Greatland Gold plc (LON:GGP) saw its shares surge higher today after it released the latest exploration results from the Ernest Giles East project in Australia which, according to chief executive Gervaise Heddle, has the potential to be “one of most significant gold districts to be identified globally within the last decade.”
In late afternoon trading, Greatland shares were 59.4% higher at 1.1p.
In a stock market statement, the explorer told investors that it has identified multiple gold targets at Ernest Giles East following a programme of mobile metal iron (MMI) surface geochemistry and ground gravity surveys.
WATCH: Greatland Gold identifies multiple targets at Ernest Giles East
Specifically, the company detailed that multiple gold anomalies were identified over 60 kilometres of strike at Ernest Giles East. Several clusters of MMI anomalies are seen, with ‘key clusters’ have shown strikes of more than 9 kilometres long and 3 kilometres wide.
"We believe these results further highlight the potential for the Ernest Giles gold project to be one of most significant gold districts to be identified globally within the last decade,” Heddle said.
“These latest findings have significantly improved our understanding of the prospective geology of the Eastern block.”
READ: Greatland Gold tops up exploration account with £750,000 placing
He added: "The MMI sampling has identified several clusters of anomalies across multiple adjacent sample traverses, which is extremely encouraging given the traverses were spaced at 3.2 kilometre intervals.
“The work carried out further enhances the potential of the Ernest Giles project and confirms our previously stated view that the Ernest Giles project has the potential to host several multi-million ounce deposits."
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