Shares of Greatland Gold plc (LON: GGP) rallied 4.84% after revealing that it had started the drilling operations at its 100% owned Scallywag licence in the Paterson province in Western Australia.
The mining and exploration company clarified that the drilling campaign is backed by the proper government permits and was based on the results of a Heliborne Electromagnetic (“EM”) survey done in 2020.
Greatland hopes to identify a large-scale intrusion of gold-copper deposits similar to what was discovered at Havieron, Winu and Telfer. The drilling campaign will focus heavily on high-priority targets in an area close to the Havieron joint venture project.
Shaun Day, Greatland Gold’s CEO, said: “We are excited to have commenced our drilling campaign at Scallywag, which is focused on a number of high-priority targets in the ground adjacent to Havieron. These targets have been selected due to their compelling geological characteristics borne out across multiple datasets and analysis, particularly the EM survey conducted last year.”
The location of the Scallywag project next to Greatland’s Havieron project, which is jointly run with Newcrest Mining Ltd, bodes well for the project’s future given the encouraging drill results seen at the Havieron project.
Investors cheered the move, as evidenced by the slight rally in Greatland’s share price, but the mining company’s shares are still trading at levels last seen in September 2020.
Greatland Gold’s shares are down 52.96% this year and might need a significant trigger to recoup their losses.
Greatland gold share price.
Greatland Gold shares rallied 4.84% to trade at 17.56p, rising from Monday’s closing price of 16.75p.
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