The Greatland Gold plc (LON: GGP) share price rallied 8.46% after releasing the exploration results from its Rudall project in Western Australia, where it intersected 18.25m @ 22.0g/t Au from 924m (uncut) to the end of hole (EOH) at 942.25m, including 1m @ 393g/t Au from 926m.
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Investors cheered the news, given the high grades of gold deposits discovered in the drill hole. The drilling activity was funded by a Western Australian Exploration Incentive Scheme (EIS) grant awarded to the firm in May 2022.
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Greatland had to stop the drilling activities due to drilling limitations, leaving the mineralisation open at depth. The company plans to conduct more Structural and geochemical work, including a future downhole electromagnetic survey to refine the project’s mineralisation potential and extend it to shallower positions.
The Rudall project is about 20km southeast of Greatland's flagship Havieron gold-copper project. While most of the attention is focused on the flagship Haverion project, the Rudall project is shaping up as a solid number two project with significant gold deposits.
Although the full extent of the mineral deposits at Rudall is yet to be explored, it is safe to say that the results from the first drill hole are impressive enough, underscoring its position as the second most prospective project owned by Greatland Gold.
Shaun Day, Greatland Gold’s Managing Director, commented: “Our recent drilling at Rudall has delivered a significant and high-grade result. While recognising the high-grade intercept is at depth, the strong gold mineralisation and supporting pathfinder geochemistry in consistently altered and veined basement sediments continues to highlight the outstanding prospectivity within Greatland's tenement package and the Paterson Province in general.”
Adding:
“These results, together with our continual improvement in understanding of the covered basement geology, stratigraphy and structure, increase our confidence in the region's prospectivity and our ability to vector towards intrusion-related and other styles of mineralised systems on our extensive ground holdings.”
The GGP share price was trading at a level that has acted as resistance in the past and could rally higher if it breaks above the zone.
*This is not investment advice.
Greatland Gold (GGP) share price.
The Greatland Gold share price rallied 8.46% to trade at 8.46p, from Wednesday’s closing price of 7.80p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.