Gorilla Gold Mines' (ASX:GG8) results from the ongoing drilling program at its Comet Vale project increased confidence that an over 400,000 ounce maiden resource estimate at 4 grams per tonne grade of gold can be achieved at the Western Australia project, according to a Thursday report by Euroz Hartleys.
The company said drilling at the project returned "high-grade hits" and showed that mineralisation is still open at depth, Eruoz said.
The faulting, shearing, and quartz veining at LVEX143a suggest potential nearby mineralisation pending further drilling, Euroz added.
Euroz Hartleys believes that the company has the most exciting exploration program of any Australian Stock Exchange-listed explorer.
The firm maintained the company's speculative buy rating and its AU$0.75 price target.
Shares of the company fell 5% in recent Thursday trade.