Greatland Gold launches third Paterson exploration

Greatland's new programme will focus on the Scallywag target, located within the Havieron licence, which consists of multiple magnetic anomalies with the potential to host gold and copper mineralisation.

The firm opted to begin exploration at Scallywag after receiving the "excellent results" from its maiden exploration campaigns at Black Hills and Havieron, all of which will run simultaneously.

Greatland expects the first phase of its new programme to kick off later in August.

Gervaise Heddle, Greatland's chief executive, said, "The Paterson region remains relatively underexplored and we believe that it is highly prospective for large mineralised systems."

"Scallywag hosts coincident magnetic and gravity anomalies and is a good starting point for our exploration programme because of its relative proximity to Havieron and its potential to host the prospective basement sequence at depths of less than 100 metres," Heddle added.

As of 1200 BST, Greatland shares had picked up 0.48% to 1.19p.