Gorilla Gold Mines (ASX:GG8) recent drilling at Lakeview has delivered a "step change" in terms of potential scale along with economics and has "largely" backfilled its valuation, according to a Wednesday Euroz Hartleys note.

Drill results returned 96 meters at 2.5 grams per tonne of gold from 125 meters including 20 meters at 6.1 grams per tonne.

The research firm noted that exploration opportunities at three brownfield projects have been underutilized by the projects' previous owners.

The timing is right to invest in gold exploring companies as gold is making record highs, the note added.

Euroz Hartleys started coverage of the company with a speculative buy rating and a price target of AU$0.74.

The company's shares rose 2% on Thursday's close.