Greatland Gold (LON:GGP) has identified a large gold target at its Firetower Project, causing shares to rally on Monday.

The precious and base metals exploration company said it had identified the new targets following a 3D induced Polarisation Survey at its Firetower project in Tasmania, Australia.

Firetower is currently 100 percent owned by Greatland Gold, providing a potentially significant boost to profits for the company.

According to the statement, Greatland said of the discovery:

“Greatland intends to advance the Firetower project towards its exploration of one million ounces of gold by leveraging these excellent results and is currently planning a new drill programme which it expects to commence in the first quarter of 2019.”

Back in July, Chief Executive Gerviase Heddle confirmed the company had raised £2.65 million of additional ‘strategic’ funding, providing a similar boost to shares amid the announcement.

The firm said that the funds would permit the company to accelerate its exploration efforts at the Havieron and Black Hills prospects in Australia.

Following completion of securing the funding, The metal exploration company said it will be able to increase its cash balance to £6 million.

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 assets include Paterson, Ernest Giles, Bromus, Warrentinna, Firetower and Panorama, with the company focusing primarily in Australia.

Shares in Greenland Gold are currently trading +7.45 percent, as investors react to the announcement.