Shares in Greatland Gold plc (LON:GGP) soared after it said it had found gold nuggets at its Black Hills project in Western Australia.
The shares rocketed up to 0.99p from 0.71p overnight after the company said multiple pieces of gold had been recovered from the surface in the first few days of fieldwork at Black Hills.
READ: Greatland Gold commences exploration programme at its wholly-owned Black Hills licence
Fieldwork only started this week but already it is obvious that the area is prospective with numerous indications of mineralisation in bedrock.
Greatland Discovers Gold Nuggets on Maiden Field Campaign at Black Hills #GGP https://t.co/6MaudJWjnx pic.twitter.com/9wOHo7cmZ8
— Greatland Gold (@GreatlandGold) June 21, 2018
Intensely oxidised (gossanous) samples have been collected from outcrop and gold nuggets have been found within thin sand cover at the prospect. Primary gold mineralisation has also been located in bedrock where gold pieces in rock chip samples are present. These finds are significant considering the short time field crews have been active at the site, Greatland said.
Only 150 metres of the strike at Saddle Reefs has been covered so far and the remaining several hundred metres will be traversed over the next week. Rock chip samples are being collected and will be analysed with standard chemical assay techniques, and a further update will be provided in due course, the company added.
"We are very pleased by the rapid discovery and collection of gold from surface within days of the field work commencing,” said Gervaise Heddle, the chief executive officer of Greatland.