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(Sharecast News) - Precious and base metals exploration and development company Greatland Gold has lodged an application for a new exploration licence in the Paterson region of Western Australia, it announced on Thursday.
The AIM-traded firm said the Canning exploration licence application, 'E45/5862', comprised an area of 114 square kilometres and is located about 175 kilometres south east of Havieron.
It said the new application contained the bulk of a large magnetic 'bullseye' anomaly, similar to the one located over the Havieron deposit.
No previous drill testing of the anomaly had been reported in historical records.
Ahead of the expected grant of the licence, Greatland said it would compile and review historical exploration data, including regional aeromagnetic data and detailed gravity data, and remodel the magnetic and gravity data.
"We are pleased to apply for the new Canning licence which will expand our footprint in the Paterson region and build on our exploration momentum in this region," said chief executive officer Shaun Day.
"The licence application area contains the bulk of a large magnetic 'bullseye' anomaly similar to the one located over the Havieron deposit.
"This fits in with our strategy of seeking to discover tier one gold-copper deposits."
At 1455 GMT, shares in Greatland Gold were down 3.51% at 22p.
19 Jul 2016 11:11