Greatland Gold plc (LON:GGP) saw its shares leap over 12% higher in afternoon trading after the company said a comprehensive ground gravity survey across a significant portion of the Ernest Giles gold project in Western Australia has “highlighted several additional targets conducive to gold mineralisation”.
In early afternoon trasding, Greatland shares were 12.6%, or 0.06p higher at 0.58p.
In a statement, the AIM-listed firm said a total of approximately 1,800 stations were used to collect over 360 line kilometres of gravity data across the Empress, Wishbone and greater Meadows area.
WATCH: Greatland Gold spots 'interesting' new targets at Ernest Giles after ground gravity survey
They added: “Good resolution images from the gravity survey were generated and are being systematically reviewed in conjunction with the detailed airborne magnetic data that was recently acquired.”
Greatland said it anticipates that it will follow up this work with an initial broad-spaced gravity survey across the new Ernest Giles East licences, and in-fill gravity work on selected high priority targets in the second half of the year.
Gervaise Heddle, Greatland’s chief executive officer, said: "The data collected from this extensive gravity survey further highlights the potential of the Ernest Giles project to host several, very large, mineralised systems.
“This data, in conjunction with the recently acquired airborne magnetic data, previous soil sampling data and the data from the successful drilling campaign in late 2016, has outlined several additional gold targets in this new gold province where Greatland holds a dominant landholding and we believe this data set will prove to be an excellent tool for guiding future drill campaigns."
READ: Greatland Gold shares soar following Newmont Mining tie-up
The Ernest Giles gold project is located in central Western Australia and covers an area of more than 1,800 square kilometres.
The completion of the gravity survey follows on from recent significant developments at the project including the identification of two large zones of gold mineralisation, announced in January 2017, and an agreement with a subsidiary of Newmont Mining PLC (NYSE:NEM), one of the world's largest gold producers.