Shares in Gold Resource Corporation (NYSE:GORO) advanced 6% in early deals as it reported high grades in its latest drilling at the Mesa property in Nevada.
The fourth phase RC (reverse circulation) campaign followed-up on two targets previously tested at the site, with multiple holes hitting near surface mineralization.
Highlights include 6.10 metres (m) of 1.20 g/t (grams per ton) gold, which was 10.67m downhole, including 1.52m of 3.13 g/t gold, 13.72 metres down.
Another highlight, singled out by the firm was an intercept of 6.10 meters of 2.09 grams per tonne (g/t) gold and 6.10 meters of 1.20 g/t gold.
These results add to previously reported high-grade drill results at Gold Mesa, which included 33.54 meters grading 1.89 g/t gold, 15.24 meters grading 6.27 g/t gold.
The property has potential to be a high-grade gold open pit, or multiple open pits, with surface and near surface mineralization.
A phase five drill program is currently underway in a bid to expand known high-grade gold zones and test new targets.
Barry Devlin, GORO's vice president of exploration, said: "We have now completed four successful phases of shallow drilling at Gold Mesa, where each phase encountered significant surface and near surface gold values, at depths typically less than 30 meters below surface.
"We are excited to again be drilling the Gold Mesa property, with a goal to expand known mineralized zones."
The Gold Mesa property is part of GORO’s Nevada mining business unit, which also includes the development stage Isabella Pearl Project, the Mina Gold exploration property, and the East Camp Douglas exploration property.
All four have surface and, or near surface high-grade gold drill intercepts and potential for future high-grade open pit heap leach operations.
Shares added 3.78% to stand at US$3.985 each.