08:20 AM EDT, 07/04/2024 (MT Newswires) -- Gander Gold Corp. ( GANDF ) on Thursday provided an exploration update on its Gander North project in Newfoundland after its share price slumped 33% yesterday to $0.04 on the CSE.

Gander said it completed 28 rotary air blast drill holes in 2023, allowing the company to prioritize first-ever diamond drilling targets at the site.

The company said it identified anomalous to significant gold mineralization in certain holes while noting that it plans to conduct additional follow-up exploration.

Gander is finalizing an exploration plan for the remaining nine large soil geochemistry anomalies.

"The immense size of the grassroots Gander North Project requires a very systematic approach to determine initial diamond drilling targets with the highest probability for success. We're very pleased with these early results, especially on the western side of Gander North where very anomalous gold mineralization was encountered at depth and along strike of the Jonathan's Third Pond Copper Showing," President and CEO Mark Scott said.

"With Gander North still at a very promising early stage, and some breakthroughs at Lizard Pond and Thwart Island, and Mount Peyton and Cape Ray II yet to be RAB-tested, we have much to look forward to in terms of discovery potential across one of the largest overall land packages in Newfoundland that still awaits initial diamond drilling."