Greatland Gold’s applications will increase the footprint of the project from 880km2 to 1,950km2
Greatland Gold (AIM:GGP) confirmed on Tuesday that it has made two applications for new exploration licenses adjacent to its existing ones at the Ernest Giles project in Western Australia.
The applications for Mount Smith (E38/3612) and Welstead Hill (E38/3613) cover a total area of 1,070km2 and join existing tenure at the Ernest Giles project located approximately 250km north-east of Laverton in the goldfields of Western Australia.
Greatland Gold’s applications will increase the footprint of the project from 880km2 to 1,950km2.
They will cover a prospective Archean greenstone rock sequence and were acquired following an internal review of historical and recent regional exploration data. The review concluded that the broader project area is prospective for gold, nickel and base metals mineralisation.
In preparation for the anticipated grant of the licenses, Gretland will focus on enhancing its targeting criteria and refining locations for future drill holes.
Shaun Day, Chief Executive Officer of Greatland Gold plc, commented on the results:
“The new licences represent an excellent opportunity to double the size of our footprint across the underexplored Ernest Giles greenstone belt. Following a detailed internal review of exploration data, we have identified compelling structural targets in an area containing dense and magnetic units of Archean greenstone sequences, with potential for gold, nickel and base metals mineralisation.”
“This aligns with our strategy to seek to discover Tier 1 deposits both through the ramp-up of exploration activities across our existing 100% owned licences and by identifying new opportunities that can bring value to Greatland. We look forward to reporting progress on the two applications in due course.”
The price of gold fell yesterday as the US dollar strengthened and hopes of a speedy economic recovery dampened demand for the precious metal.
The commodity fell by 1.18%% to $1,712.90 in the afternoon, while gold futures dipped 1.18% to $1,711.80.
