Greatland strikes gold at Western Australia project

Mineral exploration group Greatland Gold announced on Thursday that regional targeting across its Paterson project area in Western Australia had highlighted the potential of a new iron oxide copper gold ore (IOCG) district.

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Greatland said roughly fifty IOCG targets had been designated by the group, with half of them being located in ground held by the company and the other half being in the broader area.

A historical review of exploration activities in the region showed that many of the new targets had a "similar geophysical signature" to the company's nearby Havieron target, indicating it could host similar copper and gold mineralisation.

Field activities were planned for the second half of the year with the hopes of discovering the presence any iron oxide, copper and gold occurrences in the region.

Chief Executive Gervaise Heddle said, "We are very excited by the results of this extensive data review which highlight the potential for a new iron oxide, copper, and gold district in Western Australia. Our technical team has identified approximately fifty targets across the broader area, and roughly half of those targets lie within Greatland's Paterson licenses."

As of 1205 BST, shares had shot up 12.58% to 0.58p.