There’s gold in them hills: Shares in Greatland Gold rocket after Australia find
Shares in Aim-listed miner Greatland Gold shot up by nearly 18 per cent this morning after it announced a significant expansion in the size of its prospect in the Black Hills of Australia.
In June the company began an exploration campaign in its 100 per cent owned Black Hills licence in Western Australia where it found multiple gold nuggets in thin sand cover.
Read more: Silver linings: Should investors look beyond gold for safe haven assets?
Greatland also collected 28 rock chip samples which did not contain any visible gold which were sent for testing.
It announced today that many of the samples had returned high gold and silver values and the results mean the strike length of gold mineralisation at the site has been extended from 200 metres to roughly 800 metres.
Greatland began a 3D induced polarisation (3DIP) programme at the sites in July and is currently analysing the results to identify drilling target areas.
Read more: Acacia Mining chairman departs for South African rival
Chief Executive Gervaise Heddle said the results “significantly extend the strike length of surface gold mineralisation at the Saddle Reefs prospect and further highlight the potential for Black Hills to host a large, high-grade gold deposit.”
“Given these exciting results, we intend to quickly move forward with our exploration efforts at Black Hills and we look forward to receiving the results from the recent 3DIP survey which will be used to assist with planning Greatland’s first drill campaign at Black Hills.”