Shares in Greatland Gold (LON:GGP) soared on Monday, after the company announced plans to commence exploration efforts at its Black Hills project.
The company confirmed it intends to start exploration at its Black Hills Project in Western Australia after identifying four distinct gold mineralisation zones.
Gervaise Heddle, Chief Executive Officer, commented:
“Our first exploration programme at Black Hills marks another important step for Greatland. Sitting near the 27 million ounce Telfer gold deposit and hosting an equivalent style of mineralisation, Black Hills represents a compelling and high priority exploration opportunity for the Company.
“The Black Hills project epitomises our strategy of targeting under-explored areas with great potential. We believe it represents an excellent opportunity for Greatland and we are excited to get started with the exploration programme.”
Back in April, the company also announced plans to commence exploration at a new site in Tansmania at The Australian Firetower Project.
Greatland Gold was founded back in 2005, and has been listed on the junior AIM-market of the London Stock Exchange since 2006.
The company’s current projects include Paterson, Ernest Giles, Bromus, Warrentinna, Firetower and Panorama, focusing primarily upon regions in Australia.
Shares in Greatland Gold are trading up 7.27 percent as of 13.52PM (GMT), as the market reacts to the news.