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(Sharecast News) - Gold-copper development and exploration company Greatland Gold announced on Tuesday that drilling has started at its wholly-owned Scallywag licence, as the latest campaign in its 2021 exploration programme in the Paterson province of Western Australia.
The AIM-traded firm said that after receiving regulatory permits, it had started testing multiple new targets at Scallywag following analysis of results of a heliborne electromagnetic (EM) survey conducted last year, and further geological interpretation of regional aeromagnetic and gravity datasets.
Exploration work at Scallywag was focussed on the discovery of large-scale intrusion related gold-copper deposits such as Havieron, Telfer and Winu, the board explained.
Greatland said multiple conductors were identified following a detailed analysis of the heliborne EM, including at Swan, which is a "strong" airborne EM conductor located in an interpreted fold structure with coincident gravity anomaly developed adjacent to, or truncated by, a crustal scale fault.
A34, A35 and A36, meanwhile, were described as discrete segments of "strongly conductive material" coincident with a positive gravity response.
Additional nearby new targets were identified from ongoing geological interpretation assisted by detailed aeromagnetic and gravity data, including Architeuthis, Teach and Barbossa West.
The firm said the first pass programme would consist of eight holes for 4,500 metres, with heritage clearances and statutory work permits now in place.
Ground EM would commence in the coming weeks to further improve the company's understanding, and model several conductors identified from the airborne EM.
"We are excited to have commenced our drilling campaign at Scallywag, which is focused on a number of high-priority targets in ground adjacent to Havieron," said chief executive officer Shaun Day.
"These targets have been selected due to their compelling geological characteristics borne out across multiple datasets and analysis, particularly the EM survey conducted last year.
"As a 100% owned asset, Scallywag presents an opportunity to deploy our proven expertise and potentially deliver further exploration upside for our shareholders."
At 1029 BST, shares in Greatland Gold were up 3.35% at 17.57p.
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