Greatland Gold plc (LON:GGP), the precious and base metals exploration and development company, announced the identification of new targets at Ernest Giles East.
The company revealed on Wednesday that it had identified multiple gold targets at Ernest Giles East following the successful completion of Mobile Metal Ion (“MMI”) surface geochemistry and ground gravity surveys.
Gervaise Heddle, Chief Executive Officer, commented on the discovery:
“We believe these results further highlight the potential for the Ernest Giles gold project to be one of most significant gold districts to be identified globally within the last decade. These latest findings have significantly improved our understanding of the prospective geology of the Eastern block.
“The MMI sampling has identified several clusters of anomalies across multiple adjacent sample traverses, which is extremely encouraging given the traverses were spaced at 3.2 kilometre intervals.”
He added, “The work carried out further enhances the potential of the Ernest Giles project and confirms our previously stated view that the Ernest Giles project has the potential to host several multi-million ounce deposits.”
The company’s Ernest Giles project is located in central Western Australia, which covers more than 1,800 square kilometres, including over 200 kilometres of strike of gold and nickel prospective rocks.
According to today’s statement, there has been “virtually no modern exploration conducted at Ernest Giles East prior to this most recent campaign reported today”.
The exploration licences for the project are under an agreement with Newmont Exploration Pty Ltd, a subsidiary of Newmont Mining Corporation (NYSE:NEM), facilitating exploration efforts.
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.
Shares in Greatland Gold ticked up on Wednesday following the announcement. Shares are currently up 15.80 percent at 10.35AM (GMT).