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LONDON (Alliance News) - Greatland Gold PLC said Tuesday the latest geophysical modelling at its Havieron licence in Western Australia indicates potential for mineralisation to extend further than previously expected, as Primorus Investments PLC purchased a 0.8% stake in the miner.
The precious metals miner said new 3D gravity and magnetic models indicate there is potential for mineralisation to extend from 400 metres below surface to depths in excess of 1,200 metres.
"We are very excited by the results of the latest geophysical modelling which suggest that Havieron has the potential to represent a significantly larger mineralised system than we previously expected," said Gretland Gold Chief Executive Officer Gervaise Heddle.
"Our excellent recent drilling results only tested to approximately 800 metres below surface and elevated gold and copper persisted to the end of several holes, suggesting that mineralisation continues at depth below the current limit of drilling."
Primorus Investments also announced it has purchased 27 million shares in the miner for 1.67 pence each, for a total of GBP450,000.
Primorus Investments Executive Director Alastair Clayton said: "As per our investment mandate, which includes natural resources, we have taken, for us, a meaningful stake in Greatland Gold for exposure to what we regard as its hugely exciting Havieron Project and substantial exploration portfolio in the emerging exploration region, the Paterson Province in Western Australia."
Shares in Greatland Gold closed up 1.9% on Tuesday at 1.8239 pence each. Primorus Investments closed up 2.5% at 0.123p each.