The underground exploration program, which took place last year, focused on the upper levels of the mine, between 180 and 705 metres below surface.
Of the 33 drill holes, the company said 14 were high grade intercepts. The drilling was focused on three main areas, known as Federal-Albion South, U1 and Mariners, with all three locations within the Magdala system, where underground mining is currently in progress.
The results reveal areas for potential resource growth, according to Crocodile, and provide upside potential for extending the mine life of Stawell's underground operations.
Of the highlights, 15.75 grams per tonne (g/t) gold over 2.7 metres was intercepted on the Federal-Albion South target, while 9.00 g/t gold was returned over 7.55 metres over at the U1 zone. At Mariners, 13.15 g/t gold was hit over 0.4 metres.
"We are very encouraged by the positive results from the 2014 exploration program at Stawell where underground drilling targeted growth of mineral resources outside previously reported models," said president and chief executive officer Rodney Lamond.
"During this period, mining at Stawell has also transitioned from deep in the mine to upper levels of the mine, where the extraction of remnant and other ore materials is currently in progress.
"After more than 30 years of continuous operation, and over 2.2 million ounces of gold production at Stawell, we believe that there is still strong potential for finding additional underground mineral resources."
The company said it would provide further updates to its mineral resources and reserves by the end of the first quarter.
Crocodile Gold, which operates three mines in Australia and reports in US currency, had its highest ever quarterly gold production of 58,796 ounces in the fourth quarter, for its second straight year of record annual production, with 222,312 ounces produced in 2014.