Savannah Goldfields (ASX:SVG) identified a new gold exploration target at the Phily's deposit within the Georgetown project in Queensland, according to a Wednesday filing with the Australian bourse.
The target is estimated to be between 50,000 tonnes and 150,000 tonnes, with gold grades ranging between 1.2 grams per tonne grade of gold and 2.5 g/t grade of gold, the filing said.
The target is based on a mineralized zone with increased quartz veining within metamorphosed sediments, and the fifth in a series of targets identified in the company's project portfolio, per the filing.
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