GEO Exploration Limited (LSE:GEO) shares moved higher on Tuesday, as the explorer kicked off its maiden diamond drilling programme at the Juno project in Western Australia.
It is among a number of earlier-stage gold exploration projects being advanced by London-listed small-caps seeking to follow the footsteps of Greatland Resources, and its success at the Havieron project, in WA.
"Our maiden drill has officially commenced at Juno Project with JUD001, which represents a historic milestone for the company," chief executive Omar Ahmad said.
"Based on preliminary geophysical modelling and interpretation, we believe the Juno project could represent a mineralised system potentially four to five times the scale of Havieron."
"We are chasing a very large system which could be a generational discovery if successful. I'm personally excited by what this phase could unlock - both in terms of geological discovery and the potential to deliver a significant uplift in shareholder value."
The first drill hole, JUD001, is targeting depths of up to 1,000 metres. Overall, the programme will test a 4km by 2km geophysical target defined as an intrusion-related gold system.
In London, GEO shares were up as high as 0.38p in opening deals, approaching a new 12-month high, and after an hour of trade had eased to mark a slight gain at 0.34p.