Greatland Gold plc (LON:GGP) jumped again as it reported an airborne survey at its Ernest Giles project had identified several new structural targets indicative of gold mineralisation.
The survey covered a large portion of the 1,800 sq km Ernest Giles gold project, including the recently acquired East tenements.
Gravity and seismic surveys are currently underway and once these are finished Greatland will use the data to narrow its choice of target for drilling.
WATCH: 'The market's finally waking up' - Greatland Gold's Gervaise Heddle
Gervaise Heddle, chief executive, said: "The results of the detailed airborne survey, which was conducted at 100 metre line spacing and includes approximately 38,000 line kilometres of data, will allow Greatland to further refine and accelerate its exploration efforts at Ernest Giles as well as providing us with greater confidence on the potential of this quality project.”
Last week Greatland signed a deal with mining giant Newmont Mining Corp (NYSE:NEM), which has been granted exclusive access to the tenements and exploration database for six months and has the right of first refusal should Greatland opt to sell or joint venture the asset in that period.
READ: Greatland Gold shares soar following Newmont Mining tie-up
Newmont will use certain “proprietary exploration methods” to unlock the potential of Ernest Giles.
Shares rose 18% to 0.418p