Greatland Gold fully funded to follow "excellent" drilling results

Greatland Gold's shares climbed on Monday after the company reported "strong progress" across its key projects over the first half of the year, including "excellent" drilling results.

At 31 December the company had cash and cash equivalents of approximately £4.0m, up from £3.6m at the same point the year before, which it said will enable it to pursue multiple targeted exploration campaigns across its key projects over the next 12-18 months.

This will include follow-up work on Havieron, where Greatland drilled a "world-class" intercept of 275 metres grading 4.77grams gold and 0.61% copper, as well as an overall acceleration of plans across the Paterson region after the company raised £2.65m in a strategic financing.

Gervaise Heddle, chief executive of Greatland, said: "Most notably, we recorded exceptional drilling results in the Paterson, making clear the potential for Havieron to become a large-scale underground mining operation. We have also added financial stability through a successful fundraising and the company is well capitalised to sustain our momentum in the second half of the year."

Works will also continue at Black Hills, where the AIM traded company discovered multiple gold nuggets and gold pieces in bedrock at surface, as well as the Ernest Giles and Firetower projects.

"Looking ahead, the company is in a strong position to pursue its strategy of advancing exploration across its portfolio of quality projects as well as identifying and acquiring new under-explored projects with the potential to become large multi-million ounce deposits," said Heddle.

Greatland is yet to generate any revenue as its projects remain in the development stage.

Greatland Gold's shares were up 7.97% at 2.00p at 1638 GMT.