Scallywag is only 6km west of Havieron, where Newcrest Mining can earn 70% by spending US$65 million.

The prospect is an elongate magnetic feature with a strike length of more than 6km.

Multiple chargeability responses were identified from six induced polarisation traverses that were completed over 2km of strike.

Kraken is a high-intensity ‘bulls-eye' magnetic anomaly with the same amplitude, character and depth extent as observed at Havieron. IP results indicate a strong chargeability anomaly coincident with the Kraken magnetic anomaly.

The Barbossa gravity anomaly, the Blackbeard ultra-high intensity magnetic anomaly and the London gravity low were also identified.

Greatland is planning to drill the four targets during the next field season.

Greatland CEO Gervaise Heddle said he was pleased the work had generated new targets, some of which had similar geophysical characteristics to Havieron.

"The identification of this first round of high-priority drill targets further reinforces our view regarding the prospectivity of the Scallywag prospect area itself and the Paterson region more generally, a region which we believe could hold multiple tier-one gold-copper deposits," he said.

"We plan to accelerate drilling of these new targets in the next field season, while also carrying out additional work over Scallywag's southern area to identify further targets."

At the same time, Newcrest has continued its work at Havieron, with results released last week including 45m at 7.1 grams per tonne gold and 0.08% copper from 1077m, and 96.4m at 4.5gpt gold and 0.14% copper from 916.4m.

Greatland shares dropped 4.5% to £1.60 in London overnight.