Greatland Gold PLC (LON:GGP) said the first round of sampling results from its Scallywag target has reinforced the potential of copper, silver and gold mineralisation.
The Scallywag target is located within the company’s wholly-owned Havieron licence at the Paterson project in Western Australia.
WATCH: Scallywag 'emerging as an interesting target' for Greatland Gold
It was selected for the first phase of a new exploration programme at Paterson, which also includes the Paterson Range East and Black Hills licences, aimed at testing multiple regional targets.
Mobile metal ion (MMI) sampling results, completed in the third quarter, showed Scallywag consists of several magnetic anomalies over a large area of approximately 6km by 4km.
Highest results returned from MMI sampling included 2750 parts per billion (ppb) copper, 8ppb silver, 0.4ppb gold, 50ppb arsenic, 480ppb cerium and 280ppb lanthanum.
Earlier this month, Greatland revealed the first drilling campaign at the Havieron target, which is 6km east of Scallywag, also returned “excellent results” including 121m at 2.93 grams per tonne gold and 0.23% copper from 497m.
READ: Greatland intercepts significant mineralisation in latest drilling at Havieron
“Scallywag represents a high priority target for further exploration given the large size of the target, its relative proximity to Havieron, and its potential to host the prospective basement sequence under relatively shallow cover at probable depths of around 50m,” said chief executive Gervaise Heddle.
"The Paterson region remains relatively underexplored and our licences host multiple large magnetic anomalies, similar in scale and structural setting to the Havieron target. We intend to continue our systematic programme of regional exploration over the course of the next 12-18 months."
In afternoon trading, Greatland shares were 0.5% lower at 1.12p.
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