(Sharecast News) - Greatland Gold announced the start of drilling activities at the Meadows gold prospect within the Ernest Giles Project on Tuesday, in an underexplored Archean greenstone belt in Western Australia's Yilgarn Craton.
The AIM-traded firm said a drilling rig was now operational at the Meadows gold prospect, initiating diamond core drilling operations in an area considered highly prospective for gold mineralisation.
It said it had completed heritage surveys and mobilisation after entering into the Ernest Giles land access agreement (LAA) in September.
The initial phase of drilling would consist of two diamond holes aimed at testing interpreted mineralised zones.
Notably, the drilling efforts were co-funded by the Government of Western Australia's Exploration Incentive Scheme (EIS) grant, with funding support of up to AUD 0.22m (£0.12m).
The board said the latest round of drilling represented a continuation of the ongoing exploration work at Ernest Giles.
Its primary objective was to gather vital geological and structural information, which would be crucial in shaping a systematic reverse circulation drill schedule for 2024.
Greatland said its efforts at the Meadows gold prospect held significant promise to uncover valuable insights into the region's mineral resources and further enhance its understanding of the geological landscape in Western Australia's Yilgarn Craton.
"We are very pleased to be drilling the high priority Meadows gold prospect at Ernest Giles following the conclusion of the land access agreement," said managing director Shaun Day.
"Ernest Giles sits within an underexplored greenstone belt located north of the world-class Tropicana and Gruyere gold operations.
"As a 100% owned project, Ernest Giles represents an excellent exploration opportunity for Greatland and our shareholders."
At 1247 GMT, shares in Greatland Gold were up 2.04% at 9.49p.
Reporting by Josh White for Sharecast.com.
Greatland Gold (GGP)