(Sharecast News) - Greatland Gold announced the results of its 2023 drilling and geophysical exploration programme at its wholly-owned Scallywag tenement in the Paterson Region of Western Australia on Wednesday, next to its flagship Havieron gold-copper project.
The AIM-traded firm said the programme delivered notable outcomes, with assays conducted across all four prospects within the tenement showing anomalous levels of gold and copper and key pathfinder metal geochemistry.
Of particular significance was the A35 prospect, which revealed a gold assay of one metre at 0.83 grams of gold per tonne, originating from a depth of 238 metres in A35RD003.
Furthermore, A35RD002 showed a peak copper intercept of two metres at 0.17% copper, extracted from a depth of 310 metres.
Moreover, preliminary modelling of the ground magneto-telluric (MT) data suggested the presence of a conductor at depth situated within a syncline fold structure along the Havieron trend.
Greatland Gold said it continued refining its MT modelling efforts to confirm the anomaly as a high-priority target for 2024.
Additionally, the efforts were intended to augment comprehension of the stratigraphy and structure, enabling the identification of Telfer-style targets within the broader Scallywag tenement.
"We are happy to report the effective completion of another phase of geological testing at our 100% owned Scallywag project, where drilling tested previously defined EM and geological targets, once again building on our understanding of the structure, stratigraphy and geochemistry of our landholding," said managing director Shaun Day.
"The ground magneto-telluric survey provides an enhanced understanding of the geology around the Scallywag syncline target area and identifies an untested conductor target coincident with a structural trap which potentially delineates the key structure to be tested."
At 1144 GMT, shares in Greatland Gold were down 2.56% at 9.5p.
Reporting by Josh White for Sharecast.com.
Greatland Gold (GGP)