Greatland Gold (LON:GGP) shares were up on Wednesday after the company announced the identification of new targets at Saddle Reefs.

The precious metals exploration company said the results of a 3D Induced Polarisation survey have revealed a ‘large, buried geophysical target at the Saddle Reefs prospect’, situated in the Black Hills licence in the Paterson region of Western Australia, which is 100% owned by Greatland.

According to the statement, the results identified a ‘large, coherent conductive body’ over 1,000m of strike.

The dimensions of this body measured approximately 1,000m in length, 200m wide and 150m thick.

Depth to top of the body ranges from 150m to 200m below surface.

Greatland Gold said the depth is’ virtually untested by historic drilling’ in the Saddle Reefs region.

Gervaise Heddle, Chief Executive Officer of Greatland Gold, commented: “We are very excited by the excellent results from the 3DIP survey at Black Hills which has outlined a large, new and virtually untested gold target at the Saddle Reefs prospect. Saddle Reefs has the potential to host gold mineralisation from surface to significant depths, and these results reinforce our view that it represents a high priority exploration target for us.

He added: “The prospectivity of the Paterson region has attracted the attention of major industry players and we look forward to a busy exploration season in the Paterson next year which will include Greatland’s first drilling campaign at Black Hills.”

Earlier this month, shares in Greatland Gold ticked up after announcing positive results from its sampling tests at Scallywag.

The Scallywag target is located within the company’s wholly-owned Havieron licence at the Paterson project in Western Australia.

Shares in Greatland Gold are currently trading +6.46% as of 10.34AM (GMT).