London stock exchange.