(Barents Observer, 6 January 2011) -- The company Store Norske Gull has found gold on the Arctic archipelago of Svalbard. Store Norske Gull started drilling this summer in the St. Johnsfjord on the western coast of the island Spitsbergen, after successful geological surveys in 2009. Analysis made in Canada and Sweden show that there is gold in the area, but it is too early to say if the deposits are big enough to be profitable, NRK reports. According to Morten Often in Store Norske Gull, the explorations will continue next summer. Store Norske Gull is a daughter company of the Store Norske Group, which operates Norwegian coal production on Svalbard.