Gorilla Gold Mines' (ASX:GG8) drill results from its Comet Vale gold project in Western Australia continued to show the scale and repeatability of high-grade mineralization at the Sovereign deposit, Euroz Hartleys said in a May 29 note.
The company recently found further high-grade gold mineralization at the deposit, with results of up to 3.8 meters at 21 grams per tonne (g/t) grade of gold from 374 meters and 2.1 meters at nearly 25 g/t gold from 329 meters.
The results indicate several high-grade intercepts within and around the current resource, suggesting potential for resource growth and grade improvement, the financial services firm said.
Sovereign remains the largest and highest-grade individual deposit at the project, currently hosting 410,000 ounces at 4.3 g/t grade of gold over a strike length of 1.3 kilometers.
Four rigs are currently operational at the project, following up on discoveries at Diddy Kong, Donkey Kong, and Magilla deposits, as well as high-grade footwall lodes at Sovereign.
Euroz Hartleys has a speculative buy rating and a price target of AU$0.80 on Gorilla Gold Mines.