Shares in Canada- focused explorer Landore Resources Ltd (LON:LND) rocketed as it confirmed the previously announced gold find at its Junior Lake property in Ontario as a "significant discovery".
Mineralisation of around 30 metres close to the surface could be developed as a low cost, bulk tonnage mine, which will boost the potential economics of developing the rest of the property.
Today's statement follows the results of follow-up diamond drilling in February at the BAM East Gold prospect, where one hole hit a wide zone of the 40.75 metres (m) at 1.82 g/t gold.
There were also two high grade intersections of 2.25m at 10.28 g/t and 3m at 5.74g/t, the company said.
There was also a more than 30m wide area of gold mineralisation close to the surface, the firm told investors.
Landore's chief executive Bill Humphries, said: "The highly prospective, relatively unexplored, greenstone belt which traverses Landore's flagship Junior Lake Property for over 30 kilometres east to west, continues to yield exciting new mineral discoveries.
"The BAM East Gold Prospect discovery has validated our exploration team's perseverance and dedication.
"In addition, the discovery of this significant gold prospect just two kilometres to the east of our B4-7 Nickel-Copper deposit and one kilometre northwest of our VW Nickel deposit could provide a classic "two plus two equals five" bonus for Landore, with the obvious substantial cost saving synergies to be gained during their future development and operation."
Junior Lake already a resource estimate of around 33,000 tonnes at what's called the B4-7 area, 22,000 tonnes at the mainly nickel VW zone, and a 20,000 tonne 'exploration target' west of B4-7.
Shares shot up 250% to stand at 2.80p each.