Metal exploration company Greatland Gold (LON:GGP) saw shares rise nearly 15 percent on Monday after the company announced that it had applied for two further exploration licenses.
Th licenses applied for cover 130 square kilometres, in an area that Greatland considers to be highly prospective for cobalt. According to Greatland Gold, the licenses occupy “a dominant and strategic position across what is potentially the largest coherent cobalt in streams anomaly in Western Australia”, and the company have said they will “provide further updates to investors as targets are refined and field operations commence.”
Gervaise Heddle, Chief Executive Officer, commented: “Cobalt is a vital component in many of the new technologies that are set to reshape the future of the global energy market. Half of the current global supply of cobalt comes from the Democratic Republic of Congo (DRC) in Africa and cobalt projects with the ability to scale to meet future global demands are rare, particularly in safe jurisdictions such as Australia.
“We believe that the Panorama Cobalt Project is highly prospective for a large, near surface deposit in an area that has been almost completely ignored by mineral explorers for cobalt for the past forty years. I would like to offer my sincere thanks to Greatland’s technical team for their excellent work in identifying, what we believe, could be a considerable opportunity.”
Shares in Greatland Gold are currently up 13.16 percent at 0.763 (0933GMT).