London-listed Greatland Gold said the target at its Firetower gold project was about 1 kilometre long.

The company said it was highlighted by “excellent” three-dimensional models produced using data from a 3DIP (three-dimensional induced polarisation) survey.

That is a geophysical imaging technique using electric currents.

The company said it was working on plans for a drilling program to test the target.

It was also considering options to use 3DIP geophysics in more areas at Firetower.

“We are very pleased by the excellent models generated by the 3DIP survey at Firetower, which have identified an exciting, new, large gold target,” chief executive Gervaise Heddle said.

“We believe that these models represent a potential breakthrough for our exploration efforts at Firetower and will help us to unlock the true potential of this high-grade, near-surface gold deposit.

“Our intention is to advance the Firetower project towards its exploration target of 1 million ounces of gold by leveraging these excellent results and we are currently planning a new drill program which we expect to commence in the first quarter of 2019."

The gold price on Tuesday was $1665 per ounce, meaning 1 million ounces would be worth about $1.67 billion.

Firetower, which is about 65 kilometres west of Launceston, covers 62 square kilometres.

It takes in eastern parts of the famed Mount Read Volcanics belt, which has supplied the bulk of Tasmania’s mining industry for many years.

Greatland Gold has another project in Tasmania’s North-East, and four in Western Australia.

The other Tasmanian project is called Warrentinna.

It is 60 kilometres north-east of Launceston.

Greatland Gold said the tenement included two historic gold fields called Forester and Warrentinna, which produced high grades in the late 1800s and early 1900s.

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