Greatland Gold PLC (LON:GGP) shares had a little more shine on Tuesday after the explorer located more gold at its Panorama project in Western Australia.
The AIM-listed firm said field reconnaissance had located additional gold nuggets around 1km further south-west from others discovered on 8 July, extending the strike length of the mineralised trend at the project to 6.1 kilometres from 4.3km.
Greatland added that it had completed phase one geochemical sampling and a low level airborne magnetic survey at the project, the data from which would assist in providing “better definition” of existing targets.
Gervaise Heddle, Greatland’s chief executive, said the discovery of new gold nuggets was evidence of the “growing scale” of the Panorama project.
He added that the £4.2mln raised earlier in August from institutional and high net worth investors had given the company “greater flexibility” to accelerate its exploration programmes and that the increased scale at the project fitted into the company’s strategy to “identify and progress potential tier one projects".
In late-morning trading, Greatland’s shares were up 2% at 1.7p.