Savannah Goldfields (ASX:SVG) identified a new gold exploration target at the Red Dam deposit within its Georgetown project in Queensland, according to a Tuesday filing with the Australian bourse.

The target, estimated to be between 430,000 and 1.1 million tonnes, represents a potential extension down dip and along strike from the previously mined zones and inferred mineral resource, the filing said.

Shares fell past 4% in afternoon trade Tuesday.

Price (AUD): $0.02, Change: $-0.0010, Percent Change: -4.35%