Greatland Gold PLC (LON:GGP), has identified a large, buried geophysical target at the Saddle Reefs prospect, on its Black Hills licence.
The body lies subparallel to the strike of gold mineralisation identified at the surface.
READ: Greatland Gold shines after lab tests find gold in rock chip samples at Black Hills
Greatland said high-quality induced polarisation (IP) data were collected and used to generate three-dimensional (3D) inversion models and that results have outlined a large, coherent conductive body over 1,000 metres (m) of the strike, spatially coincident with gold mineralisation identified at the surface.
The conductive body has dimensions of around 1,000m long, 200m wide and 150m thick, and is open to the south-east.
Depth to the top of the body ranges from 150m to 200m below the surface, a depth that is virtually untested by historic drilling in the Saddle Reefs area.
"We are very excited by the excellent results from the 3DIP survey at Black Hills, which has outlined a large, new and virtually untested gold target at the Saddle Reefs prospect. Saddle Reefs has the potential to host gold mineralisation from surface to significant depths, and these results reinforce our view that it represents a high priority exploration target for us,” said Gervaise Heddle, the chief executive officer of Greatland Gold.
The Black Hills licence is wholly-owned by Greatland is in the Paterson region of Western Australia – a region that has attracted the attention of major industry players.
“We look forward to a busy exploration season in the Paterson region next year, which will include Greatland's first drilling campaign at Black Hills," Heddle said.
Shares in Greatland were up 4.7% at 1.12p in mid-morning trading.
@GreatlandGold Gold PLC (AIM #GGP) Large New Geophysical Target at Saddle Reefs
Identified a large, buried geophysical target, located in the Company’s 100% owned Black Hills licence in the #Paterson region of #WesternAustralia.https://t.co/6qtjA3TqTR via @share_talk
— Share_Talk (@Share_Talk) October 29, 2018