Greatland Gold PLC (LON:GGP) shares moved on the front foot as the company updated on plans to start a drill programme at the Havieron licence in April.
The explorer expects to encounter a potentially large mineralised system, based on the results of detailed aeromagnetic and ground gravity data.
WATCH: Greatland Gold to start drilling at Havieron in April
Modelling of the data, also suggests that only two of six previously drilled holes at Havieron encountered what is deemed to be the primary target and that those two holes were “at the very top” of the mineralised system.
A new programme of drilling will now include four holes, for a total of 2,400 metres, to test the mineralised system and to evaluate gold, copper and other elements.
Approvals are in place for the planned programme, and the work is due to start in April.
"We are very pleased to be moving forward with Greatland's first drilling campaign at Havieron,” said Gervaise Heddle, Greatland chief executive said in a statement on Wednesday.
READ: Greatland Gold making headway with exploration in Western Australia
“Over the past few months, the Paterson region has seen a substantial number of new exploration licence applications by several industry participants.
“Greatland's early entry advantage makes us well positioned to capitalise on the region's potential. We look forward to announcing the results of our drilling campaign in due course."