Greatland Gold plc (LON:GGP) headed higher on Thursday after the explorer announced that regional targeting across its Paterson project area in Western Australia has highlighted the potential for a new iron oxide copper gold ore (ICOG) district.
In a statement, the AIM-listed firm said approximately fifty IOCG targets have been identified by the company in the broader region, with around half located in ground held by Greatland.
WATCH: Greatland out 'looking for a taste of Gold' at Ernest Giles East
The group said a review of historical exploration activity indicates that many of the new targets exhibit a similar geophysical signature to the company's Havieron target and have the potential for hosting similar copper and gold mineralisation.
Greatland said it is currently planning field activities for the second half of 2017 aimed at highlighting the presence of multiple IOCG occurrences in the region.
Gervaise Heddle, Greatland’s chief executive officer, commented: "We are very excited by the results of this extensive data review which highlight the potential for a new IOCG district in Western Australia.”
He added: “Over the next few weeks, we intend to prioritise the multiple regional targets for further follow up work, while we also prepare our plans for exploration work at the Havieron target itself."
The Paterson project covers over 360 square kilometres in the Paterson region of Western Australia and includes both the Havieron licence (acquisition announced 26 September 2016) and the Paterson Range East licence (application announced 6 June 2017).
Limited historical drilling (six drill holes) by Newcrest during the 1990s demonstrated high grade gold and copper mineralisation at the Havieron target.
Shares gained 13.4% to 0.58p.
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