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(Sharecast News) - Geo Exploration said in an update on Wednesday that it has identified a large, high-confidence gold exploration target at its Juno Project in Western Australia following the completion of integrated 3D magnetic and gravity modelling.
The AIM-traded company, formerly known as Global Petroleum, reported that both unconstrained and forward geophysical models converged on a four-by-two kilometre footprint at a depth of roughly 600 metres, supporting the presence of an intrusion-related gold system (IRGS).
It said the forward modelling aligned closely with earlier unconstrained models, reinforcing the validity of the target and its resemblance to systems such as the +8Moz Havieron deposit.
Geo noted that a historic drillhole, PHD001, was terminated just short of the newly-modelled body despite exhibiting signs of alteration and sulphide mineralisation.
Ground-based electrical geophysical surveys were set to begin imminently to finalise drill targets ahead of the project's maiden drilling programme in the coming months.
"These integrated modelling results deliver exactly what we hoped for: a coherent, large-scale target validated by two independent techniques," said chief executive officer Omar Ahmad.
"We have always had high conviction in both the Juno asset and the world class team driving it forward."
Ahmad said the company was "moving swiftly" into ground IP and EM to enhance drillhole targets, and was scheduled to start its first drilling at Juno in the coming months.
"This is a very exciting time for Geo and our aim is to deliver a significant valuation uplift through our portfolio of projects."
At 1014 BST, shares in Geo Exploration were down 1.43% at 0.14p.
Reporting by Josh White for Sharecast.com.
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