Greatland Gold identifies two targets on wholly-owned areas

Mining exploration and development company Greatland Gold has identified two priority targets that are analogous to the magnetic and gravity anomaly associated with the Havieron gold-copper deposit, it said on Wednesday.

The AIM-traded firm said the targets were situated within wholly-owned areas, being the Canning application and the adjacent, recently-acquired Paterson South tenement.

It said the first target at Paterson South comprised a strong gravity, and near-coincident magnetic anomaly.

The second target at the Canning application, meanwhile, consisted of a strong coincident gravity and magnetic anomaly.

Greatland said both targets were analogous to the magnetic and gravity anomaly associated with the Havieron gold-copper deposit, with follow-up exploration warranted.

The next steps would be to confirm the historical gravity data, and remodel the gravity and magnetic data, with the aim of targeting drill holes for one or both targets.

“These targets, which have never been drilled, are exciting opportunities situated within our expanded holdings in the Paterson district,” said chief executive officer Shaun Day.

“Both show strong magnetic and gravity anomalies, with characteristics analogous to the magnetic and gravity signature developed over Havieron.”

Day said that as with Havieron, the new targets sat under cover and remained untested, allowing Greatland to apply its “proven record of discovery and exploration success” to identify prospective Telfer, Winu and Havieron style mineralisation.

“We consider these bullseye targets significant and exciting additions to our growth portfolio as we seek to discover further tier-one gold-copper deposits in the Paterson province.”

At 1026 GMT, shares in Greatland Gold were up 1.12% at 17.39p.