The best intersections from the four initial diamond drillholes include 8m at 4.63 grams per tonne gold from 27m, 13m at 2.47gpt gold from 4m and 20m at 5.8gpt gold from 15m, including 10m at 8.05gpt gold from 16m.

A further eight drillholes are being completed.

The company is considering an open pit operation at Sleeping Giant, with the potential to access ore to 90m in depth.

"The high grades encountered are exciting, particularly if we are seeing a repetition of the Terrace Creek geology," managing director John Kelly said.

Kelly said the calibre of grades returned might indicate the drilling had encountered another high-grade sub-body within the broader mineralisation, similar to Terrace Creek.

The company plans to use its current assay results to identify potential locations of high-grade shoots and increase the drilling density in those areas.

Earlier this week the company reported encouraging results from drilling at Terrace Creek.

The best intersection from the initial 14 reverse circulation holes completed returned 56m at 1.62gpt gold from 4m, including 8m at 6.85gpt gold from 16m.

Nine of the holes intersected gold mineralisation, with seven holes returning grades of more than 1gpt gold.

The Tregoora project has a measured, indicated and inferred resource of 3.2 million tonnes grading 1.5gpt gold for 155,000oz of gold.

Shares in Republic jumped nearly 10% or A0.2c to 2.5c on the news.