Greatland Gold PLC on Friday said it has submitted applications for two new exploration licences covering 126 square kilometres in Australia.

The London-based development and exploration company said the licences are located at Yannarie, in Gascoyne province, Western Australia.

The application area was identified by a prospectivity study undertaken by the firm. It said the area is prospective for precious and metal deposits of the type seen at its Haveiron project and Newcrest Mining Ltd’s Telfer mine.

The firm said the the geological environment and history of the area indicated that it is ideal for the formation of ‘large scale precious and base metal deposits’.

Greatland added that the application area has shallow cover, and is under-explored.

The firm said it will undertake a review of previously completed work at the site in order to help define new exploration targets.

Greatland shares rose 1.6% to 7.01 pence each on Friday morning in London.

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