Greatland Gold discovers 'new large gold target' at Firetower asset

Greatland Gold shares were sparkling on Monday as the explorer revealed it had discovered a large gold target during a new survey at its 100% owned Firetower gold project in Tasmania, Australia.

Data collected from Greatland's recent survey highlighted a 1,000m-long gold target, traversing east-west across the Firetower prospect, which is open to the east and goes to depths of as much as 400m.

Greatland told investors on Monday that it was now working on plans for a drill programme to test the large target and was also reviewing options to deploy 3DIP geophysics across the broader prospective sequence at Firetower.

Gervaise Heddle, chief executive, said, "We believe that these models represent a potential breakthrough for our exploration efforts at Firetower and will help us to unlock the true potential of this high-grade, near-surface gold deposit."

"Our intention is to advance the Firetower project towards its exploration target of one million ounces of gold by leveraging these excellent results and we are currently planning a new drill programme which we expect to commence in the first quarter of 2019," added Heddle.

As of 1200 BST, Greatland shares had shot up 10.22% to 1.27p.