Greatland Gold plc (LON:GGP) shares advanced on Tuesday after it announced the initial exploration campaign kicks off at the Panorama project in the Pilbara region of Australia.
In afternoon trading the shares were up 6/8%, or 0.04p at 0.71p.
The programme is targeting gold and cobalt. It will include orientation drainage sampling, soil sampling and geological reconnaissance.
WATCH: Greatland identifies new gold and cobalt targets at Panorama
Following a comprehensive review of historic data, the group has identified around twenty gold anomalies across the project area. Additionally, it sees the presence of historic gold mining immediately north of the licence area and mineralised trend continues south.
Five cobalt targets are, meanwhile, seen in the southern area of the Panorama project.
All gold and cobalt targets will be subject to field reconnaissance during the coming weeks, it added.
READ: Greatland Gold tops up exploration account with £750,000 placing
"We are very pleased by the results of the review of historical stream sampling data which has confirmed the significant potential across the project area for both gold and cobalt mineralisation,” said Gervaise Heddle, Greatland chief executive.
“The excellent work by the Greatland technical team over recent weeks has identified approximately twenty new gold anomalies across the licence area, the presence of historical gold mines immediately to the north of the project, and the presence of coarse grained Archean sedimentary rocks with a strike length over 18 kilometres from north to south across the project.
WATCH: Greatland Gold to kick off exploration at Panorama
“We believe that the Pilbara region of Western Australia has the potential to hold some of the largest major gold deposits in Australia and we look forward to updating shareholders on our progress."
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