The company, Greatland Gold, says the project has potential, but has foreshadowed possibly putting it on the market .

London-listed Greatland Gold reported in 2019 that exploration work at its Firetower project, south of Devonport, had found "broad widths of gold".

This month, it said a maiden diamond drilling program had intersected high-grade gold mineralisation at its Derby North prospect in the North-East.

Derby North is part of the company's fully owned Warrentinna project.

"These positive results from our maiden diamond drilling campaign at Warrentinna further increase the depth extent of the known mineralised zone and clearly demonstrate the potential for a significant gold mineralised system at Derby North," chief executive officer Gervaise Heddle said.

"The drill core and associated data collected has greatly improved the company's understanding of the mineralised system and should assist with any potential divestment of the project.

"Our immediate next step is to complete an evaluation of the results to assess the project's potential, referencing orogenic-type gold occurrences in central Victoria, which include the Fosterville and Bendigo gold deposits."

The drilling program comprised three holes and a combined 285 metres of drilling.

The company said the drilling results warranted further exploration efforts.

The Warrentinna project covers about 37 square kilometres.

In January, Greatland Gold said its Firetower project had "moved up the value curve" following analysis of further drilling results.

"The results act as further evidence of the strength of our portfolio and provide us with well defined parameters for further exploration at the Firetower and Firetower East prospects," Mr Heddle said at the time.

Firetower is about 35 kilometres from Devonport.

Warrentinna is north-east of Scottsdale.

The company also has gold interests in Western Australia.