Savannah Goldfields (ASX:SVG) identified an additional new gold exploration target at the Big Reef deposit at its Georgetown project in Queensland, according to a Tuesday Australian bourse filing.
The target consists of two zones, which together are estimated to be between 190,000 and 420,000 tonnes with gold grades ranging between 2 grams per tonne (g/t) grade of gold and 3.5 g/t grade of gold.
Savannah Goldfields plans to start mining at the target, per the filing.
The firm's shares rose nearly 10% in recent trading on Tuesday.
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