GEO Exploration Limited (LON: GEO) shares rose on Tuesday after the company launched its maiden diamond drilling programme at the Juno project in Western Australia.
The project is one of several early-stage gold exploration ventures being advanced by London-listed juniors hoping to replicate the success of Greatland Resources and its Havieron discovery in WA.
Drilling Underway JUD001
Chief executive Omar Ahmad hailed the start of drilling as a milestone moment for the company. “Our maiden drill has officially commenced at Juno Project with JUD001, which represents a historic milestone for the company. Based on preliminary geophysical modelling and interpretation, we believe the Juno project could represent a mineralised system potentially four to five times the scale of Havieron,” he said.
He added that the company is pursuing “a very large system which could be a generational discovery if successful,” noting the potential for both geological significance and shareholder value creation.
JUD001 Drill Equipment Underway
Callum Baxter, GEO’s JV Partner, commented: “I am pleased we have rapidly collected the required geophysical data sets resulting in successful modelling and drill targeting at Juno. We have now commenced the Company’s maiden drill programme at Juno with hole JUD001 now underway. Collaboratively, we are working alongside DDH1 to safely and efficiently test the large IRGS precious and base metal target, where we will integrate new data into our ongoing exploration efforts.”
The first drill hole, JUD001, will target depths of up to 1,000 metres, with the broader programme set to test a 4km by 2km geophysical anomaly interpreted as an intrusion-related gold system.
In London trading, GEO shares climbed to 0.38p in early deals, close to a new 12-month high, before easing to 0.34p, still showing a modest gain after the first hour of trade.
