Precious and base metals exploration company Greatland Gold (LON:GGP) saw shares fall nearly 2 percent on Tuesday, despite announcing the discovery of additional gold potential at their Panorama project.

The project, located in the Pilbara region of Western Australia, covers a total area of 130 square kilometres and is prospective for both gold and cobalt mineralisation.

In its Northern license area, it found multiple historic rock chip samples with an elevated gold response along a 3.2 kilometre zone including results of 10.5g/t, 14.0g/t, 14.5g/t, 20.0g/t and 66.0g/t gold. Greatland’s technical team has completed field reconnaissance along this zone and has confirmed that visual indications of mineralisation are present.

In its Southern license area , detailed government geological mapping confirms the presence of lower Fortescue Group coarse grained sandstones and conglomerates at two locations.

Gervaise Heddle, Chief Executive Officer, commented:

“Historic rock chip and stream sampling results suggest that there is a 3.2 kilometre long zone of gold mineralisation in the northern licence area that extends along strike from historical gold mines immediately to the north of our northern licence application.

“In addition, a review of detailed government geological mapping has confirmed the presence of coarse grained sandstones and conglomerates adjacent to the Mt Roe Basalt at two locations in the southern licence application. This is the equivalent geological setting to that of the Purdy’s Reward and Comet Well prospects currently under the operation of Novo Resources Corp. (TSV-V:NVO).”

Shares in Greatland Gold are currently trading down 1.68 percent at 2.34 (1243GMT).