- Geo Exploration Limited NPV
- 19 February 2025 15:41:27
Source: Sharecast
The AIM-traded firm said the new licence, covering 194 square kilometres, is located north of its existing exploration licence, 08/3497.
On approval, the total area of the Juno project would increase from 450 square kilometres to 644 square kilometres.
The company, through its wholly-owned subsidiary Juno Gold, said it was targeting precious and base metal mineralisation using an intrusion-related exploration model, similar to those applied at the Havieron and Telfer deposits.
Exploration geologist Callum Baxter had identified potential targets within the new licence that exhibited geophysical similarities to those in the existing project area.
Global Petroleum said it was continuing exploration work at Juno, having recently completed aeromagnetics, lidar and gravity surveys.
Data modelling was in progress, with results expected in the coming weeks.
“The Juno Project continues to develop into an exciting exploration prospect for Global,” said chief executive officer Omar Ahmad.
“We are advancing the work programme at pace alongside our highly experienced partner, Callum Baxter.
“This new application strengthens our strategic footprint in the area and further improves our prospects of achieving a major discovery.”
At 1444 GMT, shares in Global Petroleum were down 5.9% at 0.14p.
Reporting by Josh White for Sharecast.com.