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.
Shares of Greatland Gold (LON: GGP) are gaining Wednesday after the company announced that it has identified 2 priority targets similar to the Havieron gold-copper deposit.
Greatland described the targets as “analogous to the magnetic and gravity anomaly associated with the Havieron gold-copper deposit.”
The targets are within the company's Canning application and the adjacent, recently acquired Paterson South tenement.
The Paterson South target contains a strong gravity and near coincident magnetic anomaly, while the Canning application target includes a strong coincident gravity and magnetic anomaly.
The company said the next steps are to confirm the historical gravity data and remodel the gravity and magnetic data, to target drill holes for one or both targets.
Shaun Day, CEO of Greatland Gold, said both targets “show strong magnetic and gravity anomalies, with characteristics analogous to the magnetic and gravity signature developed over Havieron.
“As with Havieron, the new targets sit under cover and remain untested, which allows Greatland to apply our proven record of discovery and exploration success to identify prospective Telfer, Winu and Havieron style mineralisation. We consider these bullseye targets significant and exciting additions to our growth portfolio as we seek to discover further tier-one gold-copper deposits in the Paterson province.”
Greatland Gold shares moved over 1% higher on the news but have since retraced and are now up 0.58% at 17.3p.
Greatland Gold shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are GGP shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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