Greatland Gold PLC (AIM:GGP, OTC:GRLGF) said it identified two early-stage targets that are ‘lookalikes’ of the Havieron gold-copper deposit in Western Australia.
Geologists say the two new areas share similar magnetic and gravity anomaly characteristics with Havieron, which boasts a resource estimate of 1.6mln ounces of gold and 73,000 tonnes of copper.
They were uncovered on the Canning application and the adjacent recently-acquired Paterson South tenement.
Greatland said it would reconcile its findings with the historical gravity data and remodel the gravity and magnetic information, with the aim of drilling one or both targets.
Chief executive Shaun Day said: "These targets, which have never been drilled, are exciting opportunities situated within our expanded holdings in the Paterson district.
“Both show strong magnetic and gravity anomalies, with characteristics analogous to the magnetic and gravity signature developed over Havieron.”
Havieron is operated by Newcrest under a joint-venture agreement that could see the mining giant earn into 70% of the JV company.
But it will do so by investing heavily. For example, Newcrest’s latest spending pledge is US$65mln to get the asset to deliver a pre-feasibility study.