Greatland Gold (LON: GGP) said on Thursday that it has lodged an application for a new exploration licence in the Paterson region.
The Canning exploration licence application comprises 114 km and is located approximately 175 km southeast of the company's Havieron project in Western Australia.
The new licence application contains the bulk of a large magnetic “bullseye” anomaly similar to the magnetic “bullseye” located over the Havieron deposit. The company said no previous drill testing of this anomaly has been reported in historical records.
Greatland expects the licence to be granted and will compile and review historical exploration data, including regional aeromagnetic data and detailed gravity data and remodel the magnetic and gravity data.
“We are pleased to apply for the new Canning licence which will expand our footprint in the Paterson region and build on our exploration momentum in this region,” said Shaun Day, CEO of Greatland Gold.
“The licence application area contains the bulk of a large magnetic ‘bullseye' anomaly similar to the one located over the Havieron deposit. This fits in with our strategy of seeking to discover tier 1 gold-copper deposits,” added Day.
The company’s shares have fallen on Thursday, trading 6.8% lower at 21.25p.
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Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.