Greatland Gold chief executive Gervaise Heddle said the data from the final two holes of its 2019 drilling program at Firetower finalised a positive campaign.

"By confirming continuity of mineralisation over an extensive strike length of more than 200 metres, we have successfully moved the project up the value curve," Mr Heddle said.

"We are also particularly pleased that our first drill program at Firetower East has now clearly demonstrated the potential for a VHMS (volcanic hosted massive sulphide) system.

"The intersection of new base metal and gold mineralisation 500 metres east of Firetower has immediately created prospective new target zones between and along strike from the two prospects.

"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."

Firetower is about 35 kilometres from Devonport and 65 kilometres west of Launceston.

Greatland Gold had previously said Firetower potentially had one million ounces of gold.

That would be worth about $2.3 billion.

London-listed Greatland Gold has six main projects, with two in Tasmania and four in Western Australia.

It says it seeks to identify large mineral targets in areas not previously subject to extensive mineral exploration.

"It is widely recognised that the next generation of large deposits will come from such under-explored areas and Greatland is applying advanced exploration technigues to investigate a number of carefully selected targets within its focused licence portfolio," it said.