Shares in Emmerson Resources soared after the miner said it had struck a gold rich zone at its Mauretania prospect in the Northern Territory.
The company said its maiden three-hole drill program had returned significant intercepts of high-grade gold and copper.
The Nobles Nob Mine, about 35 kilometres to the south of the drilling, produced more than 1.1 million ounces of gold.
Emmerson resources says the geochemistry and mineralogy from the drilling at Mauretania is similar.
“We are wasting no time in planning the next drill campaign at Mauretania and surrounding prospects, and anticipate a very exciting end to the year,” says Emmerson managing director Rob Bills.
“Both Emmerson and our partner Evolution Mining are highly encouraged by these early results which indicate a new, undercover green fields discovery emanating from good science and systematic exploration by committed teams working in partnership.”
Evolution Mining has a 65% stake in the project after spending $15 million to fund exploration.
Emmerson shares were up more than 28% to $0.045. Evolution Mining added more than 10% to $1.48.