Greatland Gold (LON:GGP) announced a new exploration at its Tansmania project in Australia, sending shares higher on Wednesday.
The metals exploration company said on Wednesday that it expects fieldwork on the project next week.
The Australian Firetower project is fully owned by Greatland Gold, and the company has received the necessary approvals to proceed with the exploration efforts in the region.
Gervaise Heddle, Chief Executive Officer, commented: “This is one of three drilling and exploration campaigns announced by Greatland Gold in 2018, as we continue to deliver on our commitment to advance exploration at our portfolio of projects.
He added: “The new exploration programme at Firetower aims to unlock the true potential of this high grade near surface deposit, which has the potential to extend across four kilometres of strike, and to advance the project towards its exploration target of one million ounces of gold.”
Last month the company posted what it took as encouraging interim results following various successful exploration campaigns at its Ernest Giles and Patterson projects, among others.
Whilst resources remained strong towards the end of 2017 with £4.5mln of cash, Greatland reported a a £629,650 loss for the period.
Greatland Gold was founded back in 2005, and has been listed on the junior AIM-market of the London Stock Exchange since 2006.
With a primary focus upon Australia, the company’s current projects include Paterson, Ernest Giles, Bromus, Warrentinna, Firetower and Panorama.
Shares in Greatland Gold are trading up 1.53 percent as of 13.21PM (GMT).