Greatland Gold plc (LON:GGP) has secured additional acreage covering copper-gold targets in the Paterson region near its Havieron project in Western Australia.
The additional acreage, covering an additional 224 square kilometres, more than doubles Greatland's interests in the region adjacent to major industry players such as Rio Tinto, Antipa and Newcrest.
WATCH: Capital Network's Sam Catalano on Greatland Gold
The new licence area, Paterson Range East, lies directly north of Greatland's Havieron project and contains several attractive iron oxide copper gold targets that are prospective for copper and gold mineralisation, Greatland said.
The project is close to its existing assets and near to some big names in the mining sector
Historically, several of these targets have been subject to initial first-pass work and show promise at hosting mineralisation, as seen at Havieron. Basement rocks do not outcrop and Greatland intends to employ modern geophysical methods to define targets prior to drill testing.
The new acreage is in a remote area but the infrastructure is good, as one might expect from a region that supports several operating mines.
"We are very pleased to have extended our portfolio of new copper and gold targets near our Havieron project in Western Australia. This ties in with our stated strategy to increase shareholder value by the systematic evaluation of our existing resource assets, as well as the acquisition of suitable exploration and development projects,” said Gervaise Heddle, chief executive officer of Greatland Gold.
Shares in Greatland were up 8.6% at 0.478p on the news.