Greatland reports potential gold system at Derby North

Greatland Gold said it had found the potential for a major gold mineralised system at its Derby North mine in Australia.

The metals exploration company said it had intersected high-grade gold mineralisation from its maiden diamond drilling programme at Derby North, which is in Greatland's Warrentinna project in Tasmania.

Greatland's maiden diamond drilling programme comprised three holes to get a better understanding of the rocks, type and tenor of gold mineralisation. It said the data would help with the potential divestment of the project in line with the AIM-listed company's strategy to offload non-core projects.

Gervaise Heddle, Greatland's chief executive, said: "These positive results from our maiden diamond drilling campaign at Warrentinna further increase the depth extent of the known mineralised zone and clearly demonstrate the potential for a significant gold mineralised system at Derby North."

Greatland shares rose 9.8% to 3.73p at 14:48 GMT.